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Think I will load up at 0.005 and ride it up to 0.03. Rinse and repeat.
@hemopure36, your forensic study means squat. The only one that can bring heat on echos past and present executives and board members is the SEC. If they find cause that they violated SEC rules they can sanction the officers not being able to be an officer of any public company, fine them and/or with sufficient evidence have the U.S. District attorney bring criminal charges against them.
Ramad is convinced that the SEC has received info from large shareholders to look into how Echo had been conducting business.
As to a forensic study it's fruitless, you do not have access to their physical books emails, or phone calls to individuals that Echo stated any priveledged info that Echo was not acting accordingly to the SEC regulations.
Ramads sees Echo defense as very poor management decisions and lack of funding to their failure. Unless any shareholder can prove that they received inside info from either an officer or director the SEC will not waste their time.
The one important fact that can hang Echo and their management is that they held back material info to the shareholders if fully investigated by the SEC.
In addition to my previous comments, I must report that I have a totally unrelated career that provides me with a substantial income, which makes my interactions with Echo irrelevant. Devoting oneself to a significant career does not afford one the time to spend all of one's time delving into the minutia of every detail of every publicly traded company in which one invests. That's why some of us, who do actual productive work, rather than just monitor and manipulate markets, rely on certain company disclosures and the protection of security laws and regulations. If, as you say, Echo management violated securities laws, then those involved should be held accountable. Therein lies my interest in a forensic analysis.
I didn't "preach"anything; nor am I sour grapes. I'm just trying to figure out what happened so we all can learn from it and decide how to proceed. Something here stinks. It smells to me like some were misleading investors, most notably management, but others too. Why did Ramad at one point state that he/she/they owned shares, then another time state that he/she/they never owned any shares? It smells like something's amiss here...
@hemopure36, upon Ramad doing some research you had all the information in front of you but was so blindsided you did not see it.
Refer to your posts on ECTE REVIVALIST BOARD. You should review your following posts
#881, 874, 866, 856, 831, 826, 822, 810, *776
*773 . The host of the board was DDBUYER who you relied on informing the board on Ecte and your interaction with him.The above posts go back to May 2016. Look at # 770.
Some of your postings stated that Echo was not addressing your questioms and you did not do anything to be proactive to have Ecte to address your concerns. It appears you relied on DDBUYERs responses to satisfy your concerns. You posted some crazy valuations on Echo without any confirmed bases. You were pleased that Echo was partnering with MTIA not evening knowing anything about MTIA accept what Echo had stated about them. You were pleased that Scott Hollender was fired.
Everything you thought was good for Echo was just the opposite. Concluding the failure of Echo was right in front of you and you were in denial. You even posted how Echos communications were terrible. Why hold an investment if you gave no idea what's going on with their company. It's to late to preach sour grapes.
@hemopure36, Following up from previous post due to free time and make your forensic analysis easy.
The strongest factor was Echo had a history of poor management including the board of directors which bled the company for their own benefit. Add up all the shares and options they rewared themselves. They even had the audacity to try to have the shares immediately vested until a shareholder larged a complaint and they had to change the time period to be vested. Even Alan joined in the game by having the board award him 5% of the float before they left the board plus awarding themselves shares.
Firing The CEO and have to pay a years salary without having lined up a new CEO or have the liquidity to operate was another bad decision. Alan is just a glorified bookkeeper (accountant) who in the past had a company that went bust. Great choice!!!. Was the payment arrangement to the CEO to silence him. That is Ramads opinion.
Echo had been advised by a shareholder and pleaded that they should seek and make an agreement with a reliable medical devise company to help them develop the CGM instead of doing it in house. That was dismissed and another major bad decision by management. They did not have the means or the funds to do it themselves.
The company relied solely on Platinum and later by MTIA for funding Who is MTIA? Upon Ramads due diligence MTIA was not convinced they had the capabilities to help Echo formulate a workable CGM.
If you read the agreement between MTIA and Echo it stated that MTIA had to report on monthly bases their progress in their role in developing the CGM. Upon trying to get confirmation with the CEO if they indeed received monthly reports Echo refused to confirm they received such reports.
Another bad corporate decision was that they refused an offer of funds so as they would not get delisted.Their excuse was that it would have diluted the shares to much and they would rather be delisted. Made no sense when the CEO was asked Echo would still need additional capital and the shares would also be diluted.
Ramads conclusion was that Echo wanted to keep any outsider away of having a board seat not dictated by Platinum to possibly oversee the companies activity. Ramad believed that the CEO and Board was not performing their fiduciary responsibility to the shareholders by refusing the offer.
Echo relied on Platinum and MTIA for funding and Ramad believed that was by design so no outsider possibly could change the direction of Echo's busines plan.
The kicker and most agrevios is that Echo held back to the shareholders which was that they knew that the prototype CGM was not getting concistent readings and would not be able to start clinical trials yet pass any clinical trial testing.Ramad believed that falls in the SEC rules that the company withheld material information to the shareholder that if released would effect the stock price negatively. Echo received in writing on behalf of a shareholder the SEC ruling and interpretation by previous court decisions but just ignored it or they knew they were wrong to withhold that info and would have major problems with the SEC and possible law suits.
That should be enough info for your forensic study. Ramads advise to Hemopure36 you should devote your time and efforts to seek the laws afforded to shareholders if you believe a company did not comply with the SEC rules or management was irresponsible as to their fiduciary responsibilities and report it to the proper authorities.Research Echo's filings, past presentations, press releases and you will find the answers.
Good luck.
@HEMOPURE36, Ramads postings were all public knowledge. Your lack of due dilligence and reviewing Echo's press releases as well as the CEO presentations clearly indicated that Echo had real problems. Some examples below that indicated the above.
Firstly, Echo not making any formal release that the target date was changed from July to oct for the clinical trials to start or why 5he delay. It was only posted on the milestone sheet that was shown and told on the CEO presentation. If you did not go back and review the milestone sheet you would not know that it was changed very shortly after he made the presentation First clue that Echo had a problem with the CGM
SECONDLY, Echo did not make any statement after the new deadline had passed to start the clinical trials. As a matter of fact the CEO did not want to confront the issue even though shareholders asked him as to why the delay. Big red flag thst Echo had problems.
THIRDLY, The firing of the CEO. That always triggers that the company had internal problems.
FOURTHLY,MTIA not giving Echo the funds after Echo won the suit against them. Everyone knew without he funds Echo had limited time to keep operating.
FIFTHLY, when Echo made knowledge with the charts of the data of the CGM on their last presentation they did not disclose that the data was based on one person using the CGM to derive the data. That is not a reliable sample for the data and could be somewhat deceiving. If you did your due dilligence you would ask the CEO or email the CEO as how many people were involved to gather that data which was made public comparing it to Dexcom.
SIXTHLY, upon doing your due diligence their was never a firm committment from MTIA or a penalty clause if MTIA did not make the payment accepted by the agreement between Echo and MTIA. Being they had a counter offer by another party that they turned down to accept MTIA offer. Once again the lack of Echo management to act in a prudent matter to protect themselves in the event MTIA reneged
Just a few examples and their are many more Ramad could sight that gave strong indications that Echo was on a path to failure.
Ramad hopes that the above will help you in your forensic analysis. You can only blame yourself for not doing your due dilligence. It was all infront of you but you just did not see it or did not want to believe it. If you spent as much time regarding Echo as you are with Ramad you would see all the red flags to the demise of Echo.
I'm conducting a forensic analysis, with limited information thus far, about what happened to this company. "Ramad" (pretty sure it's not one person, as evidenced by multiple writing styles) seems to have had substantially more information than the rest of us did, on an ongoing basis. I have two questions, as part of my investigation:
1. How did Ramad routinely have material information that the rest of us did not and from where did Ramad obtain such information?
2. Why did Ramad state publicly that he/she/they both owned shares of ECTE and never owned shares of ECTE?
If anyone can supply answers or a lead, I would be appreciative.
Thank you
HP
@iamanonymouse, what hole did you crawl out off. You should be a fictional writer being what you posted is total nonsense or as they say fake news.Wishful thinking.
Sounds like Nordlicht is having a lot of fun in Israel with all the technology he's extorted and wealth he's laundered with a little help from his friend, Rechnitz.
While Murray is sinking on his canoe (no holes; he's just too heavy), YeshivaMan Marky Mark is sitting in his sweat pants with Poppa Nordlicht patting his back, "I'm proud of you, son," as he launders his dirty $ through 'untraceable' diamonds.
Bitching about Alan on your joint account is not going to change truth. Alan was just doing what "boss" ordered so he can get his share of the profits.
@ramad, you must know my acquaintances, Dread Pirate Roberts and Satoshi Nakamoto, yes? DPR is in jail now (May he rest in pugnacity). Don't worry, @Ramad, I will visit you in jail if you're lonely.
Can't wait to see who's holding the hot potato once Ramad is pinned.
@usob, your numbers are wrong. There are over 25M shares outstanding and about 12m shares float. His position is a little more than 2%.
My best guess he is hoping that by miracle a white Knight will appear. If he wanted to sell he woukd avg. No more than one and half penny plus he woukd have to pay taxes
@ramad
Thanks for the other Israeli company. Will definitely keep an eye on both.
One final ECTE question. If Echo is now a defunct entity, why is Alan holding over 700K shares and 5.6% of the company? To my knowledge he has not sold his positions. There has to be more to this storyline.
@usob, another company for your bucket list named Corneat Vision. Another Private israeli company, starting clinical trials in the U.S.next year. Keep an eye on this one, no pun intended. Large private investors have funded both companies mentioned to you.
On a sour note if echo had acted on advise to share echo's technology with an Israeli company Echo would be a named brand. Lots of greed among the directors and management. Mostly likely due to platinum and MTIA not wanting to give up their % of the company and management being lap dogs to Platinum.What they failed to realize that MTIA was primarily to mfg the CGM and not to develop it. MTIA would still have their territory to sell the CGM.What a colossal blunder on all parties involved.
@ramad
I am now on RetiSpec's email list. Thanks again!
@usob It's currently a private company, The previous post stated remember the company name.
@ramad
Can't find a ticker for RetiSpec. What is the best way to follow this stock?
@ramad
Very promising company. But so was Echo!
https://www.israel21c.org/look-into-my-eyes-do-you-see-early-signs-of-alzheimers/
@ramad
One stock does not make an investor. I agree that I played ECTE completely wrong and paid a huge price. I dumped all of my shares at .024. Glad to be out. No more living in the past. Thanks for the tip!
@usob, Your bid at 4 cents is total greed and will bite you once again.
Being you admit Echo will not survive. Based on your decision making its no wonder you loose money.
Friendly advise for the future, a
company named Retispec.
@ramad
It is obvious that Echo will fade into the abyss. Hope is not a strategy. I'm waiting for 4c to exit. Time to put this learning experience behind me.
I completely understand end of year tax loss selling. But why in the world would anyone be buying? Hey, it's dirt cheap, but so is dirt!
@usob, your right echo will not survive. Any potential investor or entity has to negotiate directly with the noteholders being they own all the technology, patents etc. Of Echo. If anything ever develops it would be in a private company and then possibly go public. Echo is toxic. How hard is that to understand. Volume due to taking losses to off set capital gains prior to year end.
@hemopure36
Long time, no see! You will never get an answer. But, I believe that you can surmise that Ramad did own shares. Wonder who sold off ~ 190K of shares on Friday?
Are you holding or selling your shares? I'm thinking about selling my 70K shares if the price hits 5c again. Might as well use the money for a golf vacation. Doubt ECTE will ever be revived.
I'm still waiting for an answer as to whether Ramad has ever held any ECTE shares. Ramad has stated both yes and no on this question in past posts.
@ramad
Don't you understand what IMHO means? The only thing worse than a liar is a liar that's also a hypocrite!
@usob, is that a fact or one of your idiotic opinions.it would be welcomed to the board if you had something constructive to state instead of Fake News.
@ramad
IMHO you are full of BS. "Ramad" is a pseudonym for Alan, PP & all others that screwed the shareholders!!!
@usob, Their is no Alan at Ramad for the record. You should direct your displeasure to Alan at Echo. Ramad is not a messenger to Alan at Echo. M.
@ramad
Alan, one other point. I paid to play and have earned the right to express my opinions. I am sure that some of my diatribes have come very close to the truth.
The truth will set you free, but first it will piss you off. Facts do not cease to exist because they are ignored. Alan, always remember to tell the truth, or someone will tell it for you! Better a cruel truth than a comfortable delusion...
@ramad
Yes. I am frustrated that I lost money. I had many chances to sell at a profit or at least minimize my losses. I accept full responsibility and am at peace. ECTE is not my only investment. I have made up my Echo losses with other stocks. Alan, you also have to accept some responsibility in the demise of ECTE. The technology had potential and those in power ran this stock into the ground. It also is not a stretch to say that this was a classic pump and dump. Hopefully, the technology will be developed and the shareholders will have a chance to recoup some of their investment. If criminal charges can be proven, I hope those responsible will be held accountable.
@usob, your frustration of loosing your money and blaming everyone but yourself is not new.
PP did not bring down ECTE. Echo had every opportunity to perform prior to PP no longer being able to fund Echo.Echo's management chose a path to develop a CGM based on their in house technicians and failed. Echo ignored advise to share their technology with a reputable medical device company to develop the CGM being they were very much undercapitalized to do their own rigorous testing to have a workable prototype.MTIA was not the solution. It was Echo's managements greed that hindered the development of the CGM and their reliance on PP to continue to fund them.
Any shareholder had to know that Echo had problems by not informing shareholders of any updates for many months and milestones being missed without any information to the shareholders. Their was plenty of reasons to sell while the shares were trading over $1.50. Perhaps it also was your greed not to sell.
To blame PP for Echo's demise is rediculous or Ramad being they have no affiliation with Echo.
Bottom line is that you can only blame yourself for not taking a more pro active role in questioning Echo on their development of their CGM when management decided not to update the shareholders.
Ramad is not trying to rub salt into the wound but to give you insight as to who is really to blame for your losses.
@ramad
My comment about hackers was a general statement. I am glad that your systems are protected. I really don't give a flying f@!k about what you think about the validity of my posts. My comments are designed to get you to respond and provide information. I succeeded didn't I?! I will gladly provide "Ramad" with $10K once you and PP makes things right with the shareholders. You are wasting your time by threatening me. Like my past posts, I have struck a nerve and have come very close to uncovering many truths!
"Man is not, by nature, deserving of all that he wants. When we think that we are automatically entitled to something, that is when we start walking all over others to get it."
@USOB,So the money you offered was BS as many of your postings. Ramad took your offer and now you are backing away. It just confirms that what ever you post on the board should be dismissed as BS.
You should be careful. You could be ousted from the board promoting hackers to the sight, fined plus criminal charges.
You should update yourself with the current new laws regarding hackers, hacking and individuals inducing hackers to get privileged information that is not public information.
Yes, Ramad made hard copies of your post of rewarding someone $10,000 for Ramads identity and today's post.
One thing is clear that you do not have the $10 grand.
The question you have to be concerned about is what and will Ramad do to protect their identity due to your public offer to hackers to reveal Ramads identity.
If I were you I would be worried.
@ramad
I'll make it easy for you. Hackers will uncover the identity of Ramad. Getting closer to retribution!
@usob, Ramad will make it easy for you.You put the money in an escrow count with your attorney. Upon Ramad confirming that the funds are being held in escrow and would be released upon Ramads identity as per instructions.
You can talk the talk can you walk the walk
@usob, Ramad will make it easy for you.You put the money in an escrow count with your attorney. Upon Ramad confirming that the funds are being held in escrow and would be released upon Ramads identity as per instructions.
You can talk the talk can you walk the walk
@usob, Ramad will make it easy for you.You put the money in an escrow count with your attorney. Upon Ramad confirming that the funds are being held in escrow and would be released upon Ramads identity as per instructions.
You can talk the talk can you walk the walk
@Lintin
Very valid points. Echo is the only company to come closest to developing a noninvasive glucose device. If the Apple Watch will be void of "groundbreaking" technology, why not make a play for Echo's IP and parents? Apple certainly has the resources to develop ECTE's TCGM for the entire spectrum of glucose populations - critical care to outpatient to fitness.
It seems like a waste of the shareholders money to allow Echo's of technology and $100 of millions of R&D to dies on the vine.
"Apple's iWatch may make Glu's technology obsolete."
We have to "watch out" with apple's new tech claim.. no pun attended. There has not been one successful company to release a non-invasive product. I personally believe what they first release (maybe in 2-3 years) is nothing more than a "FitBit quality" entertainment meter.
The mobile market, as i said from the beginning, is running out of ideas on smart phones. Integration to external systems (home automation, medical devices, automotive) are now the key to revenue. Home automation and automotive have been hot topics since I even started in the mobile biz.
Medical devices on the other hand is very new. Most companies are treading lightly... waiting for the larger companies to pave the way. It was not until a couple years ago that the FDA had placed rules for mobile apps. Forget mobile devices integrating with apps.
It will get there. Health insurance companies are already signing onto "mobile home health diagnostics". The issue is that medical device companies are 7 years behind due to the FDA submissions they have to make. Their development methodology is old school and does not compare to the large funded Agile directed groups. Coming from the mobile telecom industry, it's fast pace. Cell phone manufacturers give companies a very small window to make it big. If you miss it, you have to wait for the next flagship phone the following year.
One thing is for sure... once a Telecom company with FAT wallet gets into the medical device arena, its a shit show.
@ramad
I am confident in the identity of Ramad. This is reinforced by the fact that Ramad did not respond to my last two posts. My guess that Ramad is Alan or other PP scammers. If Ramad discloses his identity, there is a $10,000 bonus payable to the person behind this name.
@ramad
I feel it in my bones that Alan and the Goldbergs pillaged or transferred the IP for themselves or foreign interests. This would be a blatant violation of the Economic Espionage Act of 1996 as amended by the Defend Trade Secrets Act of 2016. RICO statutes will also apply. All those connected to PP can run, but can't hide! Only a matter of time...
@hemopure36
Excellent questions! That's why I'm not selling my shares. The IP has value and is unique vs the competitors. Apple's iWatch may make Glu's technology obsolete. The parties involved made money on the pump & dump as well as the embezzlement of funds.
I very much doubt they sold the IP to anyone. Without a PR, this would be a very obvious violation of security laws. I wonder why the noteholders haven't taken the IP, as is their right after a default. I guess it's the same reason that MTIA was willing to invest $5 million back in November, before Besser filed the lawsuit. As I speculated then, if they could get the IP via a default, why risk the $5 million? I also wonder who is buying shares everyday and why.
@ramad
I appreciate your candidness. I am just curious as to who possesses Echo's technology. I find it hard to believe that a $200M+ technology (~amount invested in R&D) will collect dust until the patents expire. There is just too much clinical utility and profit to be made. The shareholders deserve to have a chance to sell the technology and recoup some of our investment, since no other party seems interested. My guess is that the Goldbergs and Alan sold the IP to the Chinese. Or they will use the technology under another company name. What are your thoughts? Thanks!
@ramad
Thanks. Just as I suspected. Crying shame.
@usob, there is no future for Ecte mainly due to Alan not taking any iniative trying to get funding to continue operations. The patents will most likely elapse.
Alan upon receiving hundreds of thousands of dollars in salaries and awarded more than 500,000 shares for doing nothing to bring life back to Ecte while he was appointed CEO.
At the very least he could have given the technology/prototype, lab tests and documentations to an independant lab to get a 3rd party opinion with a in depth report if Ectes technology would be feasable to have a working Non invasive CGM.
Alan has no business sense or was not willing to spend his own money which would possibly cost him anywhere from $25,000 to $50,000 being he had a bug stake in Ecte nor did he reach out to any shareholder for a loan to the company to get such a report. Secondly, when Alan was elected as Acting CEO Ecte had sufficient money to get such a report.
If the findings of Ecte technology from the independent lab was positive he would be able to easily get funding to continue operations on a limited scale to their completion of a workable prototype.
Bottom line Alan was just very happy collecting his fat salary as a glorified bookkeeper and when it came down to as being CEO he was way over his head and could not think out of the box of a plan as stated above to try to continue operations. All he wanted was to get his 500,000 shares and was hoping someone would bailout Ecte. Missed opportunity for the shareholders.
@ramad
What does the future hold for Echo's IP, technology & patents? Already conceded my losses. Will the technology reappear down the road under a different name? Thanks!
@ramad
Fair enough. Tell Alan that I overreacted on my last two posts.
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Echo Therapeutics is a transdermal medical device and specialty pharmaceuticals company. Echo's Symphony™ tCGM System is a non-invasive (needle-free), wireless, transdermal continuous glucose monitoring (tCGM) system focused on changing the paradigm of invasive, episodic glucose testing in diabetes home use and hospital critical care markets.
Echo's AzoneTS™ transdermal drug reformulation technology is focused on building a pipeline of safer and improved versions of widely-prescribed, FDA-approved specialty pharmaceutical products. Echo is developing most of its AzoneTS pipeline in accordance with the FDA's Section 505(b)(2) guidelines. Durhalieve™, Echo's lead AzoneTS drug candidate, is an advanced topical reformulation of triamcinolone acetonide for treatment of corticosteroid responsive dermatoses. Echo has submitted its Durhalieve New Drug Application (NDA) to the FDA .
Echo Therapeutics Symphony tCGM Continuous Glucose Monitor
Echo's Symphony™ tCGM System is a non-invasive (needle-free), wireless, transdermal continuous glucose monitoring (tCGM) system designed to provide reliable, continuous blood glucose data throughout the day and night, improve patient compliance to one-point-in-time glucose testing, and achieve better overall glucose control for people with diabetes and for use in hospital critical care units.
We believe that continuous blood glucose monitoring can be an important part of a diabetes patient's daily disease management program. Continuous blood glucose monitoring can help plan diabetes treatment, guide day-to-day choices about diet, exercise and insulin use, and avoid unwanted low blood glucose (hypoglycemia) and high blood glucose (hyperglycemia) events and the complications that they can cause. Blood glucose levels are affected by many factors such as the carbohydrate and fat content of food, exercise, stress, illness, and variability in insulin absorption among others; therefore, it is often challenging for diabetes patients to avoid frequent and unpredictable excursions above or below normal glucose levels. Patients are often unaware that their glucose levels are either too high or too low, resulting in their inability to tightly control their glucose levels and prevent the complications associated with unwanted glucose excursions.
In an attempt to achieve and maintain blood glucose levels within a desired range, diabetes patients must measure their glucose levels. The ADA recommends that patients test their blood glucose levels at least three or four times per day; however, despite evidence that intensive glucose management reduces the long-term complications associated with diabetes, industry sources estimate that people with diabetes test, on average, less than twice per day. We believe our Symphony tCGM System has the potential to improve patient compliance to frequent glucose testing, achieve better glucose control and make a positive impact on overall day-to-day diabetes management.
We believe Symphony has the potential to offer a non-invasive, wireless, tCGM solution for use in the rapidly emerging hospital critical care market. A primary cause of infection in critically ill patients is hyperglycemia which is a result of insulin resistance and total parenteral nutrition. Clinical studies have demonstrated that intensive insulin therapy to maintain tight glycemic control significantly reduces patient mortality, complications and infection rates, as well as hospital stays, services and overall hospital costs.
Regular monitoring of blood glucose levels is rapidly becoming a necessary procedure performed by hospital critical care personnel to achieve tight glycemic control and ensure improved patient outcomes. In a recent survey by Boston Biomedical Consultants of more than 60 hospital critical care unit managers and nurse clinicians in the United States, more than 90% of those surveyed acknowledged the benefits of tight glycemic control protocols in the hospital critical care setting. We believe tight glycemic control protocols are becoming the new standard of care in hospital critical care units across the United States, for patients with and without diabetes.
Today, standard practice by critical care nurses is to measure blood glucose at the patient's bedside periodically. We believe that a CGM system such as Symphony will save valuable nursing time and expense by avoiding the need for frequent blood glucose sampling, in addition to providing more clinically relevant, real-time glucose level and trending information needed to develop better control algorithms for insulin administration.
Diabetes is a chronic and life-threatening disease caused by the body's inability to produce or properly use insulin, a key hormone the body uses to manage glucose, which fuels the cells in the body. Insulin regulates the uptake of sugar from the blood into the cells. When glucose builds up in the blood instead of going into cells, it can cause the cells to become starved for energy and, over time, damage the eyes, kidneys, nerves or heart. Although not all of the causes of diabetes are known, genetics and lifestyle factors such as obesity and lack of exercise appear to play important roles. According to the American Diabetes Association (ADA), about 21 million people in the United States, or approximately seven percent (7%) of the population, have diabetes, including over 6 million people who remain unaware that they have the disease. In addition, before people develop Type 2 diabetes (discussed below), they usually have "pre-diabetes," or blood glucose levels that are higher than normal but not yet high enough to be diagnosed as diabetes. According to the ADA, there are 54 million people in the United States who have pre-diabetes.
When blood glucose levels are high, diabetes patients often administer insulin to reduce their blood glucose level. Unfortunately, insulin administration can reduce blood glucose levels below the normal range, causing hypoglycemia. In cases of severe hypoglycemia, diabetes patients risk severe and acute complications, such as loss of consciousness or death. Due to the drastic nature of acute complications associated with hypoglycemia, many diabetes patients are afraid of sharply reducing their blood glucose levels and often remain in a hyperglycemic state, exposing themselves to long-term complications of that condition.
Diabetes is typically classified into two major groups: Type 1 and Type 2. Type 1 diabetes usually develops in children and young adults and is characterized by the body's inability to produce insulin. People with Type 1 diabetes rely on frequent administration of insulin to regulate their blood glucose levels. Type 2 diabetes, by far the most common form of the disease worldwide, results when either the body does not produce enough insulin or cells in the body ignore the insulin produced and become insulin-resistant. People with Type 2 diabetes often require diet and nutrition management, exercise, oral medications or insulin administration to regulate their blood glucose levels.
According to the ADA, the cost of diabetes care in the United States in 2007 was more than $174 billion, including $116 billion in excess medical expenditures attributed to diabetes and $58 billion in reduced national productivity. The ADA estimates that people with diabetes, on average, have medical expenditures that are approximately 2.3 times higher than the expenditures would be in the absence of diabetes and that approximately $1 in $10 healthcare dollars is attributed to diabetes. A significant portion of overall diabetes care costs, approximately $7 billion according to industry sources, is attributable to costs associated with monitoring blood glucose levels, and that market segment is projected to grow substantially by 2010 as patients and their physicians seek ways to manage glucose levels more effectively.
A 510(k) equivalency study was completed to determine the efficacy of Prelude in enhancing the onset of the effectiveness of 4% lidocaine cream.
A 510(k) premarket notification has been submitted to the US Food and Drug Administration (FDA) for the Prelude SkinPrep System for the delivery of 4% lidocaine cream.
Our Symphony tCGM System is currently in development with an advanced prototype of the Symphony tCGM biosensor. Symphony has successfully completed numerous clinical trials with Symphony and plans additional studies of Symphony in the near future.
Durhalieve is Echo's topical AzoneTS reformulation of triamcinolone acetonide for treatment of corticosteroid-responsive dermatoses. Durhalieve has successfully completed Phase III studies.
Partnerships
Echo is developing its Prelude® SkinPrep System as a platform technology to allow for significantly enhanced skin permeation that will enable needle-free, painless drug delivery as well as analyte extraction. Utilizing the patented, core controlled-feedback skin permeation technology found in Prelude, Echo has initially developed its technology to deliver topical 4% lidocaine cream in a fast-acting, enhanced manner and also to analyze glucose levels continuously using the Symphony® tCGM System.Echo has granted the Ferndale Pharma Group, Inc. and its wholly owned subsidiary Eloquest Healthcare Inc. a license to develop, market and sell the Prelude device for enhanced, fast-acting and needle-free delivery of Ferndale's topical 4% lidocaine product.
The Ferndale Pharma Group of companies specializes in the development, manufacture, distribution and marketing of various dermatologic products including prescription topical drugs for the treatment of several acute and chronic dermatoses, medical devices that support and maintain wound closures, and an extensive line of proprietary cosmeceutical products.
Echo has granted Handok Pharmaceuticals a license to develop, market, and sell Echo's technology to continuously monitor glucose levels, in South Korea. Handok is the leader in diabetes treatment in Korea. Handok maintains a world class GMP facility and was the first local Korean company to incorporate clinical research capabilities with medical directors on staff.
Handok is the leader in diabetes treatment in Korea. Handok, founded in 1954, is the pharmaceutical company in Korea with the most successful track record of various types of partnerships, focusing on innovative products. It formed a JV with Hoechst in 1965, which lead to the current strategic partnership with Sanofi-Aventis. Handok maintains a world class GMP facility and was the first local Korean company to incorporate clinical research capabilities with medical directors on staff.
The partnership is designed to enable close cooperation between the two companies in order to address China's growing demand for both glucose monitoring and transdermal drug delivery solutions. The partnership agreement includes a licensing and technology transfer under which MTIA will undertake regulatory activities, commercialization, and the manufacturing of Echo's technology in China.
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