FRANKLIN, Mass., April 21 /PRNewswire-FirstCall/ -- Echo Therapeutics
(OTC Bulletin Board: ECTE) 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
SOURCE Echo Therapeutics
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Related links:
http://www.echotx.com
CONTACT:
Patrick T. Mooney, M.D., Chairman & CEO, Echo
Therapeutics, +1-508-530-0329; Lilian Stern, Stern Investor
Relations, +1-212-362-1200
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