Navigation Links
Echo Therapeutics Announces Second Quarter 2011 Financial Results

PHILADELPHIA, Aug. 12, 2011 /PRNewswire/ -- Echo Therapeutics, Inc. (Nasdaq: ECTE), a company developing its needle-free Symphony™ tCGM System as a non-invasive, wireless, transdermal continuous glucose monitoring (tCGM) system and its Prelude™ SkinPrep System for transdermal drug delivery, today announced results for the period ended June 30, 2011.  Echo's Quarterly Report on Form 10-Q is available through Echo's website at

Recent Corporate Highlights:

  • In May 2011, Christopher P. Schnittker, CPA, joined Echo Therapeutics as its Chief Financial Officer.  Mr. Schnittker is a senior executive with more than twenty years of financial management, reporting and corporate governance experience in the biotechnology and pharmaceutical industries.  
  • In May 2011, Echo's corporate headquarters relocated from Franklin, MA to Philadelphia, PA in response to Echo's growing and evolving business.  Echo continues to expand its Franklin office as the operations hub for its engineering and product development personnel.
  • Echo and its products have been featured in the press several times.  Echo Therapeutics' needle-free Symphony tCGM System was featured in a story in the Philadelphia Inquirer on May 9, 2011 entitled "Former Surgeon Developing Needle-Free Technology."  A podcast of MassDevice's interview with Echo's CEO, Dr. Patrick Mooney, was posted on May 31, 2011.  On June 8, 2011, Dr. Stanley Nasraway, Director of the Surgical Intensive Care Units at Tufts Medical Center and ICU glycemic control thought leader discussed Echo's Symphony tCGM System in his BioMedReports article, "Tight Glycemic Control: What do we really know, and what should we expect?"
  • Echo's common stock began trading on The NASDAQ Capital Market on June 29, 2011. Echo continues to trade under the ticker symbol "ECTE."
  • Equity research coverage of Echo was initiated by Morgan Joseph TriArtisan, JMP Securities, Feltl and Company, Chardan Capital Markets, and Noble Financial Capital Markets.

  • "Our progress during the first half of 2011 is exemplified by the continued advancement of our Symphony tCGM System, the appointment of Chris Schnittker as Chief Financial Officer, and the move to Nasdaq," commented Patrick T. Mooney, M.D., Chairman and Chief Executive Officer of Echo Therapeutics. "As we head into the second half of the year, our focus is to drive Symphony through clinical trials and, ultimately, to the market.  With several important milestones still ahead, we look forward to continued progress and increased shareholder value."

    First Quarter 2011 Financial ResultsFor the six months ended June 30, 2011, Echo reported approximately $243,000 in licensing revenue compared to $182,000 revenue in the first half of 2010. The company increased operating expenses by 5% to $3.8 million compared to $3.6 million during the first half of 2010. This increase included an 11% increase in research and development and almost no change in selling, general and administrative expenses. The net loss and net loss per common share for the first half of 2011 was approximately $6.5 million, or ($0.26) per share, compared to a net loss of $2.4 million, or ($0.09) per share, in the prior year.  The company completed the quarter with cash of approximately $3.2 million.

    About Echo TherapeuticsEcho Therapeutics is developing the Symphony tCGM System as a non-invasive, wireless, transdermal continuous glucose monitoring system for patients with diabetes and for use in hospital critical care units.  Echo is also developing its needle-free Prelude SkinPrep System as a platform technology for enhanced skin permeation for delivery of topical pharmaceuticals.

    Cautionary Statement Regarding Forward Looking StatementsThe statements in this press release that are not historical facts may constitute forward-looking statements that are based on current expectations and are subject to risks and uncertainties that could cause actual future results to differ materially from those expressed or implied by such statements. Those risks and uncertainties include, but are not limited to, risks related to regulatory approvals and the success of Echo's and its partners' ongoing studies, including the safety and efficacy of Echo's Symphony tCGM and Prelude SkinPrep Systems, the failure of future development and preliminary marketing efforts related to Echo's Symphony tCGM and Prelude SkinPrep Systems, Echo's ability to secure additional commercial partnering arrangements, risks and uncertainties relating to Echo's and its partners' ability to develop, market and sell diagnostic and transdermal drug delivery products based on its skin permeation platform technologies, including the Symphony tCGM and Prelude SkinPrep Systems, the availability of substantial additional equity or debt capital to support its research, development and product commercialization activities, and the success of its research, development, regulatory approval, marketing and distribution plans and strategies, including those plans and strategies related to its Symphony tCGM and Prelude SkinPrep Systems. These and other risks and uncertainties are identified and described in more detail in Echo's filings with the Securities and Exchange Commission, including, without limitation, its annual report on Form 10-K for the year ended December 31, 2010, its quarterly reports on Form 10-Q, and its current reports on Form 8-K. Echo undertakes no obligation to publicly update or revise any forward-looking statements.

    For More Information:
    Christine Olimpio
    Director, Corporate Communications
    (215)717-4100Connect With Us:- Visit our website at

    - Follow us on Twitter at

    - Join us on Facebook at Therapeutics, Inc.Condensed Consolidated Balance SheetsJune 30,2011December 31,2010ASSETS(Unaudited)Current Assets:Cash and cash equivalents

    $   3,199,661$   1,342,044Restricted cash

    393,750-Other current assets

    315,872621,693Total current assets

    3,909,2831,963,737Net property and equipment (including assets under capitalized leases)

    280,23048,034Other Assets:Intangible assets, net of accumulated amortization

    9,625,0009,625,000Restricted cash, deposits and other assets

    20,565275,499Total other assets

    9,645,5659,900,499Total assets

    $  13,835,078$  11,912,270LIABILITIES AND STOCKHOLDERS' EQUITYCurrent Liabilities:Accounts payable

    5,634Deferred revenue

    244,724405,454Derivative warrant liability

    2,526,1771,544,996Accrued expenses and other liabilities

    670,063565,546Total current liabilities

    3,871,2533,121,630Deferred revenue, notes payable and capital lease obligation, net of current portion

    5,06188,356Total liabilities

    3,876,3143,209,986CommitmentsStockholders' Equity:Perpetual redeemable preferred stock, Series B

    22Convertible preferred stock, Series C & D

    35,10949Common stock

    339,798311,264Additional paid-in capital

    87,661,22679,646,385Common stock subscribed for but not paid for or issued

    -285,000Accumulated deficit

    (78,077,371)  (71,540,416)  Total stockholders' equity

    9,958,7648,702,284Total liabilities and stockholders' equity

    $   13,835,078$   11,912,270Condensed Consolidated Statements of OperationsThree Months EndedJune 30,Six Months EndedJune 30,2011201020112010Licensing revenue

    81,571Other revenue

    37,06596,520145,15296,520Total revenues

    158,520264,119388,062278,091Operating Expenses:Research and development

    996,149564,6161,862,0991,678,101Selling, general and administrative

    978,150610,8751,900,2651,888,498Total operating expenses

    1,974,2991,175,4913,762,3643,566,599Loss from operations

    (1,815,779)  (911,372)  (3,374,302)  (3,288,508)  Other Income (Expense):Interest income (expense), net

    606(137)  (10,065)  (535)  Gain (loss) on extinguishment of debt/payables

    --(1,514)  200,000Gain (loss) on disposals of assets

    (2,531)  -834-Derivative warrant liability gain (loss)

    (122,011)  375,948(3,151,908)  671,936Other income (expense), net

    (123,936)  375,811(3,162,653)  871,401Net loss

    (1,939,715)  (535,561)  (6,536,955)  (2,417,107)  Accretion of dividends on Convertible Perpetual
    Redeemable Preferred Stock

    (47,558)  (28,815)  (93,242)  (56,674)  Deemed dividend on beneficial conversion feature of
    Series D Convertible Preferred Stock

    -  -(1,975,211)  -Net loss applicable to common shareholders

    $  (1,987,273)  $  (564,376)  $  (8,605,408)  $  (2,473,781)  Net loss per common share, basic and diluted

    (0.06)  $
    (0.02)  $
    (0.26)  $
    (0.09)  Basic and diluted weighted average common shares


    SOURCE Echo Therapeutics, Inc.
    Copyright©2010 PR Newswire.
    All rights reserved

    Related medicine technology :

    1. Halozyme Therapeutics to Present at the Wedbush 2011 Global Healthcare Conference on August 17
    2. Prime Therapeutics Announces Pharmacy Offering with Guaranteed Net Spend Per Prescription
    3. Echo Therapeutics Unveils Symphony tCGM Demonstration Video
    4. Orexigen® Therapeutics Reports Second Quarter Ended June 30, 2011 Financial Results
    5. Echo Therapeutics Announces Multiple Patents and Trademark Grants
    6. Nektar Therapeutics Reports Second Quarter 2011 Financial Results
    7. Silence Therapeutics Receives Notice of Allowance for New U.S. Patent Covering Novel Small Interfering RNA (siRNA) Delivery Technology
    8. Prefilled Syringes: Devices, Therapeutics, Players, Markets and Prospects
    9. Dry Powder Inhalation: Devices, Drugs, Therapeutics, Markets and Forecasts
    10. Argos Therapeutics Files Registration Statement for Proposed Initial Public Offering
    11. Cell Therapeutics, Inc. (CTI) Reports Reduction in Operating Expenses and Net Losses for Second Quarter and First Half 2011 Compared to 2010, and Advances In Bringing Pixantrone to Market
    Post Your Comments:
    (Date:10/12/2015)... 2015 Contrast media injectors ... the quality of images produced inside of the ... used in magnetic resonance imaging, medical X-ray, computed ... the radiologists to interpret the images accurately and ... body. Contrast media can be administered by three ...
    (Date:10/12/2015)... , Oct. 12, 2015 Leadership of the National ... familiar face as Aspasia Shappet , CEO of MESVision ... from the NAVCP Board at its annual strategic planning meeting ... served as Chairwoman of the organization from May 2013 to ... who stepped down as a result of the increased demands ...
    (Date:10/12/2015)... 12, 2015 --> ... Market by Product (Hand-held, Table-top, Desktop), Technology (Volume Measurement, Flow ... Geography - Global Forecast to 2020", published by MarketsandMarkets, the ... 2020, at a CAGR of 9.8% from 2015 to 2020. ... igures spread th rough 187 P ages ...
    Breaking Medicine Technology:
    (Date:10/13/2015)... ... 2015 , ... Georgia Partnership for TeleHealth (GPT), ... along with affiliate organizations, Alabama Partnership for Telehalth (ATP) and Florida Partnership for ... 2015. , Each of the three conferences share this year’s conference theme, ...
    (Date:10/13/2015)... Cheyenne, Wyoming (PRWEB) , ... October 13, 2015 , ... ... at the Gold’s Gym International Conference on August 26. Berry, who owns and operates ... exemplary standards for the fastest growing Gold’s Gyms in the United States. A brand ...
    (Date:10/13/2015)... ... ... With Fall weather approaching and holiday travel season upon us, is giving ... Enter to win! , How to Enter:, 1. Like on Facebook , ... Follow us on Instagram @thebeautyplace , 4. Share Facebook Contest Image With Friends ...
    (Date:10/13/2015)... ... October 13, 2015 , ... Bambeco, ... furnishings and décor, today announced it closed on a $20.5 million funding round ... be used to support the Company’s continued rapid growth and expansion, broaden the ...
    (Date:10/13/2015)... , ... October 13, 2015 , ... ... National Women’s show this coming October in Toronto, an exhibition featuring the newest ... to choose from, Curly Hair Solutions® couldn’t be more excited to unveil their ...
    Breaking Medicine News(10 mins):