ISELIN, N.J., July 8, 2016 /PRNewswire/ -- Echo
Therapeutics, Inc. (Nasdaq: ECTE), a medical device company focused
on non-invasive continuous glucose monitoring (CGM) and associated
technologies, today announced that the company has received notice
on July 8, 2016 from the Nasdaq Stock
Market (Nasdaq) that trading of the Company's common stock will be
suspended on Nasdaq at the opening of business on Tuesday, July 12, 2016, and Nasdaq will file a
Form 25 Notification of Delisting with the Securities and Exchange
Commission.
Effective July 12, 2016, Echo
expects that its common stock will trade on the OTCQB®
Venture Market, operated by OTC Markets Group Inc. under its
current trading symbol "ECTE." Echo anticipates that beginning
Tuesday, July 12, 2016, investors
will be able to view real-time best bid and ask quotes for "ECTE"
at www.otcmarkets.com and through most online broker websites.
As stated in Nasdaq's letter, the Company was before the Nasdaq
Hearing Panel on February 25, 2016,
for failing to meet the shareholders' equity requirement. The Panel
issued a decision on March 9, 2016,
continuing the listing. The Company was required, by the terms of
that decision and pursuant to applicable listing rules, to
demonstrate compliance with the requirement of a minimum
$2.5 million in stockholders' equity
by July 5, 2016. The Company was
unable to meet the terms of the exception by July 5, 2016.
"The progress that we have made in the development of our
NextGen CGM system has begun to make a positive difference in the
performance and outlook of the Company, but other recent factors
negatively impacting the stock price don't currently make it
possible to comply with Nasdaq continued listing criteria,"
commented Scott W. Hollander, Echo's
President and CEO. "While we anticipate trading on the OTCQB, we
remain focused on our R&D efforts to bring our technology to
market."
About Echo Therapeutics
Echo Therapeutics is developing its non-invasive, wireless,
continuous glucose monitoring (CGM) system. A significant
opportunity exists for the Company's CGM to be used in the
outpatient diabetes market and in the fitness, weight loss and
personal lifestyle wearable-health space. A longer-term opportunity
also exists in the hospital settings. Echo developed its
needle-free skin preparation device as a platform technology that
allows for enhanced skin permeation enabling extraction of
analytes, such as glucose, and enhanced delivery of topical
pharmaceuticals.
Cautionary Statement Regarding Forward Looking
Statements
The statements in this press release that are not historical
facts may constitute forward-looking statements that are based on
current expectations and are subject to risks and uncertainties
that could cause actual future results to differ materially from
those expressed or implied by such statements. Those risks and
uncertainties include, but are not limited to, risks related to
regulatory approvals and the success of Echo's clinical studies,
the safety and efficacy of Echo's CGM System, the failure of future
development and preliminary marketing efforts related to Echo's CGM
System, Echo's ability to secure additional commercial partnering
arrangements, risks and uncertainties relating to Echo's and its
partners' ability to develop, market and sell Echo's CGM System,
the availability of substantial additional equity or debt capital
to support its research, development and product commercialization
activities, and the success of its research, development,
regulatory approval, marketing and distribution plans and
strategies, including those plans and strategies related to its CGM
System. These and other risks and uncertainties 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-K for the year ended December 31, 2015, its Quarterly Reports on Form
10-Q, and its Current Reports on Form 8-K. Echo undertakes no
obligation to publicly update or revise any forward-looking
statements.
For More Information:
Christine H.
Olimpio
Director, Investor Relations and Corporate Communications
(732)
201-4189
Connect With Us:
- Visit our website at
www.echotx.com
- Follow us on Twitter at www.twitter.com/echotx
- Join us on Facebook at www.facebook.com/echotx
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SOURCE Echo Therapeutics, Inc.