Echo Therapeutics and Medical Technologies Innovation Asia (MTIA) Re-affirm Operational Partnership
Key Patent Issuance Covers Echo's Skin Permeation Technology in China
ISELIN, N.J., Jan. 21, 2015 /PRNewswire/ -- Echo Therapeutics, Inc. (NASDAQ: ECTE), a medical device company focused on skin permeation, continuous glucose monitoring, and associated technologies, announced today that it has re-established its operational and strategic partnership with Medical Technologies Innovation Asia (MTIA), Ltd., Hong Kong, and has initiated the technology transfer process. The partnership is designed to enable close cooperation between the two companies in order to address China's growing demand for both glucose monitoring and transdermal drug delivery solutions.
The partnership agreement includes a licensing and technology transfer under which MTIA will manufacture Echo's proprietary skin permeation and analyte measurement technology. Echo granted MTIA rights to develop, manufacture, market, and distribute Echo's technology on an exclusive basis for the Chinese market, including the Peoples' Republic of China, Hong Kong, Macau and Taiwan.
Significant to the MTIA partnership, Echo also announced today the issuance of a patent covering its technology in China. The patent, entitled "Skin Permeation Device for Analyte Sensing or Transdermal Drug Delivery" issued to Echo Therapeutics in China, includes claims that encompass the skin preparation device, which prepares the skin in a controlled, dermabrasive manner to permit either drug delivery or analyte extraction. This patent will expire in 2028.
"Substantial progress was made over the last several days as the management and functional teams met, exchanged information and made this important partnership operational," said Scott W. Hollander, President and CEO of Echo Therapeutics. "In addition to the working meetings, the issuance of the patent covering our technology in China further broadens Echo's already extensive intellectual property portfolio surrounding our skin preparation and glucose monitoring technology, and represents a valuable asset for Echo."
"We accomplished a great deal last week and I look forward to continuing our collaboration with the new Echo management team. I believe that the partnership is on the right track and we can rapidly move forward to bring this exciting technology to the China market," commented Bai Ge, Managing Director of MTIA. "We are very pleased to work together with Echo to build a substantial business for the China market that addresses a specific market need."
About Medical Technologies Innovation Asia, Ltd.
Medical Technologies Innovation Asia (MTIA) is a fully integrated medical device company focused on accelerating and delivering game-changing technologies that improve existing standards of care to meet unmet significant clinical needs and challenges, especially in oncology, diabetic, cardiovascular and other aging-related disease. Headquartered in Hong Kong, the company has manufacturing and sales facilities throughout mainland China. MTIA has established sales channels in more than 1,000 hospitals across China's provinces, including national, top-tier regional and military institutions. MTIA is also the leading investor to pilot a number of State-Owned Enterprise giants of China in the healthcare area plus one of the potentially biggest market capitalization pharmaceutical companies who also has dramatic marketing and sales presence in the diabetic and cardiovascular disease treatment field.
About Echo Therapeutics
Echo Therapeutics is developing its Symphony® CGM System as a non-invasive, wireless, continuous glucose monitoring system. A significant consumer (non-regulated) opportunity also exists for Symphony to be used in the fitness, weight loss and personal lifestyle space. Echo also developed its needle-free skin preparation device as a platform technology that allowed for enhanced skin permeation enabling extraction of analytes, such as glucose, and enhanced delivery of topical pharmaceuticals.
Cautionary Statement Concerning 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 clinical studies, the safety and efficacy of Echo's Symphony CGM System, the failure of future development and preliminary marketing efforts related to Echo's Symphony CGM System, 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 the Symphony CGM System, 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 CGM System. 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, 2013, 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 H. Olimpio
Director, Investor Relations and
Corporate Communications
(215) 717-4104
[email protected]
SOURCE Echo Therapeutics, Inc.
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