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
In his session at 20th Cloud Expo, Mike Johnston, an infrastructure engineer at Supergiant.io, will discuss how to use Kubernetes to setup a SaaS infrastructure for your business. Mike Johnston is an infrastructure engineer at Supergiant.io with over 12 years of experience designing, deploying, and maintaining server and workstation infrastructure at all scales. He has experience with brick and mortar data centers as well as cloud providers like Digital Ocean, Amazon Web Services, and Rackspace....
In his session at @ThingsExpo, Sudarshan Krishnamurthi, a Senior Manager, Business Strategy, at Cisco Systems, will discuss how IT and operational technology (OT) work together, as opposed to being in separate siloes as once was traditional. Attendees will learn how to fully leverage the power of IoT in their organization by bringing the two sides together and bridging the communication gap. He will also look at what good leadership must entail in order to accomplish this, and how IT managers ca...
The financial services market is one of the most data-driven industries in the world, yet it’s bogged down by legacy CPU technologies that simply can’t keep up with the task of querying and visualizing billions of records. In his session at 20th Cloud Expo, Jared Parker, Director of Financial Services at Kinetica, will discuss how the advent of advanced in-database analytics on the GPU makes it possible to run sophisticated data science workloads on the same database that is housing the rich inf...
SYS-CON Events announced today that CA Technologies has been named “Platinum Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY, and the 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CA Technologies helps customers succeed in a future where every business – from apparel to energy – is being rewritten by software. From ...
Providing the needed data for application development and testing is a huge headache for most organizations. The problems are often the same across companies - speed, quality, cost, and control. Provisioning data can take days or weeks, every time a refresh is required. Using dummy data leads to quality problems. Creating physical copies of large data sets and sending them to distributed teams of developers eats up expensive storage and bandwidth resources. And, all of these copies proliferating...
SYS-CON Events announced today that Cloud Academy will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Cloud Academy is the industry’s most innovative, vendor-neutral cloud technology training platform. Cloud Academy provides continuous learning solutions for individuals and enterprise teams for Amazon Web Services, Microsoft Azure, Google Cloud Platform, and the most popular cloud computing technologies. Ge...
The best way to leverage your Cloud Expo presence as a sponsor and exhibitor is to plan your news announcements around our events. The press covering Cloud Expo and @ThingsExpo will have access to these releases and will amplify your news announcements. More than two dozen Cloud companies either set deals at our shows or have announced their mergers and acquisitions at Cloud Expo. Product announcements during our show provide your company with the most reach through our targeted audiences.
Column Technologies exhibited at SYS-CON's @DevOpsSummit at Cloud Expo, which took place at the Javits Center in New York City, NY, in June 2016. Established in 1998, Column Technologies is a global technology solutions provider with over 400 employees, headquartered in the United States with offices in Canada, India, and the United Kingdom. Column Technologies provides “Best of Breed” technology solutions that automate the key DevOps principals and help our customers meet today’s DevOps and Dig...
Wooed by the promise of faster innovation, lower TCO, and greater agility, businesses of every shape and size have embraced the cloud at every layer of the IT stack – from apps to file sharing to infrastructure. The typical organization currently uses more than a dozen sanctioned cloud apps and will shift more than half of all workloads to the cloud by 2018. Such cloud investments have delivered measurable benefits. But they’ve also resulted in some unintended side-effects: complexity and risk. ...
20th Cloud Expo, taking place June 6-8, 2017, at the Javits Center in New York City, NY, 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.
SYS-CON Events announced today that Outlyer, a monitoring service for DevOps and operations teams, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Outlyer is a monitoring service for DevOps and Operations teams running Cloud, SaaS, Microservices and IoT deployments. Designed for today's dynamic environments that need beyond cloud-scale monitoring, we make monitoring effortless so you...
Cloud Expo, Inc. has announced today that Andi Mann and Aruna Ravichandran have been named Co-Chairs of @DevOpsSummit at Cloud Expo 2017. The @DevOpsSummit at Cloud Expo New York will take place on June 6-8, 2017, at the Javits Center in New York City, New York, and @DevOpsSummit at Cloud Expo Silicon Valley will take place Oct. 31-Nov. 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
With major technology companies and startups seriously embracing Cloud strategies, now is the perfect time to attend @CloudExpo | @ThingsExpo, June 6-8, 2017, at the Javits Center in New York City, NY and October 31 - November 2, 2017, Santa Clara Convention Center, CA. Learn what is going on, contribute to the discussions, and ensure that your enterprise is on the right path to Digital Transformation.
Have you ever noticed how some IT people seem to lead successful, rewarding, and satisfying lives and careers, while others struggle? IT author and speaker Don Crawley uncovered the five principles that successful IT people use to build satisfying lives and careers and he shares them in this fast-paced, thought-provoking webinar. You'll learn the importance of striking a balance with technical skills and people skills, challenge your pre-existing ideas about IT customer service, and gain new in...
SYS-CON Events announced today that CrowdReviews.com has been named “Media Sponsor” of SYS-CON's 20th International Cloud Expo, which will take place on June 6–8, 2017, at the Javits Center in New York City, NY. CrowdReviews.com is a transparent online platform for determining which products and services are the best based on the opinion of the crowd. The crowd consists of Internet users that have experienced products and services first-hand and have an interest in letting other potential buyers...