Mooney, a surgeon by training before he headed to the world of high finance and Wall Street, had been running things at Echo since a 2007 merger with Sontra Medical.
Echo announced his sudden departure, effective immediately, without offering details on the reason for the action. The Philadelphia-based company said that board member Robert Doman will step up in Mooney’s absence, serving as executive chairman and interim CEO.
"Echo’s business operations will continue as usual in Dr. Mooney’s absence," Doman said in prepared remarks. "We remain focused on completing our ongoing clinical studies and filing the Symphony CGM System technical file for CE Marking in the near future."
ECTE shares jumped 4.5% on the announcement, trading at $2.54 as of about 1:40 p.m.