Echo Therapeutics Inc. inked a licensing deal with South Korea’s Handok Pharmaceuticals Co. Ltd. for the rights to develop, market, sell and distribute the Franklin-based firm’s Symphony transdermal continuous glucose monitoring system.
Echo, which earlier this month landed a $2 million boost from one of its largest investors to pay off a nearly-defaulted loan, said the deal is part of its plan to develop and market the technology worldwide.
The agreement calls for Echo to receive a $600,000 licensing fee and subsequent payments for reaching milestones including Food & Drug Administration clearance, commercialization in South Korea and other sales targets. Echo will also receive royalty payments for any sales made by Handok, which will have to pay the expenses associated with developing the product and getting it approved in South Korea.
It’s the second such deal for Echo this quarter, following its agreement with Ferndale Pharma Group to develop, market, sell and distribute the Prelude SkinPrep system for administering lidocaine.
CEO Patrick Mooney said the company believes many other such deals are waiting to be struck and the company is actively seeking partners.
