Echo Therapeutics Inc. will complete a clinical study of its Symphony non-invasive, wireless transdermal continuous glucose monitoring system by the fourth quarter, in what would be a major step forward for a company that has burned through more than $60 million trying to bring its products to market.
Echo said the pilot study will enroll patients with Type I and Type II diabetes to evaluate data obtained from the Symphony system on the YSI Glucose analyzer, made by YSI Inc. of Yellow Springs, Ohio. Echo officials called YSI’s analyzer the “gold standard” of the industry.
A successful study could move Franklin, Mass.-based Echo closer to a product launch and bolster the company’s efforts to raise more capital.
A steady supply of fresh funds remains critical for Echo, which has only been able to generate revenue through small licensing deals since becoming a medical device manufacturer and moving to Massachusetts four years ago. In addition to developing monitors with wireless and around-the-clock capabilities, Echo currently is working on new drug to treat skin disease.
In July the company said it was looking to raise $8 million in additional capital. Overall, Echo has burned through more than $57 million trying to bring its products to market, according to regulatory filings.