Click here to close now.




















Welcome!

News Feed Item

Echo Therapeutics Announces Third Quarter 2012 Financial Results

Company to Host Conference Call Today, November 8, 2012 at 9:00 AM EST

PHILADELPHIA, Nov. 8, 2012 /PRNewswire/ -- Echo Therapeutics, Inc. (Nasdaq: ECTE), a company developing its needle-free Symphony® tCGM System as a non-invasive, wireless, transdermal continuous glucose monitoring system, today announced its financial results for the quarter ended September 30, 2012. Echo's Quarterly Report on Form 10-Q, as filed with the SEC, will be available by visiting the Investors section of Echo's website at www.echotx.com.

(Logo:  http://photos.prnewswire.com/prnh/20120801/NE50071LOGO )

Recent Corporate Highlights

  • In preparation for its planned first quarter 2013 ISO audit, Echo made substantial advances towards finalizing its quality management systems.  ISO certification is a key step towards achieving compliance with European regulatory requirements.
  • Echo initiated the process of conducting clinical studies at investigational sites in Europe and the U.S. to support CE Mark and other commercialization efforts.
  • Echo hired key development, product, and clinical personnel to prepare for and accelerate its plans for Symphony's European and U.S. regulatory clearance and commercialization.

"We had a very productive third quarter, with significant progress made towards the Company's clinical, development and regulatory objectives needed to commercialize our Symphony system," commented Patrick T. Mooney, M.D., Chairman and Chief Executive Officer of Echo Therapeutics.  "As we look toward 2013, we remain focused on obtaining European clearance of Symphony and its commercial launch, as well as initiating our pivotal studies to support PMA submission in the U.S."

Third Quarter 2012 Financial Results
Echo's net loss for the third quarter of 2012 was $4.3 million, or $0.11 per share, compared to $1.5 million, or $0.04 per share, for the third quarter of 2011.  The operating loss for the third quarter of 2012 was $3.6 million compared to $2.3 million for the third quarter of 2011.  Research and development expenses were $2.1 million for the third quarter of 2012 compared to $0.7 million for the third quarter of 2011.  The increase in research and development expenses was primarily related to increased development, regulatory and clinical expenses, as well as manufacturing preparation costs.  General and administration expenses were flat from period to period and attributable to personnel and facility costs, as well as legal and other public company expenses. 

Echo reported a cash balance of approximately $1.4 million as of September 30, 2012.  In August of 2012, Echo's financial position was augmented by a $20 million credit facility with Platinum-Montaur Life Sciences, LLC.  To date, Echo has received $3 million in cash proceeds from that facility. 

Conference Call
Management will host a conference call today starting at 9:00 AM EST.  To listen in and/or participate in the call, please dial 877.317.6789 and reference the conference number 10020170.  The archived audiocast will be available for fourteen days following the call by visiting the Events section of Echo's website at www.echotx.com.

About Echo Therapeutics
Echo Therapeutics is developing the Symphony tCGM System as a non-invasive, wireless, transdermal continuous glucose monitoring system.  Our target is patients who could benefit from glucose monitoring in the hospital setting, including critical care.  Significant opportunity also exists for patients with diabetes to use Symphony in the outpatient setting.  Echo is also developing its needle-free skin preparation component of Symphony, the Prelude® SkinPrep System, as a platform technology to enhance drug 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 ongoing studies, including the safety and efficacy of Echo's Symphony tCGM System, 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, 2011, 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                                                 

Connect With Us:
- Visit our website at www.echotx.com
- Follow us on Twitter at www.twitter.com/echotx
- Join us on Facebook at www.facebook.com/echotx

 


Echo Therapeutics, Inc

Condensed Consolidated Balance Sheets

 



September 30,

2012


December 31,

2011


ASSETS





Current Assets:





Cash and cash equivalents

$      1,395,840


$      8,995,571


Current portion of deferred financing costs

1,068,462


-


Prepaid expenses, cash restricted pursuant to letters of credit

 and other current assets

482,172


567,940


Total current assets

2,946,474


9,563,511


Net property and equipment (including assets under capitalized leases)

1,205,845


317,731


Other Assets:





Intangible assets, net of accumulated amortization

9,625,000


9,625,000


Deferred financing costs

3,791,329


-


Other assets

10,566


20,565


Total other assets

13,426,895


9,645,565


Total assets

$    17,579,214


$    19,526,807







LIABILITIES AND STOCKHOLDERS' EQUITY





Current Liabilities:





Accounts payable

$      1,029,488


$         365,298


Deferred revenue from licensing arrangements

92,794


123,708


Derivative warrant liability

6,772,536


1,035,337


Accrued expenses and other liabilities

1,315,930


968,120


Total current liabilities

9,210,748


2,492,463


Note payable, net of discount and capital lease obligation, net of current portion

7,573


65,755


Total liabilities

9,218,321


2,558,218


Commitments





Stockholders' Equity:





Convertible preferred stock, Series C & D

30,160


30,160


Common stock

399,116


385,442


Additional paid-in capital

99,906,833


98,116,327


Common stock subscribed for but not paid for or issued

-


6,667


Accumulated deficit

(91,975,216)


(81,570,007)


Total stockholders' equity

8,360,893


16,968,589


Total liabilities and stockholders' equity

$    17,579,214


$    19,526,807



 

 

 

Condensed Consolidated Statements of Operations

 


Three Months Ended

September 30,


Nine Months Ended

September 30,


2012


2011


2012


2011

Licensing revenue

$           30,927


$          (44,360)


$           92,781


$         198,550

Other revenue

-


-


-


145,152

Total revenues

30,927


(44,360)


92,781


343,702









Operating Expenses:








Research and development

2,139,465


695,019


5,731,417


2,557,118

Selling, general and administrative

1,508,069


1,527,317


4,702,325


3,427,582

Total operating expenses

3,647,534


2,222,336


10,433,742


5,984,700

Loss from operations

(3,616,607)


(2,266,696)


(10,340,961)


(5,640,998)









Other Income (Expense):








Interest income (expense), net

(88,488)


196


(84,257)


(9,869)

Debt financing costs

(160,000)


-


(160,000)


-

Loss on extinguishment of debt/payables

-


-


-


(1,514)

Gain (loss) on disposals of assets

-


-


(21,272)


834

Gain (loss) on revaluation of derivative warrant liability

(400,000)


893,229


201,281


(2,258,679)

Other income (expense), net

(648,488)


893,425


(64,248)


(2,269,228)

Net loss

(4,265,095)


(1,373,271)


(10,405,209)


(7,910,226)

Deemed dividend on repricing of warrants

-


(87,500)


-


(87,500)

Accretion of dividends on Convertible Perpetual
Redeemable Preferred Stock

-


(49,519)


-


(142,761)

Deemed dividend on beneficial conversion feature of
Series D Convertible Preferred Stock

-


-


-


(1,975,211)

Net loss applicable to common shareholders

$     (4,265,095)


$     (1,510,290)


$   (10,405,209)


$   (10,115,698)

Net loss per common share, basic and diluted

$              (0.11)


$              (0.04)


$              (0.27)


$              (0.30)

Basic and diluted weighted average common shares     outstanding

39,858,876


34,295,425


39,256,372


33,620,751













 

 

SOURCE Echo Therapeutics, Inc.

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
The Internet of Things is in the early stages of mainstream deployment but it promises to unlock value and rapidly transform how organizations manage, operationalize, and monetize their assets. IoT is a complex structure of hardware, sensors, applications, analytics and devices that need to be able to communicate geographically and across all functions. Once the data is collected from numerous endpoints, the challenge then becomes converting it into actionable insight.
SYS-CON Events announced today that IceWarp will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. IceWarp, the leader of cloud and on-premise messaging, delivers secured email, chat, documents, conferencing and collaboration to today's mobile workforce, all in one unified interface
SYS-CON Events announced today that Micron Technology, Inc., a global leader in advanced semiconductor systems, will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Micron’s broad portfolio of high-performance memory technologies – including DRAM, NAND and NOR Flash – is the basis for solid state drives, modules, multichip packages and other system solutions. Backed by more than 35 years of tech...
With the Apple Watch making its way onto wrists all over the world, it’s only a matter of time before it becomes a staple in the workplace. In fact, Forrester reported that 68 percent of technology and business decision-makers characterize wearables as a top priority for 2015. Recognizing their business value early on, FinancialForce.com was the first to bring ERP to wearables, helping streamline communication across front and back office functions. In his session at @ThingsExpo, Kevin Roberts...
U.S. companies are desperately trying to recruit and hire skilled software engineers and developers, but there is simply not enough quality talent to go around. Tiempo Development is a nearshore software development company. Our headquarters are in AZ, but we are a pioneer and leader in outsourcing to Mexico, based on our three software development centers there. We have a proven process and we are experts at providing our customers with powerful solutions. We transform ideas into reality.
As more and more data is generated from a variety of connected devices, the need to get insights from this data and predict future behavior and trends is increasingly essential for businesses. Real-time stream processing is needed in a variety of different industries such as Manufacturing, Oil and Gas, Automobile, Finance, Online Retail, Smart Grids, and Healthcare. Azure Stream Analytics is a fully managed distributed stream computation service that provides low latency, scalable processing of ...
In 2014, the market witnessed a massive migration to the cloud as enterprises finally overcame their fears of the cloud’s viability, security, etc. Over the past 18 months, AWS, Google and Microsoft have waged an ongoing battle through a wave of price cuts and new features. For IT executives, sorting through all the noise to make the best cloud investment decisions has become daunting. Enterprises can and are moving away from a "one size fits all" cloud approach. The new competitive field has ...
SYS-CON Events announced today the Containers & Microservices Bootcamp, being held November 3-4, 2015, in conjunction with 17th Cloud Expo, @ThingsExpo, and @DevOpsSummit at the Santa Clara Convention Center in Santa Clara, CA. This is your chance to get started with the latest technology in the industry. Combined with real-world scenarios and use cases, the Containers and Microservices Bootcamp, led by Janakiram MSV, a Microsoft Regional Director, will include presentations as well as hands-on...
17th Cloud Expo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterprises ar...
Everyone talks about continuous integration and continuous delivery but those are just two ends of the pipeline. In the middle of DevOps is continuous testing (CT), and many organizations are struggling to implement continuous testing effectively. After all, without continuous testing there is no delivery. And Lab-As-A-Service (LaaS) enhances the CT with dynamic on-demand self-serve test topologies. CT together with LAAS make a powerful combination that perfectly serves complex software developm...
SYS-CON Events announced today that the "Second Containers & Microservices Expo" will take place November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Containers and microservices have become topics of intense interest throughout the cloud developer and enterprise IT communities.
Moving an existing on-premise infrastructure into the cloud can be a complex and daunting proposition. It is critical to understand the benefits as well as the challenges associated with either a full or hybrid approach. In his session at 17th Cloud Expo, Richard Weiss, Principal Consultant at Pythian, will present a roadmap that can be leveraged by any organization to plan, analyze, evaluate and execute on a cloud migration solution. He will review the five major cloud transformation phases a...
Mobile, social, Big Data, and cloud have fundamentally changed the way we live. “Anytime, anywhere” access to data and information is no longer a luxury; it’s a requirement, in both our personal and professional lives. For IT organizations, this means pressure has never been greater to deliver meaningful services to the business and customers.
WebRTC services have already permeated corporate communications in the form of videoconferencing solutions. However, WebRTC has the potential of going beyond and catalyzing a new class of services providing more than calls with capabilities such as mass-scale real-time media broadcasting, enriched and augmented video, person-to-machine and machine-to-machine communications. In his session at @ThingsExpo, Luis Lopez, CEO of Kurento, will introduce the technologies required for implementing thes...
eCube Systems has released NXTmonitor, a full featured application orchestration solution. NXTmonitor, which inherited the code base of NXTminder, has been extended to support multi-discipline processes and will act as a DevOps utility in a heterogeneous enterprise environment. Previously, NXTminder was packaged with NXTera middleware to configure and manage Entera and NXTera RPC servers. “Since we are widening the focus of this solution to DevOps, we felt the need to change the name to NXTmon...