PHILADELPHIA, Jan. 7, 2013 /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 issued the following corporate update to its shareholders:
To Our Shareholders:
As we begin the new year, we are pleased to report that the last year was one of significant accomplishment and progress that has set the stage for a very exciting and productive 2013. In this letter, we would like to reflect on our achievements and, more importantly, look forward to the objectives we intend to achieve in the coming months.2012 Business Review Over the past year we achieved several major milestones:
- In 2012, Echo completed two clinical trials of the Symphony tCGM System in critically ill patients that showed that Symphony successfully monitored patient glucose levels and has the potential to be an important tool for the tracking and trending of glucose in the hospital setting. To date, Echo has completed ten pilot studies of the Symphony tCGM System with a combined average error rate (MARD) of 12.0%.
- Echo added key executives to its management team as part of our plan to finalize development and accelerate the commercialization of the Symphony tCGM System and other products contemplated in our growth strategy.
- Echo's Operations management worked closely with the global electronics manufacturing and distribution provider, Benchmark Electronics, Inc., to provide the necessary tools and processes for the product launch of the Symphony tCGM System.
- At the 72 nd Annual Scientific Sessions of the American Diabetes Association on June 8, 2012, Echo presented an expanded analysis of data collected from patients with either type 1 or type 2 diabetes during its clinical trial of Symphony. Echo also presented at the 12 th Annual Diabetes Technology Meeting on November 9, 2012.
- Echo announced that it obtained several patents throughout the year that provide our products with long-term market protection. Echo holds eight U.S. patents and 71 foreign patents, and has over 25 pending patent applications in the U.S. and foreign countries.
- Three additional analysts initiated research on Echo in 20l2, contributing to improved market awareness. Currently, six investment banks follow Echo: Ascendiant Capital Markets, Feltl and Company, LifeTech Capital, Noble Financial Capital Markets, Northland Capital Markets, and Wunderlich Securities, Inc.