Echo Therapeutics Provides Mid-Year Update to Shareholders

          Echo Therapeutics Provides Mid-Year Update to Shareholders

Company Streamlines Cost Structure with Focus on Achieving Critical Milestones

PR Newswire

PHILADELPHIA, July 3, 2013

PHILADELPHIA, July 3, 2013 /PRNewswire/ --Echo Therapeutics, Inc. (Nasdaq:
ECTE), a company developing its non-invasive Symphony^® CGM System as a
needle-free, wireless continuous glucose monitoring system, today issued a
mid-year update to its shareholders outlining the progress it has made this
year, its upcoming key strategic priorities and milestones, and its efforts to
conserve cash.

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

Highlights for First Half of 2013

  oEcho submitted a pre-submission package to the U.S. Food and Drug
    Administration (FDA) for its Symphony CGM System for use in the hospital
    critical care environment.
  oEcho received agreement from its Notified Body in Europe on its clinical
    trial plan supporting CE Marking of its Symphony CGM System.
    Additionally, the Company received Institutional Review Board (IRB)
    approval of its clinical trial from each of its study sites that enabled
    the commencement of a clinical evaluation of Symphony that will support
    the Company's CE Mark Technical File.
  oEcho achieved International Standards Organization (IS0) 13485
    certification. ISO 13485 is the internationally recognized standard that
    prescribes consistent processes for the development, design and
    manufacturing of medical devices, and is considered an important step
    towards securing product commercialization approval by European and other
    international regulatory agencies.
  oEcho held discussions with multiple potential business partners for the
    further development and distribution of Symphony as part of its strategy
    going forward. Echo is exploring a variety of partnership opportunities
    that exist in both the critical care and outpatient settings, and across
    numerous geographical areas.
  oEcho presented an expanded analysis of data collected from the clinical
    study of its Symphony CGM System in critically ill patients at Tufts
    Medical Center in Boston, MA. The data were presented during Display and
    Professor Walk Rounds at the Society of Critical Care Medicine's Annual
    Meeting in January.

Upcoming Catalysts

  oEcho has scheduled a meeting with the Food & Drug Administration (FDA)
    this summer during which it hopes to obtain FDA's guidance regarding the
    U.S. regulatory pathway for Symphony, the proper approach to refining the
    pivotal trial protocol and endpoints, and preparing the pre-marketing
    application.
  oEcho expects to complete its multi-center European regulatory trial of the
    Symphony CGM System in critically ill patients.
  oEcho plans to submit the Conformite Europeenne (CE) Technical File. CE
    Marking is critical to enabling the commercial sale of Symphony in the EU
    and other countries that recognize the CE Mark.
  oEcho plans to commence its multi-center pivotal FDA clinical trial
    subsequent to IRB approval. The safety and efficacy data obtained from
    the pivotal trial are expected to support a Premarket Approval
    application.

In an effort to achieve its critical EU regulatory milestones, Echo adopted
initiatives intended to eliminate and/or defer certain expenditures in order
to control costs and extend its cash runway. During the past twelve months,
the Company has incurred significant costs associated with the development of
Symphony in anticipation of commercialization. Echo believes these past
expenditures contribute to a strong foundation for the Company and strengthen
its position with potential corporate partners.

As part of its current strategy, the Company is actively pursuing a corporate
partnership for Symphony's commercialization in the hospital critical care
market. Echo believes that obtaining such a partner would allow it to
leverage the commercial infrastructure of its partner, significantly reducing
the need for the Company to establish its own sales, marketing and
distribution infrastructure.

"Our team believes in Echo's ability to be an innovator in the CGM hospital
market, resulting in better patient outcomes, reduced nursing burden, and
potential cost-savings for hospitals. Our management team is dedicated to
realizing the potential of our technology for the benefit of our shareholders,
clinical practitioners and patients," stated Patrick T. Mooney, M.D., Chairman
and CEO of Echo Therapeutics. "We intend to leverage our existing capital to
secure a corporate partnership as Symphony moves toward commercial approval.
Our management team is focused on meeting this goal following EU approval and
initiation of our FDA pivotal trial."

About Echo Therapeutics

Echo Therapeutics is developing the Symphony CGM System as a non-invasive,
wireless 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 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, 2012, 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
colimpio@echotx.com 

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SOURCE Echo Therapeutics, Inc.

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