Echo Therapeutics Cuts Approx. 33% Of Its Workforce - Quick Facts

(RTTNews) - Echo Therapeutics, Inc. (ECTE), a medical device company, announced it has implemented a number of substantial cost reduction measures, as part of the restructuring plan approved by its Independent Board. On September 30, 2013, Echo implemented a staff reduction of approximately 33% of the company's workforce.

As a result of the cost cut measures, the company expects its fourth-quarter burn rate to decrease by approximately 35-40% from the quarterly burn rate experienced during the first three quarters of 2013.

Echo further said, it continues to enroll subjects in the multi-center European regulatory trial of the Symphony CGM System in surgical patients in hospital critical care units. Echo now expects to announce the top-line clinical results during the fourth-quarter of 2013. The company plans to submit the file for European approval late in the fourth quarter of 2013.

Echo also announced it has received comments from the FDA Center for Devices and Radiological Health on the pre-submission package that was filed in June 2013. The FDA has notified the company that the meeting scheduled for the fourth quarter of 2013 may be postponed due to a lapse in appropriations resulting from the recent U.S. Federal Government shutdown. Echo plans to commence its multi-center, pivotal FDA clinical trial in the second half of 2014.