PHILADELPHIA, May 23, 2011 /PRNewswire/ -- Echo Therapeutics, Inc. (OTCBB: ECTE), a company developing the Symphony™ tCGM System as a non-invasive, wireless, transdermal continuous glucose monitoring (tCGM) system and the Prelude™ SkinPrep System for transdermal drug delivery, announced that it has received the key components of its next generation Symphony tCGM System design. This newly-engineered design is currently undergoing its final functionality testing.
The updated Symphony System will be ready for demonstration in the very near-term. Importantly, it will be further tested in a final series of clinical trials shortly thereafter, replacing the prototype used in earlier clinical trials.
This next generation design incorporates numerous technological advances required to meet market expectations for system accuracy, manufacturability and product cost. Echo believes that upon completion of the final development work, no significant changes will be made to the Symphony tCGM System, and that the newly-engineered device will be used for sale, subject to positive clinical studies and FDA market clearance of the product. The addressable market for needle-free, continuous wireless glucose monitoring in the hospital critical care setting exceeds $1 billion annually and the global glucose monitoring market exceeds $12 billion annually.
"We are excited to commence what we hope are the final series of modifications and testing as we move closer to our goal of a pivotal study which would form the basis of our application to the FDA for marketing clearance of the product-candidate," said Patrick T. Mooney, M.D., Chairman and CEO of Echo Therapeutics. "We look forward to an exciting year of development progress and validating the improvements that we have made in clinical testing."
The Symphony tCGM System consists of Echo's proprietary Prelude SkinPrep System, with a noninvasive wireless biosensor, and a wireless monitor or a portable handheld device for needle-free, continuous monitoring of glucose levels.
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 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:Patrick T. Mooney, M.D.
Media: Richard SternChairman and Chief Executive Officer
Stern & Co.(215)717-4100
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|SOURCE Echo Therapeutics, Inc.|
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