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Developing a noninvasive, wireless, transdermal continuous glucose monitor requires brilliance, commitment, innovation, and....a LOT of money. We recently reported that Echo Therapeutics, Inc. is developing just such a CGM, called the Symphony, along with its companion skin preparation system. Fortunately, their money picture is looking bright: Echo just raised approximately $2.5 million through "a series of private placements of the Company's stock and warrants, and it has received a binding commitment for an additional $3 million."
With that $5.5 million in hand, Echo believes that it has the wherewithall to complete the product development, clinical studies, and manufacturing of the system. Over the coming months, the company hopes to complete the clinical validation necessary for FDA approval and enter the glucose monitoring marketing fray, which is, as their press release notes, "a $12 billion-plus annual market opportunity."
Echo Therapeutics, Inc.
0 comments - Jan 25, 2011
Diabetes Health is the essential resource for people living with diabetes- both newly diagnosed and experienced as well as the professionals who care for them. We provide balanced expert news and information on living healthfully with diabetes. Each issue includes cutting-edge editorial coverage of new products, research, treatment options, and meaningful lifestyle issues.