ecte10q_sep302015.htm

Notes to Condensed Consolidated Financial Statements

Echo Therapeutics, Inc.

(Unaudited)

(1)	ORGANIZATION AND BASIS OF PRESENTATION

Echo Therapeutics, Inc. (the "Company") is a medical device company with expertise in advanced skin permeation technology. The Company is developing its non-invasive, wireless continuous glucose monitoring (CGM) system with potential use in the wearable-health consumer market and the outpatient diabetes market. A significant longer-term opportunity may also exist in the hospital setting. Echo has also developed its needle-free skin preparation device as a platform technology that allows for enhanced skin permeation enabling extraction of analytes, such as glucose, enhanced delivery of topical pharmaceuticals and other applications.

The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, Sontra Medical, Inc., a Delaware corporation. All significant intercompany balances and transactions have been eliminated in consolidation. These financial statements have been prepared in conformity with generally accepted accounting principles (“GAAP”) in the United States consistent with those applied in, and should be read in conjunction with, the Company’s audited consolidated financial statements and related footnotes for the year ended December 31, 2014 included in the Company’s Annual Report on Form 10-K as filed with the United States Securities and Exchange Commission (“SEC”) on April 15, 2015. Certain amounts in prior periods have been reclassified to conform to the current presentation. These financial statements reflect all adjustments, consisting only of normal recurring adjustments, which are, in the opinion of management, necessary for a fair presentation of the Company’s financial position as of September 30, 2015 and its results of operations and cash flows for the interim periods presented and are not necessarily indicative of results for subsequent interim periods or for the full year. These interim financial statements do not include all of the information and footnotes required by GAAP for complete financial statements as allowed by the relevant SEC rules and regulations; however, the Company believes that its disclosures are adequate to ensure that the information presented is not misleading.

(2) LIQUIDITY AND MANAGEMENT’S PLANS

The accompanying financial statements have been prepared on a basis that assumes that the Company will continue as a going concern and that contemplates the continuity of operations, the realization of assets and the satisfaction of liabilities and commitments in the normal course of business. As of September 30, 2015, the Company had cash of $3,230, working capital deficit of ($2,305,553) and an accumulated deficit of ($148,853,798). The Company continues to incur recurring losses from operations. The Company will need to secure additional capital to fund its product development, research, manufacturing and clinical programs in accordance with its current planned operations. The Company has funded its operations in the past primarily through debt and equity issuances. Management will continue to pursue financing to fund its operations. No assurances can be given that additional capital will be available on terms acceptable to the Company. The accompanying financial statements do not include any adjustments that might result from the outcome of the uncertainty.

On November 2, 2015, we received $100,000 from Beijing Yi Tang Bio Science & Technology Ltd. ("BYT"), an affiliate of our Chinese partner, Medical Technologies Innovation Asia, Ltd. ("MTIA"), in exchange for 66,667 shares of Series F Convertible Preferred Stock and five year warrants to purchase the same amount of Common Stock with an exercise price of $3.00.

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(3) PROPERTY AND EQUIPMENT

The principal categories and estimated useful lives of property and equipment were:

	9/30/15		12/31/14		Estimated Useful Lives
Computer equipment	$	332,764	$	334,865		3
Office and laboratory equipment		628,726		740,177		3-5
Furniture and fixtures		228,099		755,444		7
Manufacturing equipment		61,999		111,980		5
Leasehold improvements		41,968		825,589		3-7
Total property and equipment		1,293,556		2,768,055
Less accumulated depreciation and amortization		991,515		1,629,462
Property and equipment, net	$	302,041	$	1,138,593

The Company recorded a loss on disposal of $278,816, primarily in connection with its corporate office and research facility relocations to Iselin, New Jersey and to Littleton, Massachusetts, respectively. In connection with its relocation from its Franklin, Massachusetts to Littleton, Massachusetts research facility, the Company sold excess furniture to the incoming tenant and this resulted in an increase in the loss on disposal. Additionally, each relocation required the Company to write-off its leasehold improvements. See Note 5.

(4) IMPAIRMENT OF INTANGIBLES

The Company reviews its intangibles for impairment whenever events or changes in circumstances indicate that the asset’s carrying amount may not be recoverable. The Company conducts its asset impairment analyses by grouping assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities and evaluate the asset group against the sum of the undiscounted future cash flows. If the undiscounted cash flows do not indicate the carrying amount of the asset is recoverable, an impairment charge is measured as the amount by which the carrying amount of the asset group exceeds its fair value based on discounted cash flow analysis or appraisals.

In connection with the preparation of the financial statements in the second quarter of fiscal 2015, the Company concluded it had a triggering event requiring assessment of impairment for its intangibles in conjunction with an expected out-licensing strategy that new management had hoped to pursue. Extremely limited financial resources coupled with the remaining short patent lives, discussions with previous consultants regarding their progress with bringing value to the intangibles, a review of competitive formulations and discussions with new consultants to explore out-licensing strategies, led newly-hired corporate management to conclude it was best to abandon its initial hope to garner value from its intangibles. Accordingly, due to this change in strategy, no monies are now expected to be obtained relating to the Azone Drug Master File, the Durhalieve and MAZ Investigational New Drug applications and the MAZ Orphan Drug application (collectively, the AzoneTS-based technology acquired in 2007) intangibles. As a result, the Company reviewed the intangibles for impairment and recorded a $9.625 million impairment charge, or the full value of the intangibles, on the consolidated statement of operations in the second quarter of 2015.

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(5) OPERATING LEASE COMMITMENTS

The Company leased approximately 7,900 square feet of corporate office space in a multi-story building located in Philadelphia, Pennsylvania under a lease expiring May 31, 2017. The company terminated this lease early and moved to Iselin, New Jersey on January 15, 2015 where the Company has leased 2,800 square feet of office space for 38 months at a monthly effective base rental of approximately $7,300. The Company posted a $77,000 Letter of Credit to secure the lease which is reduced to $38,500 after nineteen months of occupancy, assuming no defaults, as defined.

The Company leased approximately 37,000 square feet of manufacturing, laboratory and office space in a single-story building located in Franklin, Massachusetts under a lease expiring October 31, 2017. On July 17, 2015, the Company entered into a Lease Termination Agreement (the “Termination Agreement”), whereby the Company paid a fee of $150,000 to terminate this lease. The lease termination was effective as of May 31, 2015.

On May 5, 2015, the Company signed a lease for approximately 10,000 square feet for a research and development facility in Littleton, Massachusetts. The lease is for 65 months. Effective base monthly rent over the lease term will be $11,470. The Company moved to the new facility from its Franklin, Massachusetts location on July 3, 2015. The Company agreed to post a $50,000 Letter of Credit until July 1, 2015 while the Littleton facility was being improved. Such amount was increased to $150,000 on July 1, 2015. The Letter of Credit is expected to be reduced to $50,000 after 24 months of timely lease payments.

(6) DERIVATIVE LIABILITY

Derivative warrant liability:

As a result of having warrants which are outstanding, issued in connection with a 2012 Credit Facility (which was terminated in October 2014), we are required to record the changes in the value of these derivative warrants through their expirations in November 2017. The table below presents the changes in the derivative warrant liability, which is measured at fair value on a recurring basis and classified as Level 3 in fair value hierarchy:

	9/30/14		12/31/14
Derivative warrant liability as of January 1	$	208,155	$	1,119,155
Loss (gain) on revaluation		61,845		(911,000	)
Derivative warrant liability as of September 30	$	270,000	$	208,155

None of the derivative warrants were exercised in 2015 or 2014 pursuant to cashless exercise provisions.

(7) EQUITY TRANSACTIONS

Restart of Operations and related option grants

On January 2, 2015, in conjunction with restarting the operations of the Company, stock option grants to purchase 400,000 shares of Common Stock at an exercise price of $1.35 were issued to various employees primarily at our Franklin, Massachusetts research and development facility. On January 5, 2015, an additional stock option grant was made to purchase 50,000 shares of our Common stock at an exercise price of $1.48 to our new Manager of Business Development in Iselin, New Jersey. On March 2, 2015, we issued another stock option grant to purchase 20,000 shares of our Common Stock at $2.34 to a senior technician hired for our Franklin facility. On May 11, 2015 option grants to purchase 55,000 shares at $1.31 were issued to newly hired software and electrical engineers. On May 15, 2015, an option grant to purchase 40,000 shares at $1.29 was issued to a systems engineer. On May 26, 2015 an option grant to purchase 30,000 shares at $1.62 was issued to a newly hired software engineer. All grants vest over three years with one-third vesting immediately and the balance vesting equally at each of the two respective anniversary periods. All grants were made pursuant to the 2008 Equity Compensation Plan.

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Board Matters

On January 7, 2015, the Board realigned annual compensation at $30,000 per annum per director. Each director, other than our CEO whose employment agreement precluded him from receiving director compensation the first year, received a stock option to purchase 150,000 shares of our Common Stock at an exercise price of $1.62 vesting 25% immediately and then 25% at the beginning of each quarter thereafter. These options contain a condition where they are only exercisable after the average closing price of the Company’s common stock for the ten (10) days prior to exercise, equals or exceeds $7.50 per share. Such amount was valued using a binomial lattice model and included in share-based compensation expense.

Exchange of Common Stock for Series F Preferred Stock

On January 9, 2015 and again on March 31, 2015, Platinum Partners Value Arbitrage Fund, L.P. (PPVA) and Platinum Partners Liquid Opportunity Fund, L.P. exchanged 843,526 and 208,884 and 356,474 and 91,116, respectively of their common shares held for Series F Preferred Stock. Based on the terms of the Series F (e.g. conversion ratio of 1:1 and no liquidation preference) the Company determined that the value of the Series F is equivalent to the common shares.

Capital Contribution

Late in the third quarter of 2014, the research and development operations of the Company were suspended and key personnel were laid off. In October 2014, two of the Company’s directors received a non-recourse loan for $500,000 from PPVA. The purpose of this contribution was to provide the directors monies to advance their plan for the Company and attempt to maintain its viability during the suspension of operations. $440,675 was expended in the fourth quarter of 2014 by these directors primarily for salaries of key employees and targeted technology efforts focused on the wearable technology sector. The Company considered this expenditure by two of its directors a capital contribution since the funds were spent on matters specifically related to the operations of the Company. In February 2015, the $440,675 capital contribution together with the balance of monies received in 2015 of $59,325, equivalent to the original $500,000 the two directors had received, was settled in Series F shares by the Company to PPVA. See discussion below.

Settlement of Amounts Owed for Series F Preferred Stock and Warrants

On September 23, 2014, the Company announced that, as it believed that its current liquidity was insufficient to fund its needs beyond September 30, 2014, it was suspending its product development, research, manufacturing and clinical programs and operations to conserve its liquidity and capital resources. The workforce reduction due to the suspension of operations comprised approximately 70% of Echo’s workforce, leaving only administrative personnel. Affected employees were notified on September 23, 2014. The employees whose employment was terminated as part of the workforce reduction were not offered severance pay. The Company indicated that they could possibly incur additional costs not currently contemplated due to events that may occur as a result of, or that were associated with, the workforce reduction.

At the time of the workforce reduction announcement, Platinum Management (NY) LLC (“Platinum”), together with its affiliates, a significant stockholder of the Company, was in the process of engaging in a proxy contest with the Company pursuant to which it sought to ultimately remove three of the then-current directors of the Company. In conjunction therewith, Platinum provided $500,000 on a non-recourse basis to two of the Company’s directors whose removal Platinum was not seeking, namely Michael Goldberg and Shepard Goldberg, which was recorded as a capital contribution (“Contribution”) in 2014. Proceeds of the Contribution were utilized for retaining certain key employees and for research and technology initiatives, all for the benefit of the Company. A small portion of the monies was not disbursed, which was transferred to the Company. At the time of the Contribution, Shepard Goldberg and Michael Goldberg agreed that, should the Contribution ultimately benefit the Company, they would use their best efforts to cause the Company to issue equity to Platinum as consideration for making the Contribution.

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In December 2014, as part of a negotiated settlement agreement, the three directors, whom Platinum sought to remove, resigned as directors and Platinum agreed to make a direct investment in the Company. In connection with the proxy contest, Platinum expended $550,000 on legal representation and related expenses. In its proxy statement, Platinum advised stockholders that it would pay all the costs associated with the solicitation of proxies, but would seek reimbursement from the Company, and not submit such reimbursement to a vote of stockholders.

On February 12, 2015, the Company agreed to reimburse Platinum for its Contribution and the Expenses it incurred in the proxy fight. In this regard, the Board of Directors of the Company determined that both the Contribution and Expenses together resulted in the Company being able to continue operations and put into place a strong management team. Pursuant to a Reimbursement Agreement, dated February 12, 2015 (the “Reimbursement Agreement”), Platinum received 548,177 shares of Series F Convertible Preferred Stock (consisting of 333,333 shares of Series F for the $500,000 capital contribution and 214,844 shares of Series F for the $550,000 of legal expenses they incurred, for a Series F share total of 548,177) and Warrants to purchase 333,333 shares of common stock of the Company. These Warrants expire in five years and have a $3.00 per share exercise price. Additionally, the Company agreed to re-price 700,000 warrants, originally disbursed to Platinum in connection with its August 31, 2012 Loan Agreement, and referred to as the Derivative Warrants, then priced in the $20.00 to $22.70 range per share, to $7.50 per share. The Company recorded a non-cash charge to legal expense for $328,000 representing the cost of re-pricing the Derivative Warrants. Additionally, the Company recorded a charge to financing expense of $924,000 representing the additional value given to the investors as a result of the closing market price of $2.56 being above the deal price of $1.50 used for the reimbursement of the $500,000 capital contribution. The shares issued for the legal expenses were done at the market close of the Company’s Common Stock on the date of the Reimbursement Agreement.

Equity Raise

For the three and nine months ended September 30, 2015, the Company received $981,500 and $3,481,500, respectively, from its $4,000,000 December 2014 financing and follow-on subscriptions on similar terms of $481,500 in the aggregate and issued 654,334 and 2,321,000 shares, respectively, of Series F Preferred Stock and warrants to purchase the same number of shares of Common Stock at an exercise price of $3.00 were issued to investors. The Company recorded financing expense of $3,696,000 with a corresponding credit to additional paid in capital since the average market price on the dates the financing was received was above the deal price of $1.50, representing excess value provided to the investors. The aforementioned amounts include 200,000 Series F shares and warrants to purchase common stock at $3.00 to be issued upon the collection of subscriptions receivable. In connection with the aforementioned follow-on subscription agreements, the Company provided the subscriber with the right for the period of one year, at the subscriber’s option, to convert all or any part of the shares of Series F Preferred Stock and warrants purchased into the securities issued in a future financing that yields gross proceeds to the Company of at least $2,000,000. This right will pertain to both the securities issued in those follow-on offerings aggregating $481,500 or for those obtained in the previous December 18, 2014, $4,000,000 aggregate offering, in which they participated. Additionally, for a period of two years, the subscriber will have the right to participate in all financings of the Company such that they maintain their current ownership percentage in the Company.

Certificate of Increase

On September 3, 2015, the Company filed a Certificate of Increase of Shares Designated as Series F Convertible Preferred Stock with the Secretary of State of the State of Delaware to increase the number of shares designated as its Series F Preferred Stock from 5,000,000 to 6,000,000 shares.

(8) EQUITY COMPENSATION PLANS

In March 2003, the Company’s shareholders approved its 2003 Stock Option and Incentive Plan (the “2003 Plan”). Pursuant to the 2003 Plan, the Company’s Board of Directors (or its committees and/or executive officers delegated by the Board of Directors) may grant incentive and nonqualified stock options, restricted stock, and other stock-based awards to the Company’s employees, officers, directors, consultants and advisors. As of September 30, 2015, there were 5,000 restricted shares of Common Stock issued and options to purchase an aggregate of 26,500 shares of Common Stock outstanding under the 2003 Plan and no shares are available for future grants due to the 2003 Plan’s expiration.

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In May 2008, the Company’s shareholders approved the 2008 Equity Compensation Plan, as amended (the “2008 Plan”). The 2008 Plan provides for grants of incentive stock options to employees and nonqualified stock options and restricted stock to employees, consultants and non-employee directors of the Company. The maximum number of shares available under the 2008 Plan is 10,000,000 shares. As of September 30, 2015, there were 18,106 restricted shares of Common Stock issued and options to purchase 1,640,733 shares of Common Stock outstanding under the 2008 Plan and 8,328,161 shares available for future grants.

The following table shows the remaining shares available for future grants for each plan and outstanding shares:

	Equity Compensation Plans						Not Pursuant
	2003 Plan			2008 Plan			to a Plan
Shares Available For Issuance
Total reserved for stock options and restricted stock		160,000			10,000,000
Net restricted stock issued net of cancellations		(5,000	)		(18,106	)
Stock options granted		(154,449	)		(3,070,883	)
Add back options cancelled before exercise		92,349			1,417,150
Less shares no longer available due to Plan expiration		(92,900	)		—
Remaining shares available for future grants at September 30, 2015		—			8,328,161

Stock options granted		154,449			3,070,883			310,000
Less: Stock options cancelled		(92,349	)		(1,417,150	)		(243,333	)
Stock options exercised		(35,600	)		(13,000	)		(66,667	)
Net shares outstanding before restricted stock		26,500			1,640,733			—
Net restricted stock issued net of cancellations		5,000			18,106			6,485
Outstanding shares at September 30, 2015		31,500			1,658,839			6,485

(9)STOCK OPTIONS

The fair value of each stock option award is estimated on the date of grant using the Black-Scholes option pricing model with certain assumptions noted below. Expected volatilities are based on historical volatility of the Common Stock using historical periods consistent with the expected term of the options. The Company uses historical data, as well as subsequent events occurring prior to the issuance of the financial statements, to estimate option exercise and employee termination and forfeitures within the valuation model. The expected term of stock options granted under the Company’s stock plans is based on the average of the contractual term (generally 10 years) and the vesting period (generally 24 to 42 months). The risk-free rate is based on the yield of a U.S. Treasury security with a term consistent with the option.

For options issued and outstanding during the nine month periods ended September 30, 2015 and 2014, the Company recorded additional paid-in capital and non-cash compensation expense of $756,000 and $708,000, respectively, each net of estimated forfeitures.

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The assumptions used principally for stock options granted to employees and members of the Company’s Board of Directors in the nine months ended September 30, 2015 and 2014 were as follows:

	2015	2014
Risk-free interest rate %	1.46 – 1.90	1.75 – 2.08
Expected dividend yield	—	—
Expected term - years	5 – 5.5	5.5 – 6.5
Forfeiture rate % (excluding fully vested stock options)	7.5 – 15	15
Expected volatility %	92 – 93	120 - 141

A summary of stock option activity for the nine months ended September 30, 2015 is as follows:

Stock Options	Shares			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (years)		Aggregate Intrinsic Value
Outstanding options at January 1, 2015		1,039,900		$	3.00
Granted		895,000		$	1.47
Forfeited or expired		(267,667	)	$	4.06
Outstanding options at September 30, 2015		1,667,233		$	2.01		8.99	$	—
Exercisable options at September 30, 2015		600,750		$	2.55		8.77	$	—

The weighted-average grant-date fair value of stock options granted for the nine month period ended September 30, 2015 was $1.47 per share. As of September 30, 2015, there was approximately $779,000 of total unrecognized compensation expense related to non-vested share-based option compensation arrangements. With the exception of the unrecognized share-based compensation related to certain restricted stock grants to officers and employees that contain performance conditions related to FDA approval for the Company’s CGM system or the sale of substantially all of the stock or assets of the Company, unrecognized compensation is expected to be recognized over the next four years.

(10) RESTRICTED STOCK

For restricted stock issued and outstanding during the nine month periods ended September 30, 2015 and 2014, the Company incurred non-cash compensation expense of approximately $42,000 and $349,000, respectively, each net of estimated forfeitures.

During the nine months ended September 30, 2015, the Company did not grant restricted shares of Common Stock to any officers, employees, directors and consultants of the Company.

A summary of non-vested restricted stock activity as of and for the nine months ended September 30, 2015 is as follows:

Restricted Stock	Shares			Weighted- Average Grant-Date Fair Value
Non-vested shares at January 1, 2015		47,958		$	9.74
Vested		(16,037	)	$	4.62
Forfeited		(2,330	)	$	6.05
Non-vested shares at September 30, 2015		29,591		$	12.80

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Among the 29,591 shares of non-vested restricted stock, the various vesting criteria include the following:

·	14,185 shares of restricted stock vest upon the FDA approval of our CGM system or the sale of the Company; and

·	15,406 shares of restricted stock vest over 4 years, at each of the anniversary dates of the grants.

As of September 30, 2015, there was approximately $349,000 of total unrecognized compensation expense related to non-vested share-based restricted stock arrangements granted pursuant to the Company’s equity compensation plans that vest over time in the foreseeable future. As of September 30, 2015, the Company cannot estimate the timing of completion of performance vesting requirements required by certain of these restricted stock grant arrangements. Compensation expense related to these restricted share grants will be recognized when the Company concludes that achievement of the performance vesting conditions is probable.

(11) WARRANTS

In the three and nine months ended September 30, 2015, the Company issued warrants to purchase 454,334 and 2,121,000 shares of our common stock, respectively, in connection with a partial closing related to the private placement of the Company’s Preferred Stock as well as the 333,333 shares of our common stock in connection with a Reimbursement Agreement. See Notes 6 and 7.

The Derivative Warrants to purchase 700,000 shares of our Common Stock, at exercise prices ranging from $20.00 to $22.70, and expiring in 2017, are included in the outstanding warrants at January 1, 2015. On February 12, 2015, these warrants were re-priced to $7.50 to compensate PPVA in connection with the Reimbursement Agreement reached between the Company and PPVA. See Notes 6 and 7.

A summary of warrant activity for the nine months ended September 30, 2015 is as follows:

Warrants	Shares			Weighted- Average Exercise Price
Outstanding warrants at January 1, 2015		1,847,066		$	10.04
Granted		2,454,333		$	3.00
Forfeited		(37,638	)	$	22.50
Outstanding warrants at September 30, 2015		4,263,761		$	3.72

At September 30, 2015, the Company had the following outstanding warrants:

Type of Warrant/ Range of Exercise Prices		Expirations	Number Outstanding		Weighted- Average Remaining Contractual Life (years)		Weighted- Average Exercise Price		Number Exercisable
Derivative:
	$7.50	8/31/17 to 11/6/17		700,000		1.98	$	7.50		700,000
Equity:
	$2.75 - $3.00	12/10/18 to 09/24/20		3,563,761		4.40	$	2.98		3,563,761
Total outstanding				4,263,761						4,263,761

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The Company uses valuation methods and assumptions that consider among other factors the fair value of the underlying stock, risk-free interest rate, volatility, expected life and dividend rates in estimating fair value for the warrants considered to be derivative instruments. The following assumptions were utilized by the Company:

Risk-free interest rate	.70 %
Expected dividend yield	—
Expected term - years (contractual term)	2.5
Forfeiture rate	—
Expected volatility	92 %

Expected volatilities are based on historical volatility of the Common Stock using historical periods consistent with the expected term of the warrant. The risk-free rate is based on the yield of a U.S. Treasury security with a term consistent with the warrant.

(12) LITIGATION & OTHER SIGNIFICANT MATTERS

On July 4, 2015, the Company resolved its legal disputes with Patrick Mooney, its former Chairman, President and Chief Executive Officer, on mutually-agreeable terms and all related litigation was dismissed with prejudice. On July 27, 2015, the Company made a settlement payment of $150,000 to Dr. Mooney and additional payments were made to Dr. Mooney from the Company’s insurers. Such amount was recorded to legal expense in the second quarter of 2015.

From time to time, in addition to that which is identified above, we are subject to legal proceedings, claims, investigations, and proceedings in the ordinary course of business. In accordance with generally accepted accounting principles, we make a provision for a liability when it is both probable that a liability has been incurred and the amount of the loss or range of loss can be reasonably estimated. These provisions, if any, are reviewed at least quarterly and adjusted to reflect the impacts of negotiations, settlements, rulings, advice of legal counsel, and other information and events pertaining to a particular case. Litigation is inherently unpredictable. At September 30, 2015, no litigation loss is deemed probable or reasonably estimated.

NASDAQ Compliance

Audit Committee Requirement

On January 30, 2015, the Company received a letter from Nasdaq indicating that the Company no longer complies with Nasdaq’s audit committee requirements set forth in Nasdaq Listing Rule 5605. Such rule requires that the Audit Committee of the Company have a minimum of three members and be composed only of independent directors. On December 31, 2014, Vincent Enright, William Grieco and James Smith resigned from the Board of Directors of the Company, as well as its Audit Committee. As a result, the Audit Committee had no members as of Decembers 31, 2014. On January 5, 2015, the Board of Directors appointed Shepard Goldberg and Michael Goldberg to the Audit Committee, both of whom are independent directors.

The Company intends to add at least one additional independent member to the Audit Committee by December 31, 2015 as required by Nasdaq Listing Rule 5605.

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Requirement for Continued Listing

On August 20, 2015, Echo Therapeutics, Inc. (the “Company”) received a letter from The Nasdaq Stock Market (“Nasdaq”) informing the Company that it is no longer in compliance with the minimum stockholders’ equity requirement for continued listing on the Nasdaq Capital Market. Nasdaq Listing Rule 5550(b)(1) requires listed companies to maintain stockholders’ equity of at least $2.5 million. Further, as of August 20, 2015, the Company did not meet the alternative compliance standards relating to the $35,000,000 market value of listed securities or $500,000 net income from continuing operations.

This notification had no immediate effect on the Company’s listing on the Nasdaq Capital Market. Nasdaq provided the Company with 45 calendar days from the receipt of the Nasdaq letter to submit a plan to regain compliance with the minimum stockholders’ equity standard.

On October 5, 2015, the Company submitted its plan to Nasdaq to regain compliance with the minimum stockholders’ equity standard. On October 26, 2015, based on the Company’s submission, Nasdaq granted the Company the maximum allowable 180 day extension to February 16, 2016 to evidence compliance with the listing standards.

There can be no assurance that the Company will be able to regain compliance. If the Company does not regain compliance, or if the Company fails to satisfy another Nasdaq requirement for continued listing, Nasdaq staff could provide notice that the Company's common stock will become subject to delisting. In the event of delisting, the Company expects that its stock would trade on the OTC Markets.

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

The following discussion of our financial condition and results of operations should be read in conjunction with the financial statements and the related notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 and elsewhere in this report. The matters discussed herein contain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and Section 27A of the Securities Act of 1933, as amended, which involve risks and uncertainties. This Annual Report on Form 10-K contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and Section 27A of the Securities Act of 1933, as amended, which involve risks and uncertainties. All statements other than statements of historical information provided herein may be deemed to be forward-looking statements. Without limiting the foregoing, the words “believes,” “anticipates,” “plans,” “expects” and similar expressions are intended to identify forward-looking statements. Factors that could cause actual results to differ materially from those reflected in the forward-looking statements include, but are not limited to, those discussed elsewhere in this report and the risks discussed in our other filings with the Securities and Exchange Commission (the “SEC”). Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management’s analysis, judgment, belief or expectation only as of the date hereof. Except as required by law, we undertake no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

Business

We are a medical device company with expertise in advanced skin permeation technology. We are developing a non-invasive, wireless continuous glucose monitoring (CGM) system for initial use in the wearable-health consumer market and the outpatient diabetes market. The transdermal skin preparation component of our CGM system allows for enhanced skin permeation that will enable extraction of analytes such as glucose, enhanced delivery of topical pharmaceuticals and other applications.

Research and Development

We believe that ongoing research and development (“R&D”) efforts are essential to our success. A major portion of our operating expenses to date is related to our research and development activities. R&D expenses generally consist of internal salaries and related costs, and third-party vendor expenses for product design and development. In addition, R&D costs include regulatory consulting, feasibility product testing (internal and external) and conducting nonclinical and clinical studies. R&D expenses were approximately $2,270,000 for the nine months ended September 30, 2015. We intend to maintain our strong commitment to R&D as an essential component of our product development efforts. Our ability to raise sufficient financing may impact our level of R&D spending and progress towards milestones.

Critical Accounting Policies and Estimates

Our consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America. The preparation of these consolidated financial statements requires Management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.

On an ongoing basis, we evaluate our estimates and judgments for all assets and liabilities, including those related to intangible asset impairment, long-lived asset impairment, stock-based compensation expense and the fair value of stock purchase warrants classified as derivative liabilities. We base our estimates and judgments on historical experience, current economic and industry conditions and on various other factors that are believed to be reasonable under the circumstances. This forms the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. There have been no changes in our critical accounting policies and estimates subsequent to those disclosed in our Annual Report on Form 10-K as filed with the SEC on April 15, 2015.

We believe that full consideration has been given to all relevant circumstances that we may be subject to, and the consolidated financial statements accurately reflect our best estimate of the results of operations, financial position and cash flows for the periods presented.

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Results of Operations

Comparison of the Three and Nine Months ended September 30, 2015 and 2014

Net Loss — As a result of the factors described below, we had a net loss of $1,775,422 and $20,921,732 for the three and nine months ended 2015, respectively, compared to $2,681,259 and $9,218,276 for the three and nine months ended 2014, respectively.

Impairment Charge — The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the asset’s carrying amount may not be recoverable. The Company conducts its long-lived asset impairment analyses by grouping assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities and evaluate the asset group against the sum of the undiscounted future cash flows. If the undiscounted cash flows do not indicate the carrying amount of the asset is recoverable, an impairment charge is measured as the amount by which the carrying amount of the asset group exceeds its fair value based on discounted cash flow analysis or appraisals.

In connection with the preparation of the financial statements in the second quarter of fiscal 2015, the Company concluded it had a triggering event requiring assessment of impairment for its intangibles in conjunction with an expected out-licensing strategy that new management had hoped to pursue. Extremely limited financial resources coupled with the remaining short patent lives, discussions with previous consultants regarding their progress with bringing value to the intangibles, a review of competitive formulations and discussions with new consultants to explore out-licensing strategies led newly-hired corporate management to conclude it was best to abandon its initial hope to garner value from its intangibles. Accordingly, due to this change in strategy, no monies are now expected to be obtained relating to the Azone Drug Master File, the Durhalieve and MAZ Investigational New Drug applications and the MAZ Orphan Drug application (collectively, the AzoneTS-based technology acquired in 2007) intangibles. As a result, the Company reviewed its intangibles for impairment and recorded a $9.625 million impairment charge, or the full value of the intangibles, on the consolidated statement of operations in the second quarter of 2015.

Licensing Revenue — We signed two licensing agreements during fiscal year 2009, each with a minimum term of ten years, that required non-refundable license payments by the licensees. The non-refundable license payments received in cash totaled $1,250,000 across both transactions. Approximately $95,000 remained unrecognized at September 30, 2015. We had been recognizing the non-refundable payments as revenue on a straight-line basis over our contractual or estimated performance period. Periodically, we had adjusted our amortization period for revenue recognition for each of our license arrangements to reflect a revision in the estimated timing of regulatory approval. We determined that $0 in 2015 and approximately $19,000 and $57,000 in 2014 of licensing revenue were recognizable for each of the respective three and nine month periods ended.

Research and Development Expenses — R&D expenses decreased by approximately $564,000, or 47%, to $640,584 for the three months ended 2015 from $1,204,231 for the same period in 2014. R&D expenses represented 44% and 41% during the three months ended, of total operating expenses in 2015 and 2014, respectively. Declines for the quarter were primarily attributable to approximate decreases in: salaries (including stock compensation) and benefits $218,000, contracted services $62,000, and rent and utilities $164,000.

R&D expenses decreased by approximately $1,828,000, or 45%, to $2,269,678 for the nine months ended 2015 from $4,097,204 for the same period in 2014. R&D expenses represented 34% and 43% during the nine months ended, of total operating expenses (excluding the impairment charge) in 2015 and 2014, respectively. Declines for the nine months were primarily attributable to approximate decreases in: salaries (including stock compensation) and benefits $790,000, contracted services $190,000, rent and utilities $167,000, consulting $263,000, and materials, tools, supplies and prototypes $266,000.

R&D expenses decreased primarily as a function of the funding available to us in 2015 during the three and nine month periods.

For the nine months ended September 30, 2015, we concentrated our limited funding on continuing the transformation of our prior ICU product line for use in the wearable-health consumer and diabetes outpatient marketplaces. Specifically, we are developing a new generation of flexible, wearable, non-invasive technology with smartphone applicability.

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Additionally, we devoted resources to assist our partner in China, Medical Technologies Innovation Asia Ltd. (MTIA), in meeting the stringent requirements set forth by the China Food and Drug Administration (CFDA).

For the nine months ended 2015, we improved our CGM consistency and reliability through improvements to the key components of the system. We successfully demonstrated a Smartphone App and glucose tracking comparison against an industry leading CGM. With respect to specific components, our progress was as follows:

·	Skin Preparation Device: Completed industrial design of new self-exfoliating device and tips, which will be lower cost, easier to use and compatible with our new sensor.

·	Sensor: Completed industrial design of new flexible sensor, which will be higher performing, lower cost, smaller and will have a re-usable Bluetooth transmitter.

·	Application Programming Interface (API): Designed an API that allows software developers to easily write software applications, or apps, that use data from our sensors.

Selling, General and Administrative Expenses — S,G&A expenses decreased by approximately $891,000, or 55%, to $739,073 for the three months ended 2015 from $1,630,333 for the same period in 2014. S,G&A expenses represented 51% and 56% of total operating expenses during the three months ended 2015 and 2014, respectively. The decline for the three months was primarily attributable to approximate decreases in: board fees $143,000, salaries (including stock compensation), benefits and consultant fees of $260,000, and legal fees of $375,000.

S,G&A expenses decreased by approximately $1,580,000, or 31%, to $3,582,134 for the nine months ended 2015 from $5,161,965 for same period in 2014. S,G&A expenses represented 54% of total operating expenses (excluding the impairment charge) during the nine months ended 2015 and 2014, respectively. The decline for the nine months was primarily attributable to: approximate decreases in proxy solicitation $647,000, investor relations $125,000, board fees $316,000, recruiting fees $150,000, salaries (including stock compensation), benefits and consultant fees $450,000, and franchise taxes of $129,000, offset by an increase in legal fees of $315,000 primarily related to the Mooney matter which the Company settled in the second quarter of 2015.

S,G&A expenses for 2014 reflect the proxy battle that enveloped the Company in 2014 which caused outsized increases in proxy solicitation and investor relations costs. Board fees, which were reduced to $30,000 per director in 2015, from a fee arrangement in 2014 which consisted of $45,000 per director and $95,000 paid to the Lead Director, plus additional meeting fees to each director for attendance and subcommittee chair responsibilities, and reflect the cost of the numerous meetings held primarily by former directors in 2014 when the Company was without a permanent chief executive officer. Recruiting fees in 2014 reflect a large fee for an executive recruiter to conduct a search for a chief executive officer. Mr. Hollander was not sourced by this firm. Offsetting costs for the nine month period ended 2015 include legal fees primarily related to the Mooney matter which the Company settled in the second quarter of 2015.

Loss (gain) on disposal of property and equipment — The loss on disposal of $39,382 for the three months ended 2015 primarily reflects the write-down of furniture sold to the incoming tenant of the Franklin, MA facility which we moved out of in the third quarter. The loss on disposal of $278,816 for the nine months ended 2015 reflects the aforementioned loss in addition to losses on furniture and fixtures sold when we relocated from Philadelphia, PA to Iselin, NJ in the first quarter of 2015.

Depreciation and Amortization expense — Depreciation expense decreased by approximately $59,000, or 60%, to $39,171 for the three months ended 2015 from $97,894 for the same period in 2014. Depreciation expense increased by approximately $191,000, or 64%, to $487,491 for the nine months ended 2015 from $296,686 for the same period in 2014. The large increase over the nine months reflected an acceleration of the depreciation on the leasehold improvements which the Company abandoned in Franklin, Massachusetts in the second quarter of 2015. The Company had approximately $775,000 of leasehold improvements which it wrote-off in connection with its move to Littleton, Massachusetts.

Gain (loss) on Revaluation of Derivative Warrant Liability — Changes in the fair value of derivative financial instruments are recognized each period as a derivative gain or loss. The primary underlying risk exposure pertaining to the Warrants is the change in fair value of the underlying common stock. The gain (loss) on revaluation of the derivative warrant liability for the three months ended 2015 and 2014 was ($54,000) and $473,000, respectively, and ($61,845) and $1,006,000, respectively, for the nine months ended 2015 and 2014.

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ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

Financing gain (loss) — This is a non-cash charge representing the excess value given to investors in 2015, who received shares of Series F Stock and warrants to purchase the same number of shares of our common stock, when the closing market price was above the $1.50 purchase price they paid for their shares and warrants. We recorded a non-cash charge of $263,000 and $4,620,000 in the respective three and nine month 2105 periods, related to these investors.

Interest Expense — Interest expense decreased by approximately $241,000 to $212 from $240,908 for the three months ended 2015 and 2014, respectively. Interest expense decreased approximately $722,000 to $4,938 from $727,242 for the nine months ended 2015 and 2014, respectively. The decrease in both periods represents the amortization in 2014 of deferred financing costs for the fair value of the Commitment Warrant issued pursuant to the Montaur Credit Facility established in August 2012. Such facility was terminated in October 2014.

Liquidity and Capital Resources

We have financed our operations since inception primarily through sales of our equity, the issuance of convertible promissory notes, draws from a non-revolving credit facility, unsecured and secured promissory notes, non-refundable payments received under license agreements and cash received in connection with exercises of Common Stock options and warrants. As of September 30, 2015, we had $3,230 of cash and cash equivalents, with no other short-term investments.

On November 2, 2015, we received $100,000 from Beijing Yi Tang Bio Science & Technology Ltd., an affiliate of our Chinese partner, Medical Technologies Innovation Asia, Ltd., in exchange for 66,667 shares of Series F Convertible Preferred Stock and five year warrants to purchase the same amount of Common Stock with an exercise price of $3.00.

Cash Flows for the Nine Months ended September 30, 2015

Net cash used in operating activities was approximately $4,159,000. The use of cash in operating activities was primarily attributable to the net loss of approximately $20,922,000 offset by non-cash expenses of $9,625,000 for an impairment charge, $487,000 for depreciation and amortization, $798,000 for share-based compensation expense, a $328,000 charge for a warrant re-pricing related to reimbursement for legal expenses of the 2014 proxy battle, a loss on revaluation of $62,000 related to derivative credit facility warrants, $4,620,000 non-cash charges to financing expense in connection with continuing installments from our December 2014 financing as well as the capital contribution repaid on the same terms, and a $279,000 loss on the sale and disposal of property and equipment resulting from primarily the closing of our Philadelphia office and write-off of various leasehold improvements, offset by increases in prepaid and other, as well as a net increase in accounts payable and accrued expenses, of approximately $563,000.

Net cash used in investing activities was approximately $114,000. Cash of approximately $126,000 was provided by the sales of certain property and equipment in connection with our office and research facility relocations. Also, cash of approximately $56,000 was used to purchase property and equipment during the same 2015 period. The Company used $184,000 to secure letters of credit for its new corporate headquarters and its new research facility in Littleton, Massachusetts.

Net cash provided by financing activities was approximately $2,997,000. We received $3,181,500 in proceeds from the sales of our Series F Preferred Stock with warrants and a capital contribution of $59,325. Principal payments on premium financing used $243,420.

Effect of Inflation and Changes in Prices

We do not believe that inflation and changes in prices will have a material effect on our operations.

Not applicable.

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ITEM 4. CONTROLS AND PROCEDURES.

Disclosure Controls and Procedures

We maintain “disclosure controls and procedures,” as such term is defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). In designing and evaluating our disclosure controls and procedures, our management recognized that disclosure controls and procedures, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of disclosure controls and procedures are met. Additionally, in designing disclosure controls and procedures, our management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of possible disclosure controls and procedures. The design of any disclosure controls and procedures also is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions.

As of the end of the period covered by this Quarterly Report on Form 10-Q, we carried out an evaluation, under the supervision and with the participation of our management, including our Chief Executive Officer and our Chief Financial Officer, of the effectiveness of our disclosure controls and procedures as defined in Rule 13a-15(e) and 15d-15(e) of the Exchange Act. Based on that evaluation and the material weaknesses described below, our Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures were not effective as a result of the material weaknesses.

Our Chief Executive Officer and Chief Financial Officer concluded that as of September 30, 2015 the following material weaknesses existed:

(1) We lacked a sufficient complement of personnel with an appropriate level of knowledge and experience in the application of U.S. generally accepted accounting principles, or GAAP, commensurate with our financial reporting requirements. The monitoring of our accounting and reporting functions were either not designed and in place or not operating effectively, and

(2) We lacked the quantity of resources to implement an appropriate level of review controls to properly evaluate the completeness and accuracy of transactions entered into by our Company.

Our management believes that these weaknesses are due in part to the small size of our staff and limited funding which makes it challenging to maintain adequate disclosure controls. To remediate the material weaknesses in disclosure controls and procedures, we will attempt to seek assistance with complex filing matters and to take additional steps to improve our financial reporting systems and implement new policies, procedures and controls.

Internal Control over Financial Reporting

There was no change in our internal control over financial reporting (as defined in Rule 13a-15(f) of the Exchange Act) that occurred during the fiscal quarter to which this report relates that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

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ITEM 1. LEGAL PROCEEDINGS.

PART II—OTHER INFORMATION

On July 4, 2015, we resolved our legal disputes with Patrick Mooney, our former Chairman, President and Chief Executive Officer, on mutually-agreeable terms and all related litigation was dismissed with prejudice. On July 27, 2015, we made a settlement payment of $150,000 to Dr. Mooney and additional payments were made to Dr. Mooney from our insurers.

ITEM 6. EXHIBITS.

The Exhibits listed in the Exhibit Index immediately preceding such Exhibits are filed with or incorporated by reference in this report, except as noted.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	ECHO THERAPEUTICS, INC.
Date: November 16, 2015
	By:	/s/ Scott W. Hollander
		Scott W. Hollander
		President and Chief Executive Officer
		(Principal Executive Officer)

	By:	/s/ Alan W. Schoenbart
		Alan W. Schoenbart
		Chief Financial Officer
		(Principal Financial and Accounting Officer)

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XML 14 R33.htm IDEA: XBRL DOCUMENT

EXHIBIT INDEX

Exhibit No.		Description
3.1		Certificate of Increase of Shares Designated as Series F Convertible Preferred Stock of Echo Therapeutics, Inc. is incorporated by reference to Exhibit 3.1 on the Company’s Current Report on Form 8-K filed September 9, 2015.
10.1		Lease Termination Agreement, dated July 17, 2015, between Exeter 10 Forge Park, LLC and Echo Therapeutics, Inc., is incorporated by reference to Exhibit 10.1 on the Company’s Current Report on Form 8-K filed July 20, 2015.
10.2		Form of Subscription Agreement for Series F Preferred Stock and Warrants is incorporated by reference to Exhibit 10.1 on the Company’s Current Report on Form 8-K filed September 2, 2015.
10.3		Form of Subscription Agreement for Series F Preferred Stock and Warrants is incorporated by reference to Exhibit 10.1 on the Company’s Current Report on Form 8-K filed September 30, 2015.
31.1		Certification of the Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2		Certification of the Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1		Certification of the Principal Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2		Certification of the Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101		The following materials from the Registrant’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2015, formatted in XBRL (Extensible Business Reporting Language), (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Operations, (iii) Consolidated Statements of Cash Flows, and (iv) Notes to Consolidated Financial Statements.

-22-

EX-31.1 2 ex31-1.htm CERTIFICATION OF THE PRINCIPAL EXECUTIVE OFFICER PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002. ex31-1.htm

Exhibit 31.1

CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Scott W. Hollander, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Echo Therapeutics, Inc. (the “Company”) for the quarter ended September 30, 2015;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Company as of and for the periods presented in this report;

4. The Company’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Company and have:

(a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period on which this report is being prepared;

(b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)	Evaluated the effectiveness of the Company’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this report based on such evaluation; and

(d)	Disclosed in this report any change in the Company’s internal control over financial reporting that occurred during the Company’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting; and

5. The Company’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control overfinancial reporting, to the Company’s auditors and the audit committee of the Company’s Board of Directors:

(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Company’s ability to record, process, summarize and report financial information; and

(b)	Any fraud, whether or not material, that involves Management or other employees who have a significant role in the Company’s internal control over financial reporting.

Date: November 16, 2015

/s/ Scott W. Hollander

Scott W. Hollander

President and Chief Executive Officer

(Principal Executive Officer)

EX-31.2 3 ex31-2.htm CERTIFICATION OF THE PRINCIPAL FINANCIAL OFFICER PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002. ex31-2.htm

Exhibit 31.2

CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Alan W. Schoenbart, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Echo Therapeutics, Inc. (the “Company”) for the quarter ended September 30, 2015;

(a)

(b)

(c)	Evaluated the effectiveness of the Company’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this report based on such evaluation; and

(d)	Disclosed in this report any change in the Company’s internal control over financial reporting that occurred during the Company’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting; and

5. The Company’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Company’s auditors and the audit committee of the Company’s Board of Directors:

(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Company’s ability to record, process, summarize and report financial information; and

(b)	Any fraud, whether or not material, that involves Management or other employees who have a significant role in the Company’s internal control over financial reporting.

Date: November 16, 2015

/s/ Alan W. Schoenbart

Alan W. Schoenbart

Chief Financial Officer

(Principal Financial and Accounting Officer)

EX-32.1 4 ex32-1.htm CERTIFICATION OF THE PRINCIPAL EXECUTIVE OFFICER PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002. ex32-1.htm

Exhibit 32.1

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report on Form 10-Q of Echo Therapeutics, Inc. (the “Company”) for the quarter ended September 30, 2015 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Scott W. Hollander, President and Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2.	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ Scott W. Hollander

Scott W. Hollander

President and Chief Executive Officer

(Principal Executive Officer)

Date: November 16, 2015

EX-32.2 5 ex32-2.htm CERTIFICATION OF THE PRINCIPAL FINANCIAL OFFICER PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002. ex32-2.htm

Exhibit 32.2

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report on Form 10-Q of Echo Therapeutics, Inc. (the “Company”) for the quarter ended September 30, 2015 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Alan W. Schoenbart, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2.	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ Alan W. Schoenbart

Alan W. Schoenbart

Chief Financial Officer

(Principal Financial and Accounting Officer)

Date: November 16, 2015

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1500000 -1500000 15000 -15000 2121000 66845000 21210 6663290 59325 59325 548177 1802000 5482 1796518 -2503 798250 -25 798275 The accompanying financial statements have been prepared on a basis that assumes that the Company will continue as a going concern and that contemplates the continuity of operations, the realization of assets and the satisfaction of liabilities and commitments in the normal course of business.  As of September 30, 2015, the Company had cash of $3,230, working capital deficit of ($2,305,553) and an accumulated deficit of ($148,853,798). The Company continues to incur recurring losses from operations. The Company will need to secure additional capital to fund its product development, research, manufacturing and clinical programs in accordance with its current planned operations. The Company has funded its operations in the past primarily through debt and equity issuances. Management will continue to pursue financing to fund its operations. No assurances can be given that additional capital will be available on terms acceptable to the Company. The accompanying financial statements do not include any adjustments that might result from the outcome of the uncertainty.   On November 2, 2015, we received $100,000 from Beijing Yi Tang Bio Science & Technology Ltd. ("BYT"), an affiliate of our Chinese partner, Medical Technologies Innovation Asia, Ltd. ("MTIA"), in exchange for 66,667 shares of Series F Convertible Preferred Stock and five year warrants to purchase the same amount of Common Stock with an exercise price of $3.00.

The principal categories and estimated useful lives of property and equipment were:   <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid">   9/30/15</td> <td nowrap="nowrap"> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid">   12/31/14</td> <td nowrap="nowrap"> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid"> Estimated Useful Lives</td> <td nowrap="nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 67%">Computer equipment</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 8%; text-align: right">332,764</td> <td nowrap="nowrap" style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 8%; text-align: right">334,865</td> <td nowrap="nowrap" style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 8%; text-align: center">3</td> <td nowrap="nowrap" style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Office and laboratory equipment</td> <td> </td> <td> </td> <td style="text-align: right">628,726</td> <td nowrap="nowrap"> </td> <td> </td> <td> </td> <td style="text-align: right">740,177</td> <td nowrap="nowrap"> </td> <td> </td> <td> </td> <td style="text-align: center">3-5</td> <td nowrap="nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Furniture and fixtures</td> <td> </td> <td> </td> <td style="text-align: right">228,099</td> <td nowrap="nowrap"> </td> <td> </td> <td> </td> <td style="text-align: right">755,444</td> <td nowrap="nowrap"> </td> <td> </td> <td> </td> <td style="text-align: center">7</td> <td nowrap="nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Manufacturing equipment</td> <td> </td> <td> </td> <td style="text-align: right">61,999</td> <td nowrap="nowrap"> </td> <td> </td> <td> </td> <td style="text-align: right">111,980</td> <td nowrap="nowrap"> </td> <td> </td> <td> </td> <td style="text-align: center">5</td> <td nowrap="nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Leasehold improvements</td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">41,968</td> <td nowrap="nowrap"> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">825,589</td> <td nowrap="nowrap"> </td> <td> </td> <td> </td> <td style="text-align: center">3-7</td> <td nowrap="nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-indent: 9pt">Total property and equipment</td> <td> </td> <td> </td> <td style="text-align: right">1,293,556</td> <td nowrap="nowrap"> </td> <td> </td> <td> </td> <td style="text-align: right">2,768,055</td> <td nowrap="nowrap"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td nowrap="nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Less accumulated depreciation and amortization</td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">991,515</td> <td nowrap="nowrap"> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">1,629,462</td> <td nowrap="nowrap"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td nowrap="nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-indent: 9pt">Property and equipment, net</td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">302,041</td> <td nowrap="nowrap"> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">1,138,593</td> <td nowrap="nowrap"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td nowrap="nowrap"> </td></tr> </table>     The Company recorded a loss on disposal of $278,816, primarily in connection with its corporate office and research facility relocations to Iselin, New Jersey and to Littleton, Massachusetts, respectively. In connection with its relocation from its Franklin, Massachusetts to Littleton, Massachusetts research facility, the Company sold excess furniture to the incoming tenant and this resulted in an increase in the loss on disposal. Additionally, each relocation required the Company to write-off its leasehold improvements. See Note 5.

The Company leased approximately 7,900 square feet of corporate office space in a multi-story building located in Philadelphia, Pennsylvania under a lease expiring May 31, 2017. The company terminated this lease early and moved to Iselin, New Jersey on January 15, 2015 where the Company has leased 2,800 square feet of office space for 38 months at a monthly effective base rental of approximately $7,300. The Company posted a $77,000 Letter of Credit to secure the lease which is reduced to $38,500 after nineteen months of occupancy, assuming no defaults, as defined.   The Company leased approximately 37,000 square feet of manufacturing, laboratory and office space in a single-story building located in Franklin, Massachusetts under a lease expiring October 31, 2017. On July 17, 2015, the Company entered into a Lease Termination Agreement (the Termination Agreement), whereby the Company paid a fee of $150,000 to terminate this lease. The lease termination was effective as of May 31, 2015.    On May 5, 2015, the Company signed a lease for approximately 10,000 square feet for a research and development facility in Littleton, Massachusetts. The lease is for 65 months. Effective base monthly rent over the lease term will be $11,470.  The Company moved to the new facility from its Franklin, Massachusetts location on July 3, 2015. The Company agreed to post a $50,000 Letter of Credit until July 1, 2015 while the Littleton facility was being improved. Such amount was increased to $150,000 on July 1, 2015. The Letter of Credit is expected to be reduced to $50,000 after 24 months of timely lease payments.

Derivative warrant liability:   As a result of having warrants which are outstanding, issued in connection with a 2012 Credit Facility (which was terminated in October 2014), we are required to record the changes in the value of these derivative warrants through their expirations in November 2017. The table below presents the changes in the derivative warrant liability, which is measured at fair value on a recurring basis and classified as Level 3 in fair value hierarchy:   <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">9/30/14</td> <td nowrap="nowrap"> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">12/31/14</td> <td nowrap="nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 78%; text-indent: 12pt">Derivative warrant liability as of January 1</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 8%; text-align: right">208,155</td> <td nowrap="nowrap" style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 8%; text-align: right">1,119,155</td> <td nowrap="nowrap" style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-indent: 12pt">Loss (gain) on revaluation</td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">61,845</td> <td nowrap="nowrap"> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(911,000</td> <td nowrap="nowrap">)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-indent: 12pt">Derivative warrant liability as of September 30</td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">270,000</td> <td nowrap="nowrap"> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">208,155</td> <td nowrap="nowrap"> </td></tr> </table>     None of the derivative warrants were exercised in 2015 or 2014 pursuant to cashless exercise provisions.     Restart of Operations and related option grants     On January 2, 2015, in conjunction with restarting the operations of the Company, stock option grants to purchase 400,000 shares of Common Stock at an exercise price of $1.35 were issued to various employees primarily at our Franklin, Massachusetts research and development facility. On January 5, 2015, an additional stock option grant was made to purchase 50,000 shares of our Common stock at an exercise price of $1.48 to our new Manager of Business Development in Iselin, New Jersey. On March 2, 2015, we issued another stock option grant to purchase 20,000 shares of our Common Stock at $2.34 to a senior technician hired for our Franklin facility. On May 11, 2015 option grants to purchase 55,000 shares at $1.31 were issued to newly hired software and electrical engineers. On May 15, 2015, an option grant to purchase 40,000 shares at $1.29 was issued to a systems engineer. On May 26, 2015 an option grant to purchase 30,000 shares at $1.62 was issued to a newly hired software engineer. All grants vest over three years with one-third vesting immediately and the balance vesting equally at each of the two respective anniversary periods. All grants were made pursuant to the 2008 Equity Compensation Plan.   Board Matters     On January 7, 2015, the Board realigned annual compensation at $30,000 per annum per director. Each director, other than our CEO whose employment agreement precluded him from receiving director compensation the first year, received a stock option to purchase 150,000 shares of our Common Stock at an exercise price of $1.62 vesting 25% immediately and then 25% at the beginning of each quarter thereafter. These options contain a condition where they are only exercisable after the average closing price of the Companys common stock for the ten (10) days prior to exercise, equals or exceeds $7.50 per share. Such amount was valued using a binomial lattice model and included in share-based compensation expense.   Exchange of Common Stock for Series F Preferred Stock     On January 9, 2015 and again on March 31, 2015, Platinum Partners Value Arbitrage Fund, L.P. (PPVA) and Platinum Partners Liquid Opportunity Fund, L.P. exchanged 843,526 and 208,884 and 356,474 and 91,116, respectively of their common shares held for Series F Preferred Stock. Based on the terms of the Series F (e.g. conversion ratio of 1:1 and no liquidation preference) the Company determined that the value of the Series F is equivalent to the common shares.   Capital Contribution   Late in the third quarter of 2014, the research and development operations of the Company were suspended and key personnel were laid off. In October 2014, two of the Companys directors received a non-recourse loan for $500,000 from PPVA. The purpose of this contribution was to provide the directors monies to advance their plan for the Company and attempt to maintain its viability during the suspension of operations. $440,675 was expended in the fourth quarter of 2014 by these directors primarily for salaries of key employees and targeted technology efforts focused on the wearable technology sector. The Company considered this expenditure by two of its directors a capital contribution since the funds were spent on matters specifically related to the operations of the Company. In February 2015, the $440,675 capital contribution together with the balance of monies received in 2015 of $59,325, equivalent to the original $500,000 the two directors had received, was settled in Series F shares by the Company to PPVA. See discussion below.   Settlement of Amounts Owed for Series F Preferred Stock and Warrants     On September 23, 2014, the Company announced that, as it believed that its current liquidity was insufficient to fund its needs beyond September 30, 2014, it was suspending its product development, research, manufacturing and clinical programs and operations to conserve its liquidity and capital resources. The workforce reduction due to the suspension of operations comprised approximately 70% of Echos workforce, leaving only administrative personnel.  Affected employees were notified on September 23, 2014. The employees whose employment was terminated as part of the workforce reduction were not offered severance pay. The Company indicated that they could possibly incur additional costs not currently contemplated due to events that may occur as a result of, or that were associated with, the workforce reduction.     At the time of the workforce reduction announcement, Platinum Management (NY) LLC (Platinum), together with its affiliates, a significant stockholder of the Company, was in the process of engaging in a proxy contest with the Company pursuant to which it sought to ultimately remove three of the then-current directors of the Company. In conjunction therewith, Platinum provided $500,000 on a non-recourse basis to two of the Companys directors whose removal Platinum was not seeking, namely Michael Goldberg and Shepard Goldberg, which was recorded as a capital contribution (Contribution) in 2014. Proceeds of the Contribution were utilized for retaining certain key employees and for research and technology initiatives, all for the benefit of the Company. A small portion of the monies was not disbursed, which was transferred to the Company. At the time of the Contribution, Shepard Goldberg and Michael Goldberg agreed that, should the Contribution ultimately benefit the Company, they would use their best efforts to cause the Company to issue equity to Platinum as consideration for making the Contribution.     In December 2014, as part of a negotiated settlement agreement, the three directors, whom Platinum sought to remove, resigned as directors and Platinum agreed to make a direct investment in the Company.  In connection with the proxy contest, Platinum expended $550,000 on legal representation and related expenses. In its proxy statement, Platinum advised stockholders that it would pay all the costs associated with the solicitation of proxies, but would seek reimbursement from the Company, and not submit such reimbursement to a vote of stockholders.     On February 12, 2015, the Company agreed to reimburse Platinum for its Contribution and the Expenses it incurred in the proxy fight. In this regard, the Board of Directors of the Company determined that both the Contribution and Expenses together resulted in the Company being able to continue operations and put into place a strong management team.  Pursuant to a Reimbursement Agreement, dated February 12, 2015 (the Reimbursement Agreement), Platinum received 548,177 shares of Series F Convertible Preferred Stock (consisting of 333,333 shares of Series F for the $500,000 capital contribution and 214,844 shares of Series F for the $550,000 of legal expenses they incurred, for a Series F share total of 548,177) and Warrants to purchase 333,333 shares of common stock of the Company. These Warrants expire in five years and have a $3.00 per share exercise price. Additionally, the Company agreed to re-price 700,000 warrants, originally disbursed to Platinum in connection with its August 31, 2012 Loan Agreement, and referred to as the Derivative Warrants, then priced in the $20.00 to $22.70 range per share, to $7.50 per share. The Company recorded a non-cash charge to legal expense for $328,000 representing the cost of re-pricing the Derivative Warrants. Additionally, the Company recorded a charge to financing expense of $924,000 representing the additional value given to the investors as a result of the closing market price of $2.56 being above the deal price of $1.50 used for the reimbursement of the $500,000 capital contribution. The shares issued for the legal expenses were done at the market close of the Companys Common Stock on the date of the Reimbursement Agreement.   Equity Raise   For the three and nine months ended September 30, 2015, the Company received $981,500 and $3,481,500, respectively, from its $4,000,000 December 2014 financing and follow-on subscriptions on similar terms of $481,500 in the aggregate and    issued 654,334 and 2,321,000 shares, respectively, of Series F Preferred Stock and warrants to purchase the same number of shares of Common Stock at an exercise price of $3.00 were issued to investors. The Company recorded financing expense of $3,696,000 with a corresponding credit to additional paid in capital since the average market price on the dates the financing was received was above the deal price of $1.50, representing excess value provided to the investors. The aforementioned amounts include 200,000 Series F shares and warrants to purchase common stock at $3.00 to be issued upon the collection of subscriptions receivable. In connection with the aforementioned follow-on subscription agreements, the Company provided the subscriber with the right for the period of one year, at the subscribers option, to convert all or any part of the shares of Series F Preferred Stock and warrants purchased into the securities issued in a future financing that yields gross proceeds to the Company of at least $2,000,000. This right will pertain to both the securities issued in those follow-on offerings aggregating $481,500 or for those obtained in the previous December 18, 2014, $4,000,000 aggregate offering, in which they participated. Additionally, for a period of two years, the subscriber will have the right to participate in all financings of the Company such that they maintain their current ownership percentage in the Company.   Certificate of Increase     On September 3, 2015, the Company filed a Certificate of Increase of Shares Designated as Series F Convertible Preferred Stock with the Secretary of State of the State of Delaware to increase the number of shares designated as its Series F Preferred Stock from 5,000,000 to 6,000,000 shares.

In March 2003, the Companys shareholders approved its 2003 Stock Option and Incentive Plan (the 2003 Plan). Pursuant to the 2003 Plan, the Companys Board of Directors (or its committees and/or executive officers delegated by the Board of Directors) may grant incentive and nonqualified stock options, restricted stock, and other stock-based awards to the Companys employees, officers, directors, consultants and advisors.  As of September 30, 2015, there were 5,000 restricted shares of Common Stock issued and options to purchase an aggregate of 26,500 shares of Common Stock outstanding under the 2003 Plan and no shares are available for future grants due to the 2003 Plans expiration.   In May 2008, the Companys shareholders approved the 2008 Equity Compensation Plan, as amended (the 2008 Plan). The 2008 Plan provides for grants of incentive stock options to employees and nonqualified stock options and restricted stock to employees, consultants and non-employee directors of the Company. The maximum number of shares available under the 2008 Plan is 10,000,000 shares.  As of September 30, 2015, there were 18,106 restricted shares of Common Stock issued and options to purchase 1,640,733 shares of Common Stock outstanding under the 2008 Plan and 8,328,161 shares available for future grants.   The following table shows the remaining shares available for future grants for each plan and outstanding shares:   <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center">Equity Compensation Plans</td> <td nowrap="nowrap"> </td> <td> </td> <td colspan="2" style="text-align: center">Not Pursuant</td> <td nowrap="nowrap"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2003 Plan</td> <td nowrap="nowrap"> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2008 Plan</td> <td nowrap="nowrap"> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">to a Plan</td> <td nowrap="nowrap"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-decoration: underline">Shares Available For Issuance</td> <td> </td> <td colspan="2"> </td> <td nowrap="nowrap"> </td> <td> </td> <td colspan="2"> </td> <td nowrap="nowrap"> </td> <td> </td> <td colspan="2"> </td> <td nowrap="nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Total reserved for stock options and restricted stock</td> <td> </td> <td> </td> <td style="text-align: right">160,000</td> <td nowrap="nowrap"> </td> <td> </td> <td> </td> <td style="text-align: right">10,000,000</td> <td nowrap="nowrap"> </td> <td> </td> <td colspan="2"> </td> <td nowrap="nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-indent: 12pt">Net restricted stock issued net of cancellations</td> <td> </td> <td> </td> <td style="text-align: right">(5,000</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td style="text-align: right">(18,106</td> <td nowrap="nowrap">)</td> <td> </td> <td colspan="2"> </td> <td nowrap="nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-indent: 12pt">Stock options granted</td> <td> </td> <td> </td> <td style="text-align: right">(154,449</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td style="text-align: right">(3,070,883</td> <td nowrap="nowrap">)</td> <td> </td> <td colspan="2"> </td> <td nowrap="nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-indent: 12pt">Add back options cancelled before exercise</td> <td> </td> <td> </td> <td style="text-align: right">92,349</td> <td nowrap="nowrap"> </td> <td> </td> <td> </td> <td style="text-align: right">1,417,150</td> <td nowrap="nowrap"> </td> <td> </td> <td colspan="2"> </td> <td nowrap="nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-indent: 12pt">Less shares no longer available due to Plan expiration</td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(92,900</td> <td nowrap="nowrap">)</td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"></td> <td nowrap="nowrap"> </td> <td> </td> <td colspan="2"> </td> <td nowrap="nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Remaining shares available for future grants at September 30, 2015</td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right"></td> <td nowrap="nowrap"> </td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">8,328,161</td> <td nowrap="nowrap"> </td> <td> </td> <td colspan="2"> </td> <td nowrap="nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td colspan="9"> </td> <td> </td> <td colspan="2"> </td> <td nowrap="nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 67%">Stock options granted</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 8%; text-align: right">154,449</td> <td nowrap="nowrap" style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 8%; text-align: right">3,070,883</td> <td nowrap="nowrap" style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 8%; text-align: right">310,000</td> <td nowrap="nowrap" style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Less:      Stock options cancelled</td> <td> </td> <td> </td> <td style="text-align: right">(92,349</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td style="text-align: right">(1,417,150</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td style="text-align: right">(243,333</td> <td nowrap="nowrap">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-indent: 24pt">     Stock options exercised</td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(35,600</td> <td nowrap="nowrap">)</td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(13,000</td> <td nowrap="nowrap">)</td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(66,667</td> <td nowrap="nowrap">)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Net shares outstanding before restricted stock</td> <td> </td> <td> </td> <td style="text-align: right">26,500</td> <td nowrap="nowrap"> </td> <td> </td> <td> </td> <td style="text-align: right">1,640,733</td> <td nowrap="nowrap"> </td> <td style="text-align: right"> </td> <td> </td> <td style="text-align: right"></td> <td nowrap="nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Net restricted stock issued net of cancellations</td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">5,000</td> <td nowrap="nowrap"> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">18,106</td> <td nowrap="nowrap"> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">6,485</td> <td nowrap="nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Outstanding shares at September 30, 2015</td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">31,500</td> <td nowrap="nowrap"> </td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">1,658,839</td> <td nowrap="nowrap"> </td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">6,485</td> <td nowrap="nowrap"> </td></tr> </table>

The fair value of each stock option award is estimated on the date of grant using the Black-Scholes option pricing model with certain assumptions noted below. Expected volatilities are based on historical volatility of the Common Stock using historical periods consistent with the expected term of the options. The Company uses historical data, as well as subsequent events occurring prior to the issuance of the financial statements, to estimate option exercise and employee termination and forfeitures within the valuation model. The expected term of stock options granted under the Companys stock plans is based on the average of the contractual term (generally 10 years) and the vesting period (generally 24 to 42 months). The risk-free rate is based on the yield of a U.S. Treasury security with a term consistent with the option.   For options issued and outstanding during the nine month periods ended September 30, 2015 and 2014, the Company recorded additional paid-in capital and non-cash compensation expense of $756,000 and $708,000, respectively, each net of estimated forfeitures.   The assumptions used principally for stock options granted to employees and members of the Companys Board of Directors in the nine months ended September 30, 2015 and 2014 were as follows:   <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 68%"> </td> <td style="width: 16%; border-bottom: black 1.5pt solid; text-align: center">2015</td> <td style="width: 1%"> </td> <td style="width: 15%; border-bottom: black 1.5pt solid; text-align: center">2014</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom">Risk-free interest rate %</td> <td style="vertical-align: bottom; text-align: center">1.46 1.90</td> <td style="vertical-align: top"> </td> <td style="vertical-align: bottom; text-align: center">1.75 2.08</td></tr> <tr style="background-color: white"> <td style="vertical-align: bottom">Expected dividend yield</td> <td style="vertical-align: bottom; text-align: center"></td> <td style="vertical-align: top"> </td> <td style="vertical-align: bottom; text-align: center"></td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom">Expected term -  years</td> <td style="vertical-align: bottom; text-align: center">5 5.5</td> <td style="vertical-align: top"> </td> <td style="vertical-align: bottom; text-align: center">5.5 6.5</td></tr> <tr style="background-color: white"> <td style="vertical-align: bottom">Forfeiture rate % (excluding fully vested stock options)</td> <td style="vertical-align: bottom; text-align: center">7.5 15</td> <td style="vertical-align: top"> </td> <td style="vertical-align: bottom; text-align: center">15</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom">Expected volatility %</td> <td style="vertical-align: bottom; text-align: center">92 93</td> <td style="vertical-align: top"> </td> <td style="vertical-align: bottom; text-align: center">120 - 141</td></tr> </table>   A summary of stock option activity for the nine months ended September 30, 2015 is as follows:   <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt">         Stock Options</td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid">       Shares</td> <td nowrap="nowrap"> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid"> Weighted- Average Exercise Price</td> <td nowrap="nowrap"> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid"> Weighted- Average Remaining Contractual Term (years)</td> <td nowrap="nowrap"> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid">   Aggregate Intrinsic Value</td> <td nowrap="nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Outstanding options at January 1, 2015</td> <td> </td> <td> </td> <td style="text-align: right">1,039,900</td> <td nowrap="nowrap"> </td> <td> </td> <td>$</td> <td style="text-align: right">3.00</td> <td nowrap="nowrap"> </td> <td> </td> <td colspan="2"> </td> <td nowrap="nowrap"> </td> <td> </td> <td colspan="2"> </td> <td nowrap="nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Granted</td> <td> </td> <td> </td> <td style="text-align: right">895,000</td> <td nowrap="nowrap"> </td> <td> </td> <td>$</td> <td style="text-align: right">1.47</td> <td nowrap="nowrap"> </td> <td> </td> <td colspan="2"> </td> <td nowrap="nowrap"> </td> <td> </td> <td colspan="2"> </td> <td nowrap="nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Forfeited or expired</td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(267,667</td> <td nowrap="nowrap">)</td> <td> </td> <td>$</td> <td style="text-align: right">4.06</td> <td nowrap="nowrap"> </td> <td> </td> <td colspan="2"> </td> <td nowrap="nowrap"> </td> <td> </td> <td colspan="2"> </td> <td nowrap="nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 52%">Outstanding options at September 30, 2015</td> <td style="width: 1%"> </td> <td style="width: 1%; border-bottom: black 2.25pt double"> </td> <td style="width: 9%; border-bottom: black 2.25pt double; text-align: right">1,667,233</td> <td nowrap="nowrap" style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 9%; text-align: right">2.01</td> <td nowrap="nowrap" style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%; border-bottom: black 2.25pt double"> </td> <td style="width: 9%; border-bottom: black 2.25pt double; text-align: right">8.99</td> <td nowrap="nowrap" style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%; border-bottom: black 2.25pt double">$</td> <td style="width: 9%; border-bottom: black 2.25pt double; text-align: right"></td> <td nowrap="nowrap" style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Exercisable options at September 30, 2015</td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">600,750</td> <td nowrap="nowrap"> </td> <td> </td> <td>$</td> <td style="text-align: right">2.55</td> <td nowrap="nowrap"> </td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">8.77</td> <td nowrap="nowrap"> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right"></td> <td nowrap="nowrap"> </td></tr> </table>   The weighted-average grant-date fair value of stock options granted for the nine month period ended September 30, 2015 was $1.47 per share.  As of September 30, 2015, there was approximately $779,000 of total unrecognized compensation expense related to non-vested share-based option compensation arrangements. With the exception of the unrecognized share-based compensation related to certain restricted stock grants to officers and employees that contain performance conditions related to FDA approval for the Companys CGM system or the sale of substantially all of the stock or assets of the Company, unrecognized compensation is expected to be recognized over the next four years.

For restricted stock issued and outstanding during the nine month periods ended September 30, 2015 and 2014, the Company incurred non-cash compensation expense of approximately $42,000 and $349,000, respectively, each net of estimated forfeitures.   During the nine months ended September 30, 2015, the Company did not grant restricted shares of Common Stock to any officers, employees, directors and consultants of the Company.   A summary of non-vested restricted stock activity as of and for the nine months ended September 30, 2015 is as follows:   <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-decoration: underline">Restricted Stock</td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid">     Shares</td> <td nowrap="nowrap"> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid"> Weighted- Average Grant-Date Fair Value</td> <td nowrap="nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 78%">Non-vested shares at January 1, 2015</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 8%; text-align: right">47,958</td> <td nowrap="nowrap" style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 8%; text-align: right">9.74</td> <td nowrap="nowrap" style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Vested</td> <td> </td> <td> </td> <td style="text-align: right">(16,037</td> <td nowrap="nowrap">)</td> <td> </td> <td>$</td> <td style="text-align: right">4.62</td> <td nowrap="nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Forfeited</td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(2,330</td> <td nowrap="nowrap">)</td> <td> </td> <td>$</td> <td style="text-align: right">6.05</td> <td nowrap="nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Non-vested shares at September 30, 2015</td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">29,591</td> <td nowrap="nowrap"> </td> <td> </td> <td>$</td> <td style="text-align: right">12.80</td> <td nowrap="nowrap"> </td></tr> </table>   Among the 29,591 shares of non-vested restricted stock, the various vesting criteria include the following:   <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 64px; text-align: center">·</td> <td>14,185 shares of restricted stock vest upon the FDA approval of our CGM system or the sale of the Company; and</td></tr> </table>   <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 64px; text-align: center">·</td> <td>15,406 shares of restricted stock vest over 4 years, at each of the anniversary dates of the grants.</td></tr> </table>   As of September 30, 2015, there was approximately $349,000 of total unrecognized compensation expense related to non-vested share-based restricted stock arrangements granted pursuant to the Companys equity compensation plans that vest over time in the foreseeable future. As of September 30, 2015, the Company cannot estimate the timing of completion of performance vesting requirements required by certain of these restricted stock grant arrangements. Compensation expense related to these restricted share grants will be recognized when the Company concludes that achievement of the performance vesting conditions is probable.     In the three and nine months ended September 30, 2015, the Company issued warrants to purchase 454,334 and 2,121,000 shares of our common stock, respectively, in connection with a partial closing related to the private placement of the Companys Preferred Stock as well as the 333,333 shares of our common stock in connection with a Reimbursement Agreement. See Notes 6 and 7.   The Derivative Warrants to purchase 700,000 shares of our Common Stock, at exercise prices ranging from $20.00 to $22.70, and expiring in 2017, are included in the outstanding warrants at January 1, 2015. On February 12, 2015, these warrants were re-priced to $7.50 to compensate PPVA in connection with the Reimbursement Agreement reached between the Company and PPVA. See Notes 6 and 7.     A summary of warrant activity for the nine months ended September 30, 2015 is as follows:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td colspan="3" style="border-bottom: Black 1pt solid">   Warrants</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">   Shares</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Weighted- Average Exercise Price</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left"> </td><td style="width: 26%; text-align: right">Outstanding warrants at January 1, 2015</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 26%; text-align: right">1,847,066</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 26%; text-align: right">10.04</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td style="text-align: right">Granted</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,454,333</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">3.00</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">Forfeited</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(37,638</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">22.50</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">Outstanding warrants at September 30, 2015</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">4,263,761</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">3.72</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>   At September 30, 2015, the Company had the following outstanding warrants:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td colspan="5" style="border-bottom: Black 1pt solid">  Type of Warrant/ Range of Exercise Prices</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid">    Expirations</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid">  Number Outstanding</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Weighted- Average Remaining Contractual Life (years)</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Weighted- Average Exercise Price</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid">  Number Exercisable</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Derivative:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 35%"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">7.50</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">8/31/17 to 11/6/17</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">700,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">1.98</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">7.50</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="text-align: right">700,000</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Equity:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: right; padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">$2.75 - $3.00</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">12/10/18 to 09/24/20</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3,563,761</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">4.40</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">2.98</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">3,563,761</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total outstanding</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">4,263,761</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">4,263,761</td></tr> </table>     The Company uses valuation methods and assumptions that consider among other factors the fair value of the underlying stock, risk-free interest rate, volatility, expected life and dividend rates in estimating fair value for the warrants considered to be derivative instruments. The following assumptions were utilized by the Company:   <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top; background-color: #CCEEFF"> <td style="width: 84%">Risk-free interest rate</td> <td style="width: 16%; text-align: center">.70 %</td></tr> <tr style="vertical-align: top; background-color: white"> <td>Expected dividend yield</td> <td style="text-align: center"></td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td>Expected term - years (contractual term)</td> <td style="text-align: center">2.5</td></tr> <tr style="vertical-align: top; background-color: white"> <td>Forfeiture rate</td> <td style="text-align: center"></td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td>Expected volatility</td> <td style="text-align: center">92 %</td></tr> </table>   Expected volatilities are based on historical volatility of the Common Stock using historical periods consistent with the expected term of the warrant. The risk-free rate is based on the yield of a U.S. Treasury security with a term consistent with the warrant.

On July 4, 2015, the Company resolved its legal disputes with Patrick Mooney, its former Chairman, President and Chief Executive Officer, on mutually-agreeable terms and all related litigation was dismissed with prejudice.  On July 27, 2015, the Company made a settlement payment of $150,000 to Dr. Mooney and additional payments were made to Dr. Mooney from the Companys insurers. Such amount was recorded to legal expense in the second quarter of 2015.   From time to time, in addition to that which is identified above, we are subject to legal proceedings, claims, investigations, and proceedings in the ordinary course of business. In accordance with generally accepted accounting principles, we make a provision for a liability when it is both probable that a liability has been incurred and the amount of the loss or range of loss can be reasonably estimated. These provisions, if any, are reviewed at least quarterly and adjusted to reflect the impacts of negotiations, settlements, rulings, advice of legal counsel, and other information and events pertaining to a particular case. Litigation is inherently unpredictable. At September 30, 2015, no litigation loss is deemed probable or reasonably estimated.   NASDAQ Compliance   Audit Committee Requirement     On January 30, 2015, the Company received a letter from Nasdaq indicating that the Company no longer complies with Nasdaqs audit committee requirements set forth in Nasdaq Listing Rule 5605.  Such rule requires that the Audit Committee of the Company have a minimum of three members and be composed only of independent directors.  On December 31, 2014, Vincent Enright, William Grieco and James Smith resigned from the Board of Directors of the Company, as well as its Audit Committee. As a result, the Audit Committee had no members as of Decembers 31, 2014.  On January 5, 2015, the Board of Directors appointed Shepard Goldberg and Michael Goldberg to the Audit Committee, both of whom are independent directors.       The Company intends to add at least one additional independent member to the Audit Committee by December 31, 2015 as required by Nasdaq Listing Rule 5605.   Requirement for Continued Listing     On August 20, 2015, Echo Therapeutics, Inc. (the Company) received a letter from The Nasdaq Stock Market (Nasdaq) informing the Company that it is no longer in compliance with the minimum stockholders equity requirement for continued listing on the Nasdaq Capital Market. Nasdaq Listing Rule 5550(b)(1) requires listed companies to maintain stockholders equity of at least $2.5 million. Further, as of August 20, 2015, the Company did not meet the alternative compliance standards relating to the $35,000,000 market value of listed securities or $500,000 net income from continuing operations.     This notification had no immediate effect on the Companys listing on the Nasdaq Capital Market. Nasdaq provided the Company with 45 calendar days from the receipt of the Nasdaq letter to submit a plan to regain compliance with the minimum stockholders equity standard.     On October 5, 2015, the Company submitted its plan to Nasdaq to regain compliance with the minimum stockholders equity standard. On October 26, 2015, based on the Companys submission, Nasdaq granted the Company the maximum allowable 180 day extension to February 16, 2016 to evidence compliance with the listing standards.     There can be no assurance that the Company will be able to regain compliance. If the Company does not regain compliance, or if the Company fails to satisfy another Nasdaq requirement for continued listing, Nasdaq staff could provide notice that the Company's common stock will become subject to delisting. In the event of delisting, the Company expects that its stock would trade on the OTC Markets.

3230

-2305553

P3Y

P7Y

P5Y

P3Y

P5Y

P3Y

P7Y

270000

208155

1119155

61845

-911000

8328161

-267667

92349

1417150

-154449

-3070883

-5000

-18106

160000

10000000

5000

18106

6485

26500 1640733

-35600

-13000

-66667

-92349

-1417150

-243333

154449

3070883

310000

31500 1658839 6485

1667233

1039900

600750

26500

1640733

2.01

3.00

1.47

1.35

1.48

2.34

1.31

1.29

1.62

4.06

2.55

756000

708000

29591

47958

5000

18106

-16037

-2330

12.80

9.74

4.62

6.05

4263761

1847066

-37638

2454333 10.04 3.00 22.50 3.72

0.0070

0.000

P2Y6M

P5Y

P5Y6M

P6Y

P5Y6M

P5Y

0.000 .15 .075 .15

.92

1.20

1.41

.93

2121000

454334

8/31/17 to 11/6/17 12/10/18 to 09/24/20 -92900

P8Y9M7D

ECTE

Echo Therapeutics, Inc. (the "Company") is a medical device company with expertise in advanced skin permeation technology. The Company is developing its non-invasive, wireless continuous glucose monitoring (CGM) system with potential use in the wearable-health consumer market and the outpatient diabetes market. A significant longer-term opportunity may also exist in the hospital setting. Echo has also developed its needle-free skin preparation device as a platform technology that allows for enhanced skin permeation enabling extraction of analytes, such as glucose, enhanced delivery of topical pharmaceuticals and other applications.   The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, Sontra Medical, Inc., a Delaware corporation. All significant intercompany balances and transactions have been eliminated in consolidation. These financial statements have been prepared in conformity with generally accepted accounting principles (GAAP) in the United States consistent with those applied in, and should be read in conjunction with, the Companys audited consolidated financial statements and related footnotes for the year ended December 31, 2014 included in the Companys Annual Report on Form 10-K as filed with the United States Securities and Exchange Commission (SEC) on April 15, 2015. Certain amounts in prior periods have been reclassified to conform to the current presentation. These financial statements reflect all adjustments, consisting only of normal recurring adjustments, which are, in the opinion of management, necessary for a fair presentation of the Companys financial position as of September 30, 2015 and its results of operations and cash flows for the interim periods presented and are not necessarily indicative of results for subsequent interim periods or for the full year. These interim financial statements do not include all of the information and footnotes required by GAAP for complete financial statements as allowed by the relevant SEC rules and regulations; however, the Company believes that its disclosures are adequate to ensure that the information presented is not misleading.

11127292

8328161

.0146

.0175

.0190

.0208

895000

400000

50000

20000

55000

40000

30000

150000

P8Y11M26D

42000

349000

14,185 shares of restricted stock vest upon the FDA approval of our CGM system or the sale of the Company

15,406 shares of restricted stock vest over 4 years, at each of the anniversary dates of the grants.

3,625 shares of restricted stock vest over 1 year, at each of the anniversary dates of the grants

349000

333333

7300

11470

77000

50000

38500 150000

150000

The Company reviews its intangibles for impairment whenever events or changes in circumstances indicate that the assets carrying amount may not be recoverable. The Company conducts its asset impairment analyses by grouping assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities and evaluate the asset group against the sum of the undiscounted future cash flows. If the undiscounted cash flows do not indicate the carrying amount of the asset is recoverable, an impairment charge is measured as the amount by which the carrying amount of the asset group exceeds its fair value based on discounted cash flow analysis or appraisals.   In connection with the preparation of the financial statements in the second quarter of fiscal 2015, the Company concluded it had a triggering event requiring assessment of impairment for its intangibles in conjunction with an expected out-licensing strategy that new management had hoped to pursue. Extremely limited financial resources coupled with the remaining short patent lives, discussions with previous consultants regarding their progress with bringing value to the intangibles, a review of competitive formulations and discussions with new consultants to explore out-licensing strategies, led newly-hired corporate management to conclude it was best to abandon its initial hope to garner value from its intangibles. Accordingly, due to this change in strategy, no monies are now expected to be obtained relating to the Azone Drug Master File, the Durhalieve and MAZ Investigational New Drug applications and the MAZ Orphan Drug application (collectively, the AzoneTS-based technology acquired in 2007) intangibles. As a result, the Company reviewed the intangibles for impairment and recorded a $9.625 million impairment charge, or the full value of the intangibles, on the consolidated statement of operations in the second quarter of 2015.

293556

2768055

332764

334865

628726

740177

228099

755444

61999

111980

41968

825589

991515

1629462

302041

1138593

10000

17486

52095

8403

200000

20000 2000 491000 -300000

-148853798

-127932066

3181500

2350000

100000

66667

7.50

3.00

2.75

3.00

20.00

22.70

7.50

278816

779000

4263761

700000

3563761

700000

P1Y11M22D

P4Y4M24D

4263761

700000

3563761

7.50

2.98

150000

P3Y

3481500

981500

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid">   9/30/15</td> <td nowrap="nowrap"> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid">   12/31/14</td> <td nowrap="nowrap"> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid"> Estimated Useful Lives</td> <td nowrap="nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 67%">Computer equipment</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 8%; text-align: right">332,764</td> <td nowrap="nowrap" style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 8%; text-align: right">334,865</td> <td nowrap="nowrap" style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 8%; text-align: center">3</td> <td nowrap="nowrap" style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Office and laboratory equipment</td> <td> </td> <td> </td> <td style="text-align: right">628,726</td> <td nowrap="nowrap"> </td> <td> </td> <td> </td> <td style="text-align: right">740,177</td> <td nowrap="nowrap"> </td> <td> </td> <td> </td> <td style="text-align: center">3-5</td> <td nowrap="nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Furniture and fixtures</td> <td> </td> <td> </td> <td style="text-align: right">228,099</td> <td nowrap="nowrap"> </td> <td> </td> <td> </td> <td style="text-align: right">755,444</td> <td nowrap="nowrap"> </td> <td> </td> <td> </td> <td style="text-align: center">7</td> <td nowrap="nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Manufacturing equipment</td> <td> </td> <td> </td> <td style="text-align: right">61,999</td> <td nowrap="nowrap"> </td> <td> </td> <td> </td> <td style="text-align: right">111,980</td> <td nowrap="nowrap"> </td> <td> </td> <td> </td> <td style="text-align: center">5</td> <td nowrap="nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Leasehold improvements</td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">41,968</td> <td nowrap="nowrap"> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">825,589</td> <td nowrap="nowrap"> </td> <td> </td> <td> </td> <td style="text-align: center">3-7</td> <td nowrap="nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-indent: 9pt">Total property and equipment</td> <td> </td> <td> </td> <td style="text-align: right">1,293,556</td> <td nowrap="nowrap"> </td> <td> </td> <td> </td> <td style="text-align: right">2,768,055</td> <td nowrap="nowrap"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td nowrap="nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Less accumulated depreciation and amortization</td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">991,515</td> <td nowrap="nowrap"> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">1,629,462</td> <td nowrap="nowrap"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td nowrap="nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-indent: 9pt">Property and equipment, net</td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">302,041</td> <td nowrap="nowrap"> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">1,138,593</td> <td nowrap="nowrap"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td nowrap="nowrap"> </td></tr> </table>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center">Equity Compensation Plans</td> <td nowrap="nowrap"> </td> <td> </td> <td colspan="2" style="text-align: center">Not Pursuant</td> <td nowrap="nowrap"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2003 Plan</td> <td nowrap="nowrap"> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2008 Plan</td> <td nowrap="nowrap"> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">to a Plan</td> <td nowrap="nowrap"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-decoration: underline">Shares Available For Issuance</td> <td> </td> <td colspan="2"> </td> <td nowrap="nowrap"> </td> <td> </td> <td colspan="2"> </td> <td nowrap="nowrap"> </td> <td> </td> <td colspan="2"> </td> <td nowrap="nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Total reserved for stock options and restricted stock</td> <td> </td> <td> </td> <td style="text-align: right">160,000</td> <td nowrap="nowrap"> </td> <td> </td> <td> </td> <td style="text-align: right">10,000,000</td> <td nowrap="nowrap"> </td> <td> </td> <td colspan="2"> </td> <td nowrap="nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-indent: 12pt">Net restricted stock issued net of cancellations</td> <td> </td> <td> </td> <td style="text-align: right">(5,000</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td style="text-align: right">(18,106</td> <td nowrap="nowrap">)</td> <td> </td> <td colspan="2"> </td> <td nowrap="nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-indent: 12pt">Stock options granted</td> <td> </td> <td> </td> <td style="text-align: right">(154,449</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td style="text-align: right">(3,070,883</td> <td nowrap="nowrap">)</td> <td> </td> <td colspan="2"> </td> <td nowrap="nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-indent: 12pt">Add back options cancelled before exercise</td> <td> </td> <td> </td> <td style="text-align: right">92,349</td> <td nowrap="nowrap"> </td> <td> </td> <td> </td> <td style="text-align: right">1,417,150</td> <td nowrap="nowrap"> </td> <td> </td> <td colspan="2"> </td> <td nowrap="nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-indent: 12pt">Less shares no longer available due to Plan expiration</td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(92,900</td> <td nowrap="nowrap">)</td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"></td> <td nowrap="nowrap"> </td> <td> </td> <td colspan="2"> </td> <td nowrap="nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Remaining shares available for future grants at September 30, 2015</td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right"></td> <td nowrap="nowrap"> </td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">8,328,161</td> <td nowrap="nowrap"> </td> <td> </td> <td colspan="2"> </td> <td nowrap="nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td colspan="9"> </td> <td> </td> <td colspan="2"> </td> <td nowrap="nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 67%">Stock options granted</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 8%; text-align: right">154,449</td> <td nowrap="nowrap" style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 8%; text-align: right">3,070,883</td> <td nowrap="nowrap" style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 8%; text-align: right">310,000</td> <td nowrap="nowrap" style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Less:      Stock options cancelled</td> <td> </td> <td> </td> <td style="text-align: right">(92,349</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td style="text-align: right">(1,417,150</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td style="text-align: right">(243,333</td> <td nowrap="nowrap">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-indent: 24pt">     Stock options exercised</td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(35,600</td> <td nowrap="nowrap">)</td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(13,000</td> <td nowrap="nowrap">)</td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(66,667</td> <td nowrap="nowrap">)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Net shares outstanding before restricted stock</td> <td> </td> <td> </td> <td style="text-align: right">26,500</td> <td nowrap="nowrap"> </td> <td> </td> <td> </td> <td style="text-align: right">1,640,733</td> <td nowrap="nowrap"> </td> <td style="text-align: right"> </td> <td> </td> <td style="text-align: right"></td> <td nowrap="nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Net restricted stock issued net of cancellations</td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">5,000</td> <td nowrap="nowrap"> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">18,106</td> <td nowrap="nowrap"> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">6,485</td> <td nowrap="nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Outstanding shares at September 30, 2015</td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">31,500</td> <td nowrap="nowrap"> </td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">1,658,839</td> <td nowrap="nowrap"> </td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">6,485</td> <td nowrap="nowrap"> </td></tr> </table>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 68%"> </td> <td style="width: 16%; border-bottom: black 1.5pt solid; text-align: center">2015</td> <td style="width: 1%"> </td> <td style="width: 15%; border-bottom: black 1.5pt solid; text-align: center">2014</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom">Risk-free interest rate %</td> <td style="vertical-align: bottom; text-align: center">1.46 1.90</td> <td style="vertical-align: top"> </td> <td style="vertical-align: bottom; text-align: center">1.75 2.08</td></tr> <tr style="background-color: white"> <td style="vertical-align: bottom">Expected dividend yield</td> <td style="vertical-align: bottom; text-align: center"></td> <td style="vertical-align: top"> </td> <td style="vertical-align: bottom; text-align: center"></td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom">Expected term -  years</td> <td style="vertical-align: bottom; text-align: center">5 5.5</td> <td style="vertical-align: top"> </td> <td style="vertical-align: bottom; text-align: center">5.5 6.5</td></tr> <tr style="background-color: white"> <td style="vertical-align: bottom">Forfeiture rate % (excluding fully vested stock options)</td> <td style="vertical-align: bottom; text-align: center">7.5 15</td> <td style="vertical-align: top"> </td> <td style="vertical-align: bottom; text-align: center">15</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom">Expected volatility %</td> <td style="vertical-align: bottom; text-align: center">92 93</td> <td style="vertical-align: top"> </td> <td style="vertical-align: bottom; text-align: center">120 - 141</td></tr> </table>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt">         Stock Options</td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid">       Shares</td> <td nowrap="nowrap"> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid"> Weighted- Average Exercise Price</td> <td nowrap="nowrap"> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid"> Weighted- Average Remaining Contractual Term (years)</td> <td nowrap="nowrap"> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid">   Aggregate Intrinsic Value</td> <td nowrap="nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Outstanding options at January 1, 2015</td> <td> </td> <td> </td> <td style="text-align: right">1,039,900</td> <td nowrap="nowrap"> </td> <td> </td> <td>$</td> <td style="text-align: right">3.00</td> <td nowrap="nowrap"> </td> <td> </td> <td colspan="2"> </td> <td nowrap="nowrap"> </td> <td> </td> <td colspan="2"> </td> <td nowrap="nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Granted</td> <td> </td> <td> </td> <td style="text-align: right">895,000</td> <td nowrap="nowrap"> </td> <td> </td> <td>$</td> <td style="text-align: right">1.47</td> <td nowrap="nowrap"> </td> <td> </td> <td colspan="2"> </td> <td nowrap="nowrap"> </td> <td> </td> <td colspan="2"> </td> <td nowrap="nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Forfeited or expired</td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(267,667</td> <td nowrap="nowrap">)</td> <td> </td> <td>$</td> <td style="text-align: right">4.06</td> <td nowrap="nowrap"> </td> <td> </td> <td colspan="2"> </td> <td nowrap="nowrap"> </td> <td> </td> <td colspan="2"> </td> <td nowrap="nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 52%">Outstanding options at September 30, 2015</td> <td style="width: 1%"> </td> <td style="width: 1%; border-bottom: black 2.25pt double"> </td> <td style="width: 9%; border-bottom: black 2.25pt double; text-align: right">1,667,233</td> <td nowrap="nowrap" style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 9%; text-align: right">2.01</td> <td nowrap="nowrap" style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%; border-bottom: black 2.25pt double"> </td> <td style="width: 9%; border-bottom: black 2.25pt double; text-align: right">8.99</td> <td nowrap="nowrap" style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%; border-bottom: black 2.25pt double">$</td> <td style="width: 9%; border-bottom: black 2.25pt double; text-align: right"></td> <td nowrap="nowrap" style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Exercisable options at September 30, 2015</td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">600,750</td> <td nowrap="nowrap"> </td> <td> </td> <td>$</td> <td style="text-align: right">2.55</td> <td nowrap="nowrap"> </td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">8.77</td> <td nowrap="nowrap"> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right"></td> <td nowrap="nowrap"> </td></tr> </table>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-decoration: underline">Restricted Stock</td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid">     Shares</td> <td nowrap="nowrap"> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid"> Weighted- Average Grant-Date Fair Value</td> <td nowrap="nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 78%">Non-vested shares at January 1, 2015</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 8%; text-align: right">47,958</td> <td nowrap="nowrap" style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 8%; text-align: right">9.74</td> <td nowrap="nowrap" style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Vested</td> <td> </td> <td> </td> <td style="text-align: right">(16,037</td> <td nowrap="nowrap">)</td> <td> </td> <td>$</td> <td style="text-align: right">4.62</td> <td nowrap="nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Forfeited</td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(2,330</td> <td nowrap="nowrap">)</td> <td> </td> <td>$</td> <td style="text-align: right">6.05</td> <td nowrap="nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Non-vested shares at September 30, 2015</td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">29,591</td> <td nowrap="nowrap"> </td> <td> </td> <td>$</td> <td style="text-align: right">12.80</td> <td nowrap="nowrap"> </td></tr> </table>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td colspan="4" style="border-bottom: black 1.5pt solid">     Type of Warrant/ Range of Exercise Prices</td> <td nowrap="nowrap"> </td> <td style="border-bottom: black 1.5pt solid">         Expirations</td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid">     Number Outstanding</td> <td nowrap="nowrap"> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Weighted- Average Remaining Contractual Life (years)</td> <td nowrap="nowrap"> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Weighted- Average Exercise Price</td> <td nowrap="nowrap"> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid">     Number Exercisable</td> <td nowrap="nowrap"> </td></tr> <tr style="vertical-align: bottom"> <td>Derivative:  </td> <td> </td> <td colspan="2"> </td> <td nowrap="nowrap"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td nowrap="nowrap"> </td> <td> </td> <td colspan="2"> </td> <td nowrap="nowrap"> </td> <td> </td> <td colspan="2"> </td> <td nowrap="nowrap"> </td> <td> </td> <td colspan="2"> </td> <td nowrap="nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 20%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 9%; text-align: right">$7.50</td> <td nowrap="nowrap" style="width: 1%"> </td> <td style="width: 20%; text-align: center">8/31/17 to 11/6/17</td> <td style="width: 1%; text-align: right"> </td> <td style="width: 1%"> </td> <td style="width: 9%; text-align: right">700,000</td> <td nowrap="nowrap" style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 9%; text-align: right">1.98</td> <td nowrap="nowrap" style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 9%; text-align: right">7.50</td> <td nowrap="nowrap" style="width: 1%"> </td> <td style="width: 1%; text-align: right"> </td> <td style="width: 1%"> </td> <td style="width: 9%; text-align: right">700,000</td> <td nowrap="nowrap" style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Equity:</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td nowrap="nowrap"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td nowrap="nowrap"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td nowrap="nowrap"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td nowrap="nowrap"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td nowrap="nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: right"> </td> <td> </td> <td> </td> <td style="text-align: right">$2.75 - $3.00</td> <td nowrap="nowrap"> </td> <td style="text-align: center">12/10/18 to 09/24/20</td> <td style="text-align: right"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">3,563,761</td> <td nowrap="nowrap"> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">4.40</td> <td nowrap="nowrap"> </td> <td> </td> <td style="border-bottom: black 1.5pt solid">$</td> <td style="border-bottom: black 1.5pt solid; text-align: right">2.98</td> <td nowrap="nowrap"> </td> <td style="text-align: right"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">3,563,761</td> <td nowrap="nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Total outstanding</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td nowrap="nowrap"> </td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">4,263,761</td> <td nowrap="nowrap"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td nowrap="nowrap"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td nowrap="nowrap"> </td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">4,263,761</td> <td nowrap="nowrap"> </td></tr> </table>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top; background-color: #CCEEFF"> <td style="width: 84%">Risk-free interest rate</td> <td style="width: 16%; text-align: center">.70 %</td></tr> <tr style="vertical-align: top; background-color: white"> <td>Expected dividend yield</td> <td style="text-align: center"></td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td>Expected term - years (contractual term)</td> <td style="text-align: center">2.5</td></tr> <tr style="vertical-align: top; background-color: white"> <td>Forfeiture rate</td> <td style="text-align: center"></td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td>Expected volatility</td> <td style="text-align: center">92 %</td></tr> </table>

-4159424

-9149880

-100836

-641133

57321

395973

-130748

2076

-267769

184986

726003

4620000

-278816

1500

328000 61845 -1006000 8404

798250

1056915

487491

296686

-113692

215261

126082

1887

183938

-250000

55836

36626

2997405

2348639

243420

1361

-59325

-1275711

-6585980

3230

1278941

8055385

1469405

300000

15000 9740 550000 272200 272623

5043

2154

57321

19107

57321

19107

2269678

4097204

640584

1204231

3582134

5161965

739073

1630333

9625000

-278816

1500

-39382

487491

296686

39171

97894

16243119

9554355

1458210

2932458

-16243119

-9497034

-1458210

-2913351

11266571 12199476 11127475 12660182

-1.86

-0.76

-0.16

-0.21

-4678613

278758

-317212

232092

8170

-4620000

-263000

-61845

1006000

-54000

473000

4938

727242

212

240908

765423

12595836

236675

9687478

250

9990

236425

52488

9625000

302041

1138593

226707

1769765

223477

490824

2627795

3073551

95535

2532260

2978016

270000

208155

29203

317555

968392

1915502

1801469

765423

12595836

147100565

137292157

111270

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WARRANTS (Details)	9 Months Ended
WARRANTS (Details)	Sep. 30, 2015 $ / shares shares
Shares
Beginning Balance	1,847,066
Granted	2,454,333
Forfeited	(37,638)
Ending Balance	4,263,761
Weighted-Average Exercise Price
Beginning Balance \| $ / shares	$ 10.04
Granted \| $ / shares	3.00
Forfeited \| $ / shares	22.50
Ending Balance \| $ / shares	$ 3.72

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EQUITY COMPENSATION PLANS (Details Narrative) - shares	Sep. 30, 2015	Dec. 31, 2014
Restricted stock	29,591	47,958
Options to purchase an aggregate of shares	600,750
Plan2003Member
Restricted stock	5,000
Options to purchase an aggregate of shares	26,500
Shares available for future grant
Plan2008Member
Restricted stock	18,106
Options to purchase an aggregate of shares	1,640,733
Shares available for future grant	8,328,161

LIQUIDITY AND MANAGEMENT'S PLANS (Details Narrative) - USD ($)	1 Months Ended	9 Months Ended
	Nov. 10, 2015	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Cash		$ 3,230
Working capital deficit		(2,305,553)
Accumulated deficit		(148,853,798)		$ (127,932,066)
Proceeds from sale of preferred stock		$ 3,181,500	$ 2,350,000
Warrant term		2 years 6 months
Series F Preferred Stock [Member]
Proceeds from sale of preferred stock	$ 100,000
Sale of preferred stock, shares	66,667
Warrant term	5 years
Warrant exercise price	$ 3.00

XML 17 R42.htm IDEA: XBRL DOCUMENT

WARRANTS (Details Narrative) - $ / shares	3 Months Ended	9 Months Ended
WARRANTS (Details Narrative) - $ / shares	Sep. 30, 2015	Sep. 30, 2015	Jan. 30, 2015
Warrants issued in connection with private placement	454,334	2,121,000
Shares issued with reimbursement agreement		333,333
Number Outstanding	4,263,761	4,263,761
Derivative: $20.00-22.70 [Member]
Exercise Price	$ 7.50	$ 7.50
Number Outstanding			700,000
Derivative: $20.00-22.70 [Member] \| Minimum [Member]
Exercise Price			$ 20.00
Derivative: $20.00-22.70 [Member] \| Maximum [Member]
Exercise Price			$ 22.70

XML 18 R37.htm IDEA: XBRL DOCUMENT

RESTRICTED STOCK (Details)	9 Months Ended
RESTRICTED STOCK (Details)	Sep. 30, 2015 $ / shares shares
Shares
Restricted stock beginning of period	47,958
Vested	(16,037)
Forfeited	(2,330)
Restricted stock	29,591
Weighted- Average Grant-DateFair Value
Nonvested beginning of period \| $ / shares	$ 9.74
Vested \| $ / shares	4.62
Forfeited \| $ / shares	6.05
Nonvested \| $ / shares	$ 12.80

XML 19 R9.htm IDEA: XBRL DOCUMENT

PROPERTY AND EQUIPMENT

XML 20 R43.htm IDEA: XBRL DOCUMENT

Property And Equipment

PROPERTY AND EQUIPMENT

The principal categories and estimated useful lives of property and equipment were:

	9/30/15		12/31/14		Estimated Useful Lives
Computer equipment	$	332,764	$	334,865		3
Office and laboratory equipment		628,726		740,177		3-5
Furniture and fixtures		228,099		755,444		7
Manufacturing equipment		61,999		111,980		5
Leasehold improvements		41,968		825,589		3-7
Total property and equipment		1,293,556		2,768,055
Less accumulated depreciation and amortization		991,515		1,629,462
Property and equipment, net	$	302,041	$	1,138,593

LITIGATION & OTHER SIGNIFICANT MATTERS (Details Narrative)	3 Months Ended
	Jun. 30, 2015 USD ($)
Litigation Other Significant Matters
Settlement payment	$ 150,000

XML 21 R29.htm IDEA: XBRL DOCUMENT

IMPAIRMENT OF INTANGIBLES (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
IMPAIRMENT OF INTANGIBLES (Details Narrative) - USD ($)	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Accounting Policies [Abstract]
Asset impairment charge			$ 9,625,000

XML 22 R28.htm IDEA: XBRL DOCUMENT

OPERATING LEASE COMMITMENTS (Details Narrative)	9 Months Ended
OPERATING LEASE COMMITMENTS (Details Narrative)	Sep. 30, 2015 USD ($)
N J
Monthly rental	$ 7,300
Letter of credit	77,000
Letter of credit, after introductory period	38,500
MASSACHUSETTS
Termination fee	150,000
MASSACHUSETTS 2
Monthly rental	11,470
Letter of credit	50,000
Letter of credit, after introductory period	$ 150,000

XML 23 R30.htm IDEA: XBRL DOCUMENT

DERIVATIVE LIABILITY (Details) - USD ($)	9 Months Ended	12 Months Ended
DERIVATIVE LIABILITY (Details) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Derivative Liability Details
Derivative warrant liability as of January 1	$ 208,155	$ 1,119,155
Loss (gain) on revaluation	61,845	(911,000)
Derivative warrant liability as of June 30	$ 270,000	$ 208,155

XML 24 R31.htm IDEA: XBRL DOCUMENT

EQUITY TRANSACTIONS (Details Narrative) - USD ($)	3 Months Ended	9 Months Ended
EQUITY TRANSACTIONS (Details Narrative) - USD ($)	Sep. 30, 2015	Sep. 30, 2015	Dec. 31, 2014
Option grant		895,000
Option grant, exercise price		$ 1.47
Proceeds from financing	$ 981,500	$ 3,481,500
Series F Preferred Stock [Member]
Preferred shares authorized	6,000,000	6,000,000	5,000,000
Employees [Member]
Option grant		400,000
Option grant, exercise price		$ 1.35
Vesting term		3 years
Manager Bus Dev [Member]
Option grant		50,000
Option grant, exercise price		$ 1.48
Vesting term		3 years
Technician [Member]
Option grant		20,000
Option grant, exercise price		$ 2.34
Vesting term		3 years
Engineers [Member]
Option grant		55,000
Option grant, exercise price		$ 1.31
Vesting term		3 years
Engineer2 [Member]
Option grant		40,000
Option grant, exercise price		$ 1.29
Vesting term		3 years
Engineer3 [Member]
Option grant		30,000
Option grant, exercise price		$ 1.62
Vesting term		3 years
Director1 [Member]
Option grant		150,000
Option grant, exercise price		$ 1.62
Board annual compensation	$ 30,000	$ 30,000
Platinum [Member]
Exchange of common stock for preferred		$ 843,526
Preferred issued upon conversion		843,526
Platinum2 [Member]
Exchange of common stock for preferred		$ 208,884
Preferred issued upon conversion		208,884
Platinum 3 [Member]
Exchange of common stock for preferred		$ 356,474
Preferred issued upon conversion		356,474
Platinum 4 [Member]
Exchange of common stock for preferred		$ 91,116
Preferred issued upon conversion		91,116
Director2 [Member]
Loan issued		$ 500,000
Director3 [Member]
Loan issued		500,000
Platinum 5 [Member]
Legal expense		$ 550,000

XML 25 R8.htm IDEA: XBRL DOCUMENT

LIQUIDITY AND MANAGEMENT'S PLANS

LIQUIDITY AND MANAGEMENT'S PLANS

Liquidity And Managements Plans

XML 26 R32.htm IDEA: XBRL DOCUMENT

EQUITY COMPENSATION PLANS (Details)	9 Months Ended
EQUITY COMPENSATION PLANS (Details)	Sep. 30, 2015 USD ($) shares
Shares Available For Issuance
Add back options cancelled before exercise	(267,667)
Plan2003Member
Shares Available For Issuance
Total reserved for stock options and restricted stock \| $	$ 160,000
Net restricted stock issued net of cancellations \| $	$ (5,000)
Stock options granted	(154,449)
Add back options cancelled before exercise	92,349
Options cancelled by plan vote \| $	$ (92,900)
Remaining shares available for future grants
Outstanding Options and Restricted Stock
Total granted \| $	$ 154,449
Options cancelled \| $	$ (92,349)
Options exercised	(35,600)
Net shares outstanding before restricted stock	26,500
Net restricted stock issued net of cancellations	5,000
Ending Balance	31,500
Plan2008Member
Shares Available For Issuance
Total reserved for stock options and restricted stock \| $	$ 10,000,000
Net restricted stock issued net of cancellations \| $	$ (18,106)
Stock options granted	(3,070,883)
Add back options cancelled before exercise	1,417,150
Options cancelled by plan vote \| $
Remaining shares available for future grants	8,328,161
Outstanding Options and Restricted Stock
Total granted \| $	$ 3,070,883
Options cancelled \| $	$ (1,417,150)
Options exercised	(13,000)
Net shares outstanding before restricted stock	1,640,733
Net restricted stock issued net of cancellations	18,106
Ending Balance	1,658,839
Not Pursuant to a Plan [Member]
Outstanding Options and Restricted Stock
Total granted \| $	$ 310,000
Options cancelled \| $	$ (243,333)
Options exercised	(66,667)
Net shares outstanding before restricted stock
Net restricted stock issued net of cancellations	6,485
Ending Balance	6,485

XML 27 R40.htm IDEA: XBRL DOCUMENT

WARRANTS (Details 1)	9 Months Ended
WARRANTS (Details 1)	Sep. 30, 2015 $ / shares shares
Warrants
Number Outstanding	4,263,761
Number Exercisable	4,263,761
Derivative: $7.50 [Member]
Warrants
Expirations	8/31/17 to 11/6/17
Weighted- Average Remaining Contractual Life (years)	1 year 11 months 22 days
Weighted-Average Exercise price \| $ / shares	$ 7.50
Equity: $2.75 - $3.00 [Member]
Warrants
Expirations	12/10/18 to 09/24/20
Weighted- Average Remaining Contractual Life (years)	4 years 4 months 24 days
Weighted-Average Exercise price \| $ / shares	$ 2.98
Derivative: $7.50 [Member]
Warrants
Exercise Price \| $ / shares	$ 7.50
Number Outstanding	700,000
Number Exercisable	700,000
Equity: $2.75 - $3.00 [Member]
Warrants
Number Outstanding	3,563,761
Number Exercisable	3,563,761
Equity: $2.75 - $3.00 [Member] \| Minimum [Member]
Warrants
Exercise Price \| $ / shares	$ 2.75
Equity: $2.75 - $3.00 [Member] \| Maximum [Member]
Warrants
Exercise Price \| $ / shares	$ 3.00

XML 28 R2.htm IDEA: XBRL DOCUMENT

Consolidated Balance Sheets - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Current Assets:
Cash and cash equivalents	$ 3,230	$ 1,278,941
Prepaid and other	223,477	490,824
Total current assets	226,707	1,769,765
Property and equipment, net	$ 302,041	1,138,593
Other Assets:
Intangibles, net		9,625,000
Cash restricted pursuant to letters of credit	$ 236,425	52,488
Other	250	9,990
Total other assets	236,675	9,687,478
Total assets	765,423	12,595,836
Current Liabilities:
Accounts payable	1,915,502	1,801,469
Accrued and other	317,555	$ 968,392
Premium financing payable	29,203
Derivative warrant liability	270,000	$ 208,155
Total current liabilities	2,532,260	2,978,016
Deferred revenue, net	95,535	95,535
Total liabilities	2,627,795	3,073,551
Stockholders’ equity: (deficit):
Common Stock, $0.01 par value, authorized 150,000,000 shares, issued and outstanding 11,127,292 and 12,629,695 shares, respectively	111,270	126,295
Additional paid-in capital	147,100,565	$ 137,292,157
Subscriptions receivable: Series F - 200,000 shares	(300,000)
Accumulated deficit	(148,853,798)	$ (127,932,066)
Total stockholders’ equity (deficit):	(1,862,372)	9,522,285
Total liabilities and stockholders' (deficit)	765,423	12,595,836
Series C Preferred Stock [Member]
Stockholders’ equity: (deficit):
Preferred Stock, $0.01 par value; 40,000,000 shares authorized: Convertible Series C, D, E, F	10	10
Series D Preferred Stock [Member]
Stockholders’ equity: (deficit):
Preferred Stock, $0.01 par value; 40,000,000 shares authorized: Convertible Series C, D, E, F	10,000	10,000
Series E Preferred Stock [Member]
Stockholders’ equity: (deficit):
Preferred Stock, $0.01 par value; 40,000,000 shares authorized: Convertible Series C, D, E, F	17,486	17,486
Series F Preferred Stock [Member]
Stockholders’ equity: (deficit):
Preferred Stock, $0.01 par value; 40,000,000 shares authorized: Convertible Series C, D, E, F	$ 52,095	$ 8,403

XML 29 R6.htm IDEA: XBRL DOCUMENT

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Cash Flows From Operating Activities:
Net loss	$ (20,921,732)	$ (9,218,276)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	487,491	296,686
Share-based compensation, net	$ 798,250	1,056,915
Fair value of common stock issued for services		8,404
Loss (gain) on revaluation of derivative warrant liability	$ 61,845	$ (1,006,000)
Warrant repricing charged to legal expense	328,000
Loss (gain) on disposal of assets	278,816	$ (1,500)
Impairment charge	9,625,000
Financing loss	$ 4,620,000
Amortization of deferred financing costs		$ 726,003
Changes in assets and liabilities:
Prepaid and other	$ 267,769	(184,986)
Other assets		2,076
Accounts payable	$ 395,973	(130,748)
Deferred revenue from licensing arrangements		(57,321)
Accrued and other	$ (100,836)	(641,133)
Net cash used in operating activities	(4,159,424)	(9,149,880)
Cash Flows from Investing Activities:
Purchase of property and equipment	(55,836)	(36,626)
(Increase) decrease in restricted cash	(183,938)	250,000
Proceeds from disposal of property and equipment	126,082	1,887
Net cash (used in) provided by investing activities	(113,692)	215,261
Cash Flows From Financing Activities:
Proceeds from issuances of equity, net	3,181,500	$ 2,350,000
Capital contribution	59,325
Principal payments on premium financing	(243,420)	$ (1,361)
Net cash provided by financing activities	2,997,405	2,348,639
Net decrease in cash and cash equivalents	(1,275,711)	(6,585,980)
Cash and cash equivalents, beginning of period	1,278,941	8,055,385
Cash and cash equivalents, end of period	3,230	1,469,405
Supplemental disclosure of cash flow information:
Cash paid for interest	$ 5,043	$ 2,154
Cash paid for Income taxes
Supplemental disclosure of non-cash financing transactions:
Prepaid insurance financed	$ 272,623
Director's fees payable offset against prepaid insurance	272,200
Accrued legal fees settled with stock	550,000
Security deposit offset against accounts payable	9,740
Conversion of convertible preferred stock into Common Stock at par value	15,000
Subscriptions receivable for Series F Preferred Stock	$ 300,000

XML 30 R35.htm IDEA: XBRL DOCUMENT

STOCK OPTIONS (Details1)	9 Months Ended
STOCK OPTIONS (Details1)	Sep. 30, 2015 USD ($) $ / shares shares
Shares
Beginning Balance	1,039,900
Granted	895,000
Forfeited or expired	(267,667)
Ending Balance	1,667,233
Exercisable at March 31, 2014	600,750
Weighted-Average Exercise Price
Beginning Balance \| $ / shares	$ 3.00
Weighted-average stock options granted \| $ / shares	1.47
Forfeited or expired \| $ / shares	4.06
Ending Balance \| $ / shares	2.01
Exercisable at March 31, 2014 \| $ / shares	$ 2.55
Weighted-Average Remaining Contractual Term
Outstanding remaining term	8 years 11 months 26 days
Exercisable remaining term	8 years 9 months 7 days
Aggregate Intrinsic Value
Beginning Balance \| $
Ending Balance \| $

XML 31 R22.htm IDEA: XBRL DOCUMENT

STOCK OPTIONS (Tables)

Assumption used for stock option granted

Stock Options Tables

	2015	2014
Risk-free interest rate %	1.46 – 1.90	1.75 – 2.08
Expected dividend yield	—	—
Expected term - years	5 – 5.5	5.5 – 6.5
Forfeiture rate % (excluding fully vested stock options)	7.5 – 15	15
Expected volatility %	92 – 93	120 - 141

Stock option activity

Stock Options	Shares			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (years)		Aggregate Intrinsic Value
Outstanding options at January 1, 2015		1,039,900		$	3.00
Granted		895,000		$	1.47
Forfeited or expired		(267,667	)	$	4.06
Outstanding options at September 30, 2015		1,667,233		$	2.01		8.99	$	—
Exercisable options at September 30, 2015		600,750		$	2.55		8.77	$	—

XML 32 R36.htm IDEA: XBRL DOCUMENT

STOCK OPTIONS (Details Narrative) - USD ($)	9 Months Ended
STOCK OPTIONS (Details Narrative) - USD ($)	Sep. 30, 2015	Sep. 30, 2014
Stock Options Details Narrative
Additional paid-in capital	$ 756,000	$ 708,000
Unrecognized compensation expense related to non	$ 779,000
Granted	$ 1.47

XML 33 R24.htm IDEA: XBRL DOCUMENT

WARRANTS (Tables)

Warrants assumptions utilized by the Company

Warrants Tables

Warrant Activity

Warrants	Shares			Weighted- Average Exercise Price
Outstanding warrants at January 1, 2015		1,847,066		$	10.04
Granted		2,454,333		$	3.00
Forfeited		(37,638	)	$	22.50
Outstanding warrants at September 30, 2015		4,263,761		$	3.72

Outstanding Warrants

Type of Warrant/ Range of Exercise Prices		Expirations	Number Outstanding		Weighted- Average Remaining Contractual Life (years)		Weighted- Average Exercise Price		Number Exercisable
Derivative:
	$7.50	8/31/17 to 11/6/17		700,000		1.98	$	7.50		700,000
Equity:
	$2.75 - $3.00	12/10/18 to 09/24/20		3,563,761		4.40	$	2.98		3,563,761
Total outstanding				4,263,761						4,263,761

Risk-free interest rate	.70 %
Expected dividend yield	—
Expected term - years (contractual term)	2.5
Forfeiture rate	—
Expected volatility	92 %

- Definition

Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

+ References + Details

XML 34 Show.js IDEA: XBRL DOCUMENT /** * Rivet Software Inc. * * @copyright Copyright (c) 2006-2011 Rivet Software, Inc. All rights reserved. * Version 2.4.0.3 * */ var Show = {}; Show.LastAR = null, Show.hideAR = function(){ Show.LastAR.style.display = 'none'; }; Show.showAR = function ( link, id, win ){ if( Show.LastAR ){ Show.hideAR(); } var ref = link; do { ref = ref.nextSibling; } while (ref && ref.nodeName != 'TABLE'); if (!ref || ref.nodeName != 'TABLE') { var tmp = win ? win.document.getElementById(id) : document.getElementById(id); if( tmp ){ ref = tmp.cloneNode(true); ref.id = ''; link.parentNode.appendChild(ref); } } if( ref ){ ref.style.display = 'block'; Show.LastAR = ref; } }; Show.toggleNext = function( link ){ var ref = link; do{ ref = ref.nextSibling; }while( ref.nodeName != 'DIV' ); if( ref.style && ref.style.display && ref.style.display == 'none' ){ ref.style.display = 'block'; if( link.textContent ){ link.textContent = link.textContent.replace( '+', '-' ); }else{ link.innerText = link.innerText.replace( '+', '-' ); } }else{ ref.style.display = 'none'; if( link.textContent ){ link.textContent = link.textContent.replace( '-', '+' ); }else{ link.innerText = link.innerText.replace( '-', '+' ); } } }; XML 35 R7.htm IDEA: XBRL DOCUMENT

ORGANIZATION AND BASIS OF PRESENTATION

Organization And Basis Of Presentation

ORGANIZATION AND BASIS OF PRESENTATION

XML 36 R3.htm IDEA: XBRL DOCUMENT

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2015	Dec. 31, 2014
Stockholders' Equity:
Common stock, par value	$ 0.01	$ 0.01
Common stock, authorized	150,000,000	150,000,000
Common stock, outstanding	11,128,275	12,629,695
Common stock, Share Issued	11,128,275	12,629,695
Series C Preferred Stock [Member]
Stockholders' Equity:
Convertible Preferred Stock, par value	$ 0.01
Convertible Preferred Stock, authorized	10,000
Convertible Preferred Stock, outstanding	1,000
Convertible Preferred Stock, Share Issued	1,000
Series D Preferred Stock [Member]
Stockholders' Equity:
Convertible Preferred Stock, par value	$ 0.01
Convertible Preferred Stock, authorized	3,600,000
Convertible Preferred Stock, outstanding	1,000,000
Convertible Preferred Stock, Share Issued	1,000,000
Series E Preferred Stock [Member]
Stockholders' Equity:
Convertible Preferred Stock, par value	$ 0.01
Convertible Preferred Stock, authorized	1,748,613
Convertible Preferred Stock, outstanding	1,748,613
Convertible Preferred Stock, Share Issued	1,748,613
Series F Preferred Stock [Member]
Stockholders' Equity:
Convertible Preferred Stock, par value	$ 0.01
Convertible Preferred Stock, authorized	6,000,000	5,000,000
Convertible Preferred Stock, outstanding	5,209,513
Convertible Preferred Stock, Share Issued	4,555,179
Convertible Preferred Stock, shares subscribed	200,000

XML 37 R17.htm IDEA: XBRL DOCUMENT

WARRANTS

XML 38 R1.htm IDEA: XBRL DOCUMENT

Warrants

WARRANTS

A summary of warrant activity for the nine months ended September 30, 2015 is as follows:

Warrants		Shares			Weighted- Average Exercise Price
	Outstanding warrants at January 1, 2015		1,847,066		$	10.04
	Granted		2,454,333		$	3.00
	Forfeited		(37,638	)	$	22.50
	Outstanding warrants at September 30, 2015		4,263,761		$	3.72

At September 30, 2015, the Company had the following outstanding warrants:

Type of Warrant/ Range of Exercise Prices			Expirations		Number Outstanding		Weighted- Average Remaining Contractual Life (years)		Weighted- Average Exercise Price		Number Exercisable
Derivative:
	$	7.50		8/31/17 to 11/6/17		700,000		1.98	$	7.50	700,000
Equity:
		$2.75 - $3.00		12/10/18 to 09/24/20		3,563,761		4.40	$	2.98	3,563,761
Total outstanding						4,263,761					4,263,761

Risk-free interest rate	.70 %
Expected dividend yield	—
Expected term - years (contractual term)	2.5
Forfeiture rate	—
Expected volatility	92 %

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2015	Nov. 10, 2015
Document And Entity Information
Entity Registrant Name	Echo Therapeutics, Inc.
Entity Central Index Key	0001031927
Document Type	10-Q
Document Period End Date	Sep. 30, 2015
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	Yes
Trading Symbol	ECTE
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		11,127,292
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2015

XML 39 R18.htm IDEA: XBRL DOCUMENT

LITIGATION & OTHER SIGNIFICANT MATTERS

Litigation Other Significant Matters

LITIGATION & OTHER SIGNIFICANT MATTERS

NASDAQ Compliance

Audit Committee Requirement

The Company intends to add at least one additional independent member to the Audit Committee by December 31, 2015 as required by Nasdaq Listing Rule 5605.

Requirement for Continued Listing

XML 40 R4.htm IDEA: XBRL DOCUMENT

Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Income Statement [Abstract]
Licensing revenue		$ 19,107		$ 57,321
Total revenues		19,107		57,321
Operating Expenses:
Research and development	$ 640,584	1,204,231	$ 2,269,678	4,097,204
Selling, general and administrative	$ 739,073	$ 1,630,333	3,582,134	$ 5,161,965
Impairment charge			9,625,000
Loss (gain) on disposal of property and equipment	$ 39,382		278,816	$ (1,500)
Depreciation and amortization	39,171	$ 97,894	487,491	296,686
Total operating expenses	1,458,210	2,932,458	16,243,119	9,554,355
Loss from operations	(1,458,210)	(2,913,351)	(16,243,119)	(9,497,034)
Other Income (Expense):
Interest expense	(212)	(240,908)	(4,938)	(727,242)
(Loss) Gain on revaluation of derivative warrant liability	(54,000)	$ 473,000	(61,845)	$ 1,006,000
Financing (loss)	$ (263,000)		(4,620,000)
Other			8,170
Other income (expense), net	$ (317,212)	$ 232,092	(4,678,613)	$ 278,758
Net loss	$ (1,775,422)	$ (2,681,259)	$ (20,921,732)	$ (9,218,276)
Net loss per common share, basic and diluted	$ (0.16)	$ (0.21)	$ (1.86)	$ (0.76)
Basic and diluted weighted average common shares outstanding	11,127,475	12,660,182	11,266,571	12,199,476

XML 41 R12.htm IDEA: XBRL DOCUMENT

DERIVATIVE LIABILITY

XML 42 R11.htm IDEA: XBRL DOCUMENT

Derivative Liability

DERIVATIVE LIABILITY

Derivative warrant liability:

	9/30/14		12/31/14
Derivative warrant liability as of January 1	$	208,155	$	1,119,155
Loss (gain) on revaluation		61,845		(911,000	)
Derivative warrant liability as of September 30	$	270,000	$	208,155

None of the derivative warrants were exercised in 2015 or 2014 pursuant to cashless exercise provisions.

OPERATING LEASE COMMITMENTS

OPERATING LEASE COMMITMENTS

Operating Lease Commitments

- Definition

Tabular disclosure of a lessee's leasing arrangements including: (1) the basis on which contingent rental payments are determined, (2) the existence and terms of renewal or purchase options and escalation clauses, (3) restrictions imposed by lease arrangements, such as those concerning dividends, additional debt, and further leasing, (4) rent holidays, rent concessions, or leasehold improvement incentives and unusual provisions or conditions. Disclosure may also include the specific period used to amortize material leasehold improvements made at the inception of the lease or during the lease term. Additionally, for operating leases having initial or remaining noncancelable lease terms in excess of one year: (a) future minimum rental payments required as of the date of the latest balance sheet presented, in the aggregate and for each of the five succeeding fiscal years, (b) the total of minimum rentals to be received in the future under noncancelable subleases as of the date of the latest balance sheet presented, and (c) for all operating leases, rental expense for each period for which an income statement is presented, with separate amounts for minimum rentals, contingent rentals, and sublease rentals. Rental payments under leases with terms of a month or less that were not renewed need not be included.

+ References + Details

XML 43 R23.htm IDEA: XBRL DOCUMENT

RESTRICTED STOCK (Tables)

Nonvested restricted stock activity

Notes to Financial Statements

Restricted Stock	Shares			Weighted- Average Grant-Date Fair Value
Non-vested shares at January 1, 2015		47,958		$	9.74
Vested		(16,037	)	$	4.62
Forfeited		(2,330	)	$	6.05
Non-vested shares at September 30, 2015		29,591		$	12.80

XML 44 R19.htm IDEA: XBRL DOCUMENT

PROPERTY AND EQUIPMENT (Tables)

XML 45 R15.htm IDEA: XBRL DOCUMENT

Property And Equipment Tables

PROPERTY AND EQUIPMENT

	9/30/15		12/31/14		Estimated Useful Lives
Computer equipment	$	332,764	$	334,865		3
Office and laboratory equipment		628,726		740,177		3-5
Furniture and fixtures		228,099		755,444		7
Manufacturing equipment		61,999		111,980		5
Leasehold improvements		41,968		825,589		3-7
Total property and equipment		1,293,556		2,768,055
Less accumulated depreciation and amortization		991,515		1,629,462
Property and equipment, net	$	302,041	$	1,138,593

STOCK OPTIONS

XML 46 R13.htm IDEA: XBRL DOCUMENT

Stock Options

STOCK OPTIONS

The assumptions used principally for stock options granted to employees and members of the Company’s Board of Directors in the nine months ended September 30, 2015 and 2014 were as follows:

	2015	2014
Risk-free interest rate %	1.46 – 1.90	1.75 – 2.08
Expected dividend yield	—	—
Expected term - years	5 – 5.5	5.5 – 6.5
Forfeiture rate % (excluding fully vested stock options)	7.5 – 15	15
Expected volatility %	92 – 93	120 - 141

A summary of stock option activity for the nine months ended September 30, 2015 is as follows:

Stock Options	Shares			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (years)		Aggregate Intrinsic Value
Outstanding options at January 1, 2015		1,039,900		$	3.00
Granted		895,000		$	1.47
Forfeited or expired		(267,667	)	$	4.06
Outstanding options at September 30, 2015		1,667,233		$	2.01		8.99	$	—
Exercisable options at September 30, 2015		600,750		$	2.55		8.77	$	—

EQUITY TRANSACTIONS

XML 47 R14.htm IDEA: XBRL DOCUMENT

Equity Transactions

EQUITY TRANSACTIONS

Restart of Operations and related option grants

Board Matters

Exchange of Common Stock for Series F Preferred Stock

Capital Contribution

Settlement of Amounts Owed for Series F Preferred Stock and Warrants

Equity Raise

Certificate of Increase

EQUITY COMPENSATION PLANS

EQUITY COMPENSATION PLANS

Equity Compensation Plans

The following table shows the remaining shares available for future grants for each plan and outstanding shares:

	Equity Compensation Plans						Not Pursuant
	2003 Plan			2008 Plan			to a Plan
Shares Available For Issuance
Total reserved for stock options and restricted stock		160,000			10,000,000
Net restricted stock issued net of cancellations		(5,000	)		(18,106	)
Stock options granted		(154,449	)		(3,070,883	)
Add back options cancelled before exercise		92,349			1,417,150
Less shares no longer available due to Plan expiration		(92,900	)		—
Remaining shares available for future grants at September 30, 2015		—			8,328,161

Stock options granted		154,449			3,070,883			310,000
Less: Stock options cancelled		(92,349	)		(1,417,150	)		(243,333	)
Stock options exercised		(35,600	)		(13,000	)		(66,667	)
Net shares outstanding before restricted stock		26,500			1,640,733			—
Net restricted stock issued net of cancellations		5,000			18,106			6,485
Outstanding shares at September 30, 2015		31,500			1,658,839			6,485

XML 48 R16.htm IDEA: XBRL DOCUMENT

RESTRICTED STOCK

During the nine months ended September 30, 2015, the Company did not grant restricted shares of Common Stock to any officers, employees, directors and consultants of the Company.

A summary of non-vested restricted stock activity as of and for the nine months ended September 30, 2015 is as follows:

Restricted Stock	Shares			Weighted- Average Grant-Date Fair Value
Non-vested shares at January 1, 2015		47,958		$	9.74
Vested		(16,037	)	$	4.62
Forfeited		(2,330	)	$	6.05
Non-vested shares at September 30, 2015		29,591		$	12.80

Among the 29,591 shares of non-vested restricted stock, the various vesting criteria include the following:

·	14,185 shares of restricted stock vest upon the FDA approval of our CGM system or the sale of the Company; and

·	15,406 shares of restricted stock vest over 4 years, at each of the anniversary dates of the grants.

XML 49 R34.htm IDEA: XBRL DOCUMENT

STOCK OPTIONS (Details) - USD ($)	9 Months Ended
STOCK OPTIONS (Details) - USD ($)	Sep. 30, 2015	Sep. 30, 2014
STOCK OPTIONS AND RESTRICTED STOCK
Expected term - years	2 years 6 months
Forfeiture rate (excluding fully vested stock options)	0.00%
Expected volatility	92.00%
Director [Member]
STOCK OPTIONS AND RESTRICTED STOCK
Risk-free interest rate minimum	1.46%	1.75%
Risk-free interest rate maximum	1.90%	2.08%
Expected dividend yield
Forfeiture rate (excluding fully vested stock options)		15.00%
Director [Member] \| Minimum [Member]
STOCK OPTIONS AND RESTRICTED STOCK
Expected term - years	5 years	5 years 6 months
Forfeiture rate (excluding fully vested stock options)	7.50%
Expected volatility	92.00%	120.00%
Director [Member] \| Maximum [Member]
STOCK OPTIONS AND RESTRICTED STOCK
Expected term - years	5 years 6 months	6 years
Forfeiture rate (excluding fully vested stock options)	15.00%
Expected volatility	93.00%	141.00%

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EQUITY COMPENSATION PLANS (Tables)

EQUITY COMPENSATION PLANS

Equity Compensation Plans Tables

	Equity Compensation Plans						Not Pursuant
	2003 Plan			2008 Plan			to a Plan
Shares Available For Issuance
Total reserved for stock options and restricted stock		160,000			10,000,000
Net restricted stock issued net of cancellations		(5,000	)		(18,106	)
Stock options granted		(154,449	)		(3,070,883	)
Add back options cancelled before exercise		92,349			1,417,150
Less shares no longer available due to Plan expiration		(92,900	)		—
Remaining shares available for future grants at September 30, 2015		—			8,328,161

Stock options granted		154,449			3,070,883			310,000
Less: Stock options cancelled		(92,349	)		(1,417,150	)		(243,333	)
Stock options exercised		(35,600	)		(13,000	)		(66,667	)
Net shares outstanding before restricted stock		26,500			1,640,733			—
Net restricted stock issued net of cancellations		5,000			18,106			6,485
Outstanding shares at September 30, 2015		31,500			1,658,839			6,485

XML 52 R26.htm IDEA: XBRL DOCUMENT

PROPERTY AND EQUIPMENT (Details) - USD ($)	9 Months Ended
PROPERTY AND EQUIPMENT (Details) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Useful lives of property and equipment	$ 293,556	$ 2,768,055
Computer Equipment [Member]
Useful lives of property and equipment	$ 332,764	334,865
Estimated Useful Lives	3 years
Office and laboratory equipment [Member]
Useful lives of property and equipment	$ 628,726	740,177
Office and laboratory equipment [Member] \| Minimum [Member]
Estimated Useful Lives	3 years
Office and laboratory equipment [Member] \| Maximum [Member]
Estimated Useful Lives	5 years
Furniture and fixtures [Member]
Useful lives of property and equipment	$ 228,099	755,444
Estimated Useful Lives	7 years
Manufacturing equipment [Member]
Useful lives of property and equipment	$ 61,999	111,980
Estimated Useful Lives	5 years
Leasehold improvements [Member]
Useful lives of property and equipment	$ 41,968	825,589
Leasehold improvements [Member] \| Minimum [Member]
Estimated Useful Lives	3 years
Leasehold improvements [Member] \| Maximum [Member]
Estimated Useful Lives	7 years
Less accumulated depreciation and amortization [Member]
Useful lives of property and equipment	$ 991,515	1,629,462
Property and equipment, net [Member]
Useful lives of property and equipment	$ 302,041	$ 1,138,593

XML 53 R41.htm IDEA: XBRL DOCUMENT

WARRANTS (Details 2)	9 Months Ended
WARRANTS (Details 2)	Sep. 30, 2015
Warrants
Risk-free interest rate	0.70%
Expected dividend yield	0.00%
Expected term (contractual term)	2 years 6 months
Forfeiture rate	0.00%
Expected volatility	92.00%

XML 54 R5.htm IDEA: XBRL DOCUMENT

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited) - 9 months ended Sep. 30, 2015 - USD ($)	Preferred Stock	Common Stock	Additional Paid-In Capital	Subscriptions Receivable	Accumulated Deficit	Total
Beginning Balance, Shares at Dec. 31, 2014	3,589,949	12,629,695
Beginning Balance, Amount at Dec. 31, 2014	$ 35,899	$ 126,295	$ 137,292,157		$ (127,932,066)	$ 9,522,285
Exchange - Common Stock for Series F, Shares	1,500,000	(1,500,000)
Exchange - Common Stock for Series F, Amount	$ 15,000	$ (15,000)
Proceeds from issuance of Series F and warrants, Shares	2,121,000
Proceeds from issuance of Series F and warrants, Amount	$ 21,210		$ 6,663,290			$ 66,845,000
Series F subscribed, Shares	20,000
Series F subscribed, Amount	$ 2,000		491,000	$ (300,000)
Capital contribution			59,325			$ 59,325
Issuance of Series F pursuant to Reimbursement Agreement, Shares	548,177
Issuance of Series F pursuant to Reimbursement Agreement, Amount	$ 5,482		1,796,518			1,802,000
Share-based compensation, net of restricted stock cancellations, Shares		(2,503)
Share-based compensation, net of restricted stock cancellations, Amount		$ (25)	$ 798,275			798,250
Net loss					$ (20,921,732)	(20,921,732)
Ending Balance, Shares at Sep. 30, 2015	7,959,126	11,127,192
Ending balance, Amount at Sep. 30, 2015	$ 79,591	$ 111,270	$ 147,100,565	$ (300,000)	$ (148,853,798)	$ (1,862,372)

XML 55 R10.htm IDEA: XBRL DOCUMENT

IMPAIRMENT OF INTANGIBLES

IMPAIRMENT OF INTANGIBLES

Accounting Policies [Abstract]

XML 56 R27.htm IDEA: XBRL DOCUMENT

PROPERTY AND EQUIPMENT (Details Narrative)	9 Months Ended
PROPERTY AND EQUIPMENT (Details Narrative)	Sep. 30, 2015 USD ($)
Property And Equipment Details Narrative
Loss on disposal of property and equipment	$ 278,816

RESTRICTED STOCK (Details Narrative) - USD ($)	9 Months Ended
RESTRICTED STOCK (Details Narrative) - USD ($)	Sep. 30, 2015	Sep. 30, 2014
Non-cash restricted stock compensation expense	$ 42,000	$ 349,000
Restricted stock	29,591
Unrecognized compensation expense	$ 349,000
FDA Approval [Member]
Vesting criteria	14,185 shares of restricted stock vest upon the FDA approval of our CGM system or the sale of the Company
4Years [Member]
Vesting criteria	15,406 shares of restricted stock vest over 4 years, at each of the anniversary dates of the grants.
1Year [Member]
Vesting criteria	3,625 shares of restricted stock vest over 1 year, at each of the anniversary dates of the grants

XML 59 R20.htm IDEA: XBRL DOCUMENT

DERIVATIVE LIABILITIES (Tables)