Monday April 21, 7:00 am ET
FRANKLIN, Mass., April 21 /PRNewswire-FirstCall/ -- Echo Therapeutics (OTC BB: ECTE.OB) today announced that it has signed a dermatology product and transdermal drug delivery technology right of first offer agreement with Cato BioVentures, the venture capital affiliate of Cato Research, a global contract research and development organization. The agreement grants Echo exclusive rights of first negotiation to all dermatology product and transdermal drug delivery technology opportunities identified or acquired by Cato BioVentures.
"This agreement expands our long-standing strategic relationship with Cato BioVentures and Cato Research and enables us to leverage their deep industry access to a wide range of business development opportunities in our core focus areas," said Patrick Mooney, M.D., Echo's Chairman and CEO. "Cato is familiar with our core transdermal platforms--AzoneTS(TM) for drug reformulation and the Symphony tCGM System for non-invasive continuous glucose monitoring--and understands our model to leverage those platforms internally and with product and technology acquisition opportunities that fit our model."
"As a 20-year old company with a broad network of industry and regulatory contacts worldwide, we have access to dozens of high-quality drug and technology development opportunities each year, many of which could be commercially relevant to Echo's strategic plan," said Allen Cato, M.D., Ph.D., Principal of Cato BioVentures and co-founder and Chief Executive Officer of Cato Research. "This agreement allows us to leverage the expertise of Echo's management team and its market resources to assess and potentially access efficiently and cost-effectively select drug and technology development opportunities that could add value to our companies."
About Echo Therapeutics
Echo Therapeutics is focused on transdermal medical devices and specialty pharmaceuticals. Echo is developing a non-invasive (needle-free), wireless, transdermal continuous glucose monitoring (tCGM) system for people with diabetes and for use in hospital critical care units. Echo is also developing a wide range of proprietary transdermal reformulations of FDA-approved pharmaceutical products.
About Cato BioVentures
Cato BioVentures is the venture capital affiliate of Cato Research Ltd., a global contract research and development organization. For 20 years, Cato BioVentures has assisted entrepreneurs and established management teams in building successful pharmaceutical and biotechnology companies. Through strategic CRO service agreements with Cato Research, Cato BioVentures invests its in-kind CRO Service Capital(TM) in innovative products and technologies, giving promising companies immediate access to a broad range of essential CRO services on a noncash basis.
About Cato Research
Founded in 1988 by Dr. Allen Cato and Lynda Sutton and headquartered near Research Triangle Park, Cato Research is a global full-service contract research and development organization (CRO) providing strategic and tactical support for clients in the pharmaceutical, biotechnology and medical device industries. Cato Research has a staff of over 300 located in offices in the United States, European Union, Canada, Israel, and South Africa.
Cautionary Statement Regarding Forward Looking Statements
Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Any forward- looking statements contained herein are based on current expectations, but are subject to a number of risks and uncertainties. The factors that could cause actual future results to differ materially from current expectations include, but are not limited to, risks related to Echo's or its partners' ability to identify and obtain additional dermatology product candidates or transdermal drug delivery technologies. In addition, Echo's products and eventual commercialization of its products are subject to all of the risks and uncertainties set forth in its periodic reports filed with the Securities and Exchange Commission. These and other factors 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-KSB for the year ended December 31, 2007, its quarterly reports on Form 10-Q, and its current reports on Form 8-K. The foregoing list of factors is not exhaustive. Echo Therapeutics, Inc. undertakes no obligation to publicly update or revise any forward-looking statements.
Investor Relations Contacts:
Patrick T. Mooney, M.D.
Chairman & CEO
Echo Therapeutics
508.530.0329
Lilian Stern
Stern Investor Relations
212.362.1200
For Further Information, Contact:
RedChip Companies, Inc.
500 Winderley Place, Suite 100
Orlando, FL 32751
(800) 733-2447
Fax: (407) 644-0758
info@redchip.com
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