Delaware
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000-23017
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41-1649949
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(State or other jurisdiction
of Incorporation)
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(Commission File Number)
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(I.R.S. Employer
Identification No.)
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8Penn Center
1628 JFK Blvd., Suite 300
Philadelphia, PA
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19103
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(Address of principal executive offices)
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(Zip Code)
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¨
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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¨
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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¨
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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¨
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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ECHO THERAPEUTICS, INC.
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Dated: May 11, 2012
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By: /s/ Patrick T. Mooney
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Patrick T. Mooney
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President and Chief Executive Officer
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Exhibit No.
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Description
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99.1
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Press Release issued by the Company on May 11, 2012.
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·
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Echo initiated clinical studies of its Symphony tCGM System in critically ill patients in two hospitals. The company announced positive results from its clinical study conducted at Tufts Medical Center in Boston, Massachusetts. Data from that study demonstrated that Symphony reliably monitored glucose levels in an intensive care unit. Results from the second study are expected in the second quarter.
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·
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Echo announced the issuance of multiple patents that provide its products with long-term market protection. Echo has obtained 6 U.S. patents and 65 foreign patents, and has 35 U.S. and foreign patent applications pending.
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Condensed Consolidated Balance Sheets
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||||||||
March 31,
2012
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December 31,
2011
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ASSETS
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||||||||
Current Assets:
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||||||||
Cash and cash equivalents
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$ | 5,910,213 | $ | 8,995,571 | ||||
Cash restricted pursuant to vendor letter of credit
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250,000 | 250,000 | ||||||
Other current assets
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317,624 | 317,940 | ||||||
Total current assets
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6,477,837 | 9,563,511 | ||||||
Net property and equipment (including assets under capitalized leases)
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370,549 | 317,731 | ||||||
Intangible assets, net of accumulated amortization
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9,625,000 | 9,625,000 | ||||||
Restricted cash, deposits and other assets
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10,816 | 20,565 | ||||||
Total assets
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$ | 16,484,202 | $ | 19,526,807 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY
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||||||||
Current Liabilities:
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||||||||
Accounts payable
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$ | 636,658 | $ | 365,298 | ||||
Deferred revenue
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123,708 | 123,708 | ||||||
Derivative warrant liability
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803,794 | 1,035,337 | ||||||
Accrued expenses and other liabilities
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389,059 | 968,120 | ||||||
Total current liabilities
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1,953,219 | 2,492,463 | ||||||
Deferred revenue, notes payable and capital lease obligation, net of current portion and discounts
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34,220 | 65,755 | ||||||
Total liabilities
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1,987,439 | 2,558,218 | ||||||
Commitments
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||||||||
Stockholders' Equity:
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||||||||
Convertible preferred stock, Series C & D
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30,160 | 30,160 | ||||||
Common stock
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388,363 | 385,442 | ||||||
Additional paid-in capital
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98,634,017 | 98,116,327 | ||||||
Common stock subscribed for but not paid for or issued
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- | 6,667 | ||||||
Accumulated deficit
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(84,555,777 | ) | (81,570,007 | ) | ||||
Total stockholders' equity
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14,496,763 | 16,968,589 | ||||||
Total liabilities and stockholders' equity
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$ | 16,484,202 | $ | 19,526,807 | ||||
Condensed Consolidated Statements of Operations
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||||||||
Three Months Ended March 31,
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||||||||
2012 | 2011 | |||||||
Licensing revenue
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$ | 30,927 | $ | 121,455 | ||||
Other revenue
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- | 108,087 | ||||||
Total revenues
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30,927 | 229,542 | ||||||
Operating Expenses:
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||||||||
Research and development
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1,391,645 | 865,950 | ||||||
Selling, general and administrative
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1,859,404 | 918,750 | ||||||
Total operating expenses
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3,251,049 | 1,784,700 | ||||||
Loss from operations
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(3,220,122 | ) | (1,555,158 | ) | ||||
Other Income (Expense):
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||||||||
Interest income (expense), net
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2,809 | (10,671 | ) | |||||
Loss on extinguishment of debt/payables
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- | (1,514 | ) | |||||
Derivative warrant liability gain (loss)
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231,543 | (3,029,897 | ) | |||||
Other income (expense), net
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234,352 | (3,042,082 | ) | |||||
Net loss
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(2,985,770 | ) | (4,597,240 | ) | ||||
Deemed dividend on beneficial conversion feature of Series D Convertible Preferred Stock
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- | (1,975,211 | ) | |||||
Accretion of dividends on Convertible Perpetual Redeemable Preferred Stock
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- | (45,684 | ) | |||||
Net loss applicable to common shareholders
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$ | (2,985,770 | ) | $ | (6,618,135 | ) | ||
Net loss per common share, basic and diluted
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$ | (0.08 | ) | $ | (0.20 | ) | ||
Basic and diluted weighted average common shares outstanding
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38,742,976 | 32,637,146 |