The Philadelphia-based company is raising the funds in order to cover the cost of the company’s Symphony continuous glucose monitoring system, among other uses. Echo has accumulated a deficit of $109.5 million trying to bring the technology to market, to date, according to a regulatory filing.
In a sudden move, Dr. Patrick Mooney stepped down as CEO in August. Mooney, who had been running the company since 2007, gave no insight for his departure. Board member Robert Doman has stepped in as executive chairman and interim CEO.