Echo Therapeutics Sends Response to Shareholder Letter
PHILADELPHIA, Sept. 5, 2013 /PRNewswire/ — Echo Therapeutics, Inc. (Nasdaq: ECTE), a medical device company developing its needle-free Symphony® CGM System as a non-invasive, wireless, continuous glucose monitoring system, announced that the independent members of the Board of Directors and Mr. Robert F. Doman, the Executive Chairman and Interim Chief Executive Officer, today sent a letter to its shareholder, Platinum-Montaur Life Sciences, LLC, in response to an August 30, 2013 public communication made by Platinum-Montaur and its affiliated funds. In addition, Echo has communicated with Platinum-Montaur to discuss the matters raised in the August 30, 2013 communication. The Company and Platinum-Montaur have scheduled a meeting for next week.
As Echo has previously announced, it continues to consider and seek to enter into collaborations or licenses regarding the future development and distribution of its products and remains willing to enter into discussions regarding potential collaborations or licenses.
About Echo Therapeutics?
Echo Therapeutics is developing the Symphony CGM System as a non-invasive, wireless, continuous glucose monitoring system for use initially in the critical care setting. Significant opportunity also exists for Symphony to be used in the hospital beyond the critical care setting, as well as in patients with diabetes 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 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.
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