Diabetes: Echo Therapeutics gains after inking China deal

December 12, 2013 by Chris Walker

Echo Therapeutics shares gain after it announces a deal to license its Symphony continuous glucose monitor for the Chinese market.

Diabetes: Echo Therapeutics gains after inking China deal

Echo Therapeutics (NSDQ:ECTE) said it inked a deal to license its Symphony continuous glucose monitor for the Chinese market, sending share prices up this week.

The Symphony device is a non-invasive, wireless system designed to provide accurate, real-time blood glucose data for patients in hospital critical-care settings.

The 10-year deal gives Hong Kong-based Medical Technologies Innovation Asia the exclusive rights to Philadelphia-based Echo's Symphony technology for the Chinese market, including China, Hong Kong, Macau and Taiwan.

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And MTIA along with Platinum Partners bought a $10 million stake in Echo, according to a press release.

The news sent ECTE shares up 14.7% to a $3.36-per-share close Dec. 11, the day the deal was announced. The stock was trading at $3.27 apiece today as of about 2 p.m., down 2.7%.

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