Echo Therapeutics, Inc. (ECTE) on Friday reported fiscal 2011 net loss of $16.7 million or $0.49 per share, wider than prior year's net loss of $4.3 million or $0.15 per share.
The company is developing needle-free Symphony tCGM System as a non-invasive, wireless, transdermal continuous glucose monitoring system and its Prelude SkinPrep System for transdermal drug delivery.
In the year, in which it was principally involved with the product development and clinical studies of its Symphony tCGM System, Echo reported revenues of about $447 thousand, compared to $428 thousand in 2010.
Operating expenses surged reflecting increased investment in product development and corporate structure.
Looking ahead, Patrick Mooney, Chairman and Chief Executive Officer, said, "We believe that the significant accomplishments and progress made in 2011 has set the stage for an exciting and productive 2012. Building on the positive momentum of the previous two Symphony studies, we anticipate positive results from our current critical care study in the near term."
The company added that it is focused this year on completing several key milestones including the continued, accelerated pace of product development finalization and clinical validation necessary for regulatory clearance of the Symphony tCGM System in both Europe and the U.S.
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