FRANKLIN, Mass., Feb. 17, 2011 /PRNewswire/ -- Echo Therapeutics, Inc. (OTC Bulletin Board: 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 development of the commercially ready Symphony tCGM System is ahead of schedule. The company said that the system will be ready for demonstration in the second quarter and it will be used in a clinical trial shortly thereafter, replacing the prototype used in earlier clinical trials.
Echo said it anticipates that upon completion of the development work no further changes will be made to the Symphony tCGM System, and that the device will be the one 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.
"With the successful completion of our recent financing we now have sufficient capital to accelerate the product development work of our Symphony tCGM System," said Patrick T. Mooney, M.D., Chairman and CEO of Echo Therapeutics. "We are now prepared to complete our final development work and clinical validation. This next generation Symphony device incorporates substantial improvements beyond the prototype used in earlier studies and we look forward to validating those improvements in clinical testing."
The Symphony tCGM System incorporates Echo's proprietary Prelude SkinPrep System, with a noninvasive wireless biosensor and a wireless monitor or handheld device for needle-free, continuous monitoring of glucose levels.
About Echo Therapeutics
Echo 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 Statements
The 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, 2009, 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.
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For More Information:
Patrick T. Mooney, M.D.
Media: Richard Stern
Chairman and Chief Executive Officer
Stern & Co.
SOURCE Echo Therapeutics, Inc.
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