Developing a noninvasive, wireless, transdermal continuous glucose monitor requires brilliance, commitment, innovation, and….a LOT of money. We recently reported that Echo Therapeutics, Inc. is developing just such a CGM, called the Symphony, along with its companion skin preparation system. Fortunately, their money picture is looking bright: Echo just raised approximately $2.5 million through “a series of private placements of the Company’s stock and warrants, and it has received a binding commitment for an additional $3 million.”
With that $5.5 million in hand, Echo believes that it has the wherewithall to complete the product development, clinical studies, and manufacturing of the system. Over the coming months, the company hopes to complete the clinical validation necessary for FDA approval and enter the glucose monitoring marketing fray, which is, as their press release notes, “a $12 billion-plus annual market opportunity.”
Echo Therapeutics, Inc.