The Franklin, Mass.-based company said the study evaluated 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. The data, from about 900 Symphony readings, showed an accuracy rate of 97 percent.
The successful study could move Echo closer to a product launch and bolster its efforts to raise more capital. Last week the company drummed up $3 million in a private stock sale of roughly 2.37 million shares for $1.25 each, and issued about 2.2 million warrants with a $2.00 exercise price.
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.