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Last €1.43 EUR
Change Today -0.006 / -0.42%
Volume 0.0
XS5A On Other Exchanges
As of 10:16 AM 10/6/15 All times are local (Market data is delayed by at least 15 minutes).

echo therapeutics inc (XS5A) Snapshot

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03/16/15 - €2.75
52 Week Low
10/16/14 - €0.38
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Current Stock Chart for ECHO THERAPEUTICS INC (XS5A)

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echo therapeutics inc (XS5A) Details

Echo Therapeutics, Inc. engages in the development of transdermal skin permeation and diagnostic medical devices for wearable-health consumer market and diabetes outpatient market. It is developing Symphony continuous glucose monitoring (CGM) system, a needle-free wireless continuous glucose monitoring system for use in hospital critical care units. The company is also developing Durhalieve, an AzoneTS formulation of triamcinolone acetonide that has completed Phase III clinical trials for the treatment of corticosteroid-responsive dermatoses; and methotrexate-AzoneTS, a AzoneTS reformulation drug that has completed Phase II clinical studies for the treatment of early-stage mycoses fungoides, as well as developing methotrexate-AzoneTS for the treatment of psoriasis. It has a licensing agreement with Ferndale Pharma Group, Inc. to develop, market, sell, and distribute Prelude SkinPrep system for skin preparation prior to the application of topical anesthetics or analgesics prior to a range of needle-based medical procedures in North America, the United Kingdom, South America, Australia, New Zealand, Switzerland, and other portions of the European Community; a license agreement with Handok Pharmaceuticals Co., Ltd. to develop, use, market, import, and sell CGM to medical facilities and individual consumers in South Korea; and a license, development, and commercialization agreement with Medical Technologies Innovation Asia, Ltd to research, develop, manufacture, and use CGM in the People's Republic of China, Hong Kong, Macau, and Taiwan. The company was founded in 1989 and is headquartered in Iselin, New Jersey.

7 Employees
Last Reported Date: 04/15/15
Founded in 1989

echo therapeutics inc (XS5A) Top Compensated Officers

Chief Executive Officer, President and Direct...
Total Annual Compensation: $12.9K
Chief Financial Officer and Secretary
Total Annual Compensation: $8.0K
Compensation as of Fiscal Year 2014.

echo therapeutics inc (XS5A) Key Developments

Echo Therapeutics Receives Non-Compliance Notice From Nasdaq

On August 20, 2015, Echo Therapeutics, Inc. received a letter from The Nasdaq Stock Market (Nasdaq) informing the Company that it is no longer in compliance with the minimum stockholders’ equity requirement for continued listing on the Nasdaq Capital Market. Nasdaq Listing Rule 5550(b)(1) requires listed companies to maintain stockholders’ equity of at least $2.5 million. In the Company’s Quarterly Report on Form 10-Q for the period ended June 30, 2015, the Company reported stockholders’ equity (deficit) of ($1,637,729). Further, as of August 20, 2015, the Company does not meet the alternative compliance standards relating to the market value of listed securities or net income from continuing operations. This notification has no immediate effect on the Company’s listing on the Nasdaq Capital Market. Nasdaq has provided the Company with 45 calendar days from the receipt of the Nasdaq letter to submit a plan to regain compliance with the minimum stockholders’ equity standard. If the Company’s plan to regain compliance is accepted, Nasdaq may grant an extension of up to 180 calendar days from the date of the notification letter to evidence compliance. Company management expected this letter from Nasdaq when it made the decision to write-off $9.6 million of Azone intangibles at June 30, 2015. These acquired intangibles had been on the books of the Company since 2007 and produced no income. Management’s recent detailed review determined that the intangibles were unlikely to produce income during their remaining short patent lives. Management intends to submit its plan to Nasdaq and make its best efforts to regain compliance with the continued listing standard. Compliance is most likely achieved by meeting either the minimum equity requirement of $2.5 million, or achieving a $35 million market value of listed equity securities. However, there can be no assurance that the Company's plan will be accepted, or that if it is, the Company will be able to regain compliance. If the Company's plan to regain compliance with the minimum stockholders' equity standard is not accepted, or if it is, and the Company does not regain compliance, or if the Company fails to satisfy another Nasdaq requirement for continued listing, Nasdaq staff could provide notice that the Company's common stock will become subject to delisting. In the event of delisting, the Company expects that its stock would trade on the OTC Markets.

Echo Therapeutics, Inc. Announces Earnings Results for the Second Quarter Ended June 30, 2015

Echo Therapeutics, Inc. announced earnings results for the second quarter ended June 30, 2015. Echo's net loss for the second quarter of 2015 was $10.8 million, or $0.97 per share, compared to $3.8 million, or $0.31 per share, for the same period in 2014. The $7 million increase in net loss was a result of the aforementioned impairment charge on the Azone-TS-based technology intangibles, offset by decreases in research and development (R&D) and selling, general and administrative (S,G&A) expenses. Research and development expenses were $0.8 million for the second quarter of 2015 compared to $1.7 million for the second quarter of 2014.

Echo Therapeutics Settles Wrongful Termination Lawsuit with Patrick Mooney

Echo Therapeutics has reached an out-of-court settlement to resolve litigation with its former chairman and CEO, who alleged he was wrongfully fired. The company will pay Dr. Patrick Mooney $150,000 under the terms of the settlement. Mooney will also receive additional payments, the amount of which was not disclosed, from the company's insurers. The company announced in summer 2013 that Mooney had taken a leave of absence from the company for undisclosed reasons. In October of that same year, Echo as part of an announcement of a cost-cutting initiative that included about a dozen layoffs, disclosed Mooney was no longer an employee. Mooney, according to SEC documents, filed a lawsuit against Echo in early 2014 alleging he was fired from company without cause and was, therefore, entitled to severance benefits under his employment agreement. He also claimed he was defamed by what Echo described in SEC filings as certain legally required disclosures.


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