Non-invasive Glucose Monitoring company Echo Therapeutics, Inc., has rehired key members of its Research & Development team to support the implementation of a new corporate strategy.
A few months ago the future was looking far from bright for Echo Therapeutics as it suspended its operations in an attempt to stem the flow of money long enough to keep it afloat.
The company’s financial position has improved significantly since then as a result of the previously announced agreement with Platinum Value Arbitrage Fund L.P. (Platinum), and certain other investors, to purchase shares of the Company’s stock for an aggregate purchase price of $4 million. The agreement includes an upfront investment of $1 million, with the remaining portion of the investment to be made in three consecutive $1 million monthly installments.
Echo’s newly re-hired R&D team, led by Tom Bishop, Vice President of Operations and Product Development, will refine and adapt Echo’s current core transdermal technology for consumer and medical applications in analyte measurement.
Other changes required by the new investment round include some Boardroom changes, Vincent Enright, William Grieco and James Smith having resigned from the Company’s Board of Directors. Scott W. Hollander, Echo’s President and CEO, join Michael M. Goldberg, M.D. and Shepard M. Goldberg, on the Board of Directors.
So what happens now? Well. honestly we’ve no idea whether this is another of those good money after bad moments or whether the company with its promising technology will strike gold. Rest assured we’ll keep watching them with finger crossed.
“As we begin the New Year, we are excited to leverage the development progress Echo has already made to create substantial opportunities in the wearable technology space. The new strategy underscores Echo’s dual commitment to both consumer and medical applications and reaffirms Echo’s commitment to non-invasive glucose monitoring,” said Mr. Hollander. “We believe that our wearable technology products will allow us to generate near-term shareholder value without significant capital expenditure and traditional regulatory burden. I look forward to communicating our detailed plan to shareholders in the near future.”
Source: PR Newswire