FRANKLIN, Mass., Feb. 18 /PRNewswire-FirstCall/ -- Echo Therapeutics, Inc. (OTC Bulletin Board: ECTE), a company developing the needle-free Symphony™ tCGM System as a non-invasive, wireless, transdermal continuous glucose monitoring (tCGM) system and the Prelude™ SkinPrep System for transdermal drug delivery, announced today that the Company has made a significant advance in the product design of its Symphony tCGM device and that it has developed its next generation electronic component package. This important advance includes an initial 33% reduction in component size and improved architectural design as compared to the prototype electronic package of the Company's earlier Symphony tCGM device. The Company also announced today that it expects to complete the product development work for the entire Symphony tCGM System in the near-term and that it anticipates entering new clinical trials shortly thereafter.
The completion of this electronic component package represents a major step towards custom integrated circuitry and product development completion. The Company believes that this accomplishment, coupled with the previously announced, improved, one-piece biosensor that utilizes new materials and an improved geometrical design, will improve sensor performance and significantly decrease the size of the tCGM device from the size of the original prototype. The final Symphony tCGM device is intended to be a cost-effective product that allows for advanced continuous glucose monitoring for patients and healthcare providers.
"The completion of this critical step in the product development program for Symphony demonstrates the Company's steadfast commitment to rapidly developing the world's most advanced solution for needle-free, continuous glucose monitoring technology," stated Patrick T. Mooney, M.D., Chairman and CEO of Echo Therapeutics. "The new electronics and device architecture replace our existing prototype with advanced, efficient and more effective components as compared to the electronic package used in the earlier device. We believe that this technological improvement, combined with our new one-piece biosensor technology, will improve the accuracy of Symphony, while enhancing cost savings in manufacturing through our plans for future custom circuitry integration. Cumulatively, these improvements further strengthen our anticipated competitive position for Symphony in the glucose monitoring market, a $10 billion-plus annual market opportunity. We look forward to testing our commercially-ready Symphony tCGM System in a clinical trial in the near term, confirming the performance attributes we have observed in internal testing."
About Echo Therapeutics
Echo 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 for transdermal drug delivery of a wide range of novel topical reformulations of widely-used, FDA-approved products.
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 the Symphony tCGM System and Prelude SkinPrep System, the failure of future development and preliminary marketing efforts related to the Symphony tCGM System and Prelude SkinPrep System, Echo's ability to secure additional commercial partnering arrangements, risks and uncertainties relating to Echo's ability to develop, market and sell diagnostic and transdermal drug delivery products based on its skin permeation platform technologies, including the Symphony tCGM System and Prelude SkinPrep 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 the Symphony tCGM System and the Prelude SkinPrep 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, 2008, its quarterly reports on Form 10-Q, and its current reports on Form 8-K. Echo Therapeutics, Inc. undertakes no obligation to publicly update or revise any forward-looking statements.
SOURCE Echo Therapeutics, Inc.