Echo Therapeutics and Handok Pharmaceuticals Sign South Korea License for Needle-free Symphony(TM) Transdermal Continuous Glucose Monitoring System



    FRANKLIN, Mass., June 17 /CNW/ -- Echo Therapeutics, Inc. (OTC Bulletin
Board: ECTE) announced today that it has signed a license agreement with
Handok Pharmaceuticals Co., Ltd. ("Handok"), the largest diabetes care-focused
pharmaceutical company in South Korea, under which Echo granted Handok rights
to develop, market, sell and distribute Echo's Symphony(TM) tCGM System
("Symphony") for painless, needle-free, transdermal, continuous glucose
monitoring ("tCGM") in medical facilities and by diabetics in South Korea. 
Echo's non-invasive Symphony tCGM System incorporates its Prelude(TM) SkinPrep
System, a patented skin ablation control technology which allows for quick and
painless removal of the outermost layer of the skin for transdermal drug
delivery and glucose management.  The Symphony tCGM System is designed to
provide both diabetics and medical professionals with a reliable, needle-free,
easy-to-use, affordable and comfortable-to-wear continuous glucose monitoring
device.

    "This initial commercial partnering arrangement for our Symphony tCGM
System is a strategically significant component of our plan to develop and
market this important next-generation technology worldwide. Closing this
second licensing transaction this quarter was one of our top priorities,"
stated Patrick T. Mooney, M.D., Chairman and Chief Executive Officer of Echo
Therapeutics.  "Handok is the market leader in diabetes care in South Korea
with a long history of ethical patient care.  This new collaboration combines
our deep expertise in transdermal continuous glucose monitoring and Handok's
leadership in the large and rapidly expanding glucose monitoring market in
South Korea."

    Young Jin Kim, Chairman and Chief Executive Officer of Handok added, "We
are extremely excited about our relationship with Echo.  We believe that our
ability to market and sell Symphony will expand our leadership position in the
hospital and diabetes care markets in South Korea.  We expect that Symphony
will allow for rapid market growth and significantly increase the size of our
market opportunity."

    Dr. Mooney continued, "As I have stated previously, we believe that there
are numerous additional partnering opportunities for our Symphony tCGM System
as a needle-free, transdermal continuous glucose monitoring system and for our
Prelude SkinPrep System for transdermal drug delivery applications.  We are
actively engaged with additional potential partners, and we will continue to
secure additional commercial partnering arrangements for our core technologies
in territories around the world."

    Under the terms of the agreement, Echo will receive an upfront license
payment from Handok of approximately $600,000. Echo will also receive
substantial milestone payments upon the achievement of key development,
regulatory and commercial milestones, including FDA clearance of the Symphony
tCGM System, the first commercial sale of the product in South Korea, and
certain other commercial targets.  In addition to the upfront license payment
and milestone payments, Handok will pay Echo royalties on net sales of
Symphony in South Korea and will be responsible for all remaining product
development and regulatory costs associated with the final development of
Symphony for use in South Korea.
    


    About Echo Therapeutics

    
    Echo Therapeutics is focused on medical devices and specialty
pharmaceuticals. Echo is developing Symphony tCGM, a non-invasive, wireless,
transdermal continuous glucose monitoring system for patients with diabetes
and for use in hospital critical care units.  Echo is also developing its
needle-free Prelude SkinPrep System for transdermal drug delivery of a wide
range of novel topical reformulations of widely-used, FDA-approved products.
    

    About Handok

    
    HANDOK Pharmaceuticals Co., Ltd., (002390 KS), based in Seoul Korea, is a
company posting 275B KRW in pharmaceutical, diagnostic, and OTC sales in 2008.
HANDOK is among ten domestic companies in Korea and it has never recorded a
deficit year since its establishment. HANDOK, founded in 1954, is the
pharmaceutical company in Korea with the most successful track records in
various types of partnerships. It formed a JV with Hoechst in 1964, which led
to the current strategic partnership with sanofi-aventis in Korea and,
moreover, have 20 other partners focusing on innovative products, including
CSL, Solvay, Actelion, and AEterna Zentaris among others. HANDOK is the leader
in diabetes treatment in Korea. It is also known to have leading expertise in
various therapeutic categories including CV, Urology and respiratory system as
well as to strive to get into oncology and CNS area in the future. HANDOK
maintains a world class GMP manufacturing facility and was the first local
Korean company to incorporate clinical research capabilities with medical
directors on staff.  For more information, visit the HANDOK website at
www.handok.co.kr.
    

    Cautionary Statement Regarding Forward Looking Statements

    
    The statements in this press release that are not historical facts may
constitute forward-looking statements that are based on current expectations
and are subject to risks and uncertainties that could cause actual future
results to differ materially from those expressed or implied by such
statements.  Those risks and uncertainties include, but are not limited to,
risks related to regulatory approvals and the success of Echo's ongoing
studies, including the efficacy of Echo's Symphony tCGM System, the failure of
future development and preliminary marketing efforts related to Echo's
Symphony tCGM System, the ability to secure additional commercial partnering
arrangements, risks and uncertainties relating to Echo's ability to develop,
market and sell diagnostic products based on its skin permeation platform
technologies, including the Symphony tCGM System, the availability of
substantial additional equity or debt capital to support its research,
development and product commercialization activities, and the success of its
research, development, regulatory approval, marketing and distribution plans
and strategies, including those plans and strategies related to its Symphony
tCGM System.  These and other risks and uncertainties are identified and
described in more detail in Echo's filings with the Securities and Exchange
Commission, including, without limitation, its annual report on Form 10-K for
the year ended December 31, 2008, its quarterly reports on Form 10-Q, and its
current reports on Form 8-K. Echo Therapeutics, Inc. undertakes no obligation
to publicly update or revise any forward-looking statements.


    
    For More Information:
    Patrick T. Mooney, MD
    Chairman and Chief Executive Officer
    (508)-530-0329
    www.echotx.com



    




For further information:

For further information: Patrick T. Mooney, MD, Chairman and Chief
Executive Officer of Echo Therapeutics, Inc., +1-508-530-0329 Web Site:
http://www.echotx.com

Organization Profile

ECHO THERAPEUTICS, INC.

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890