$20 Million Financing for FDA Approval of Wireless Glucometer
Needle-Free Monitoring and Drug Delivery
Echo is developing its PreludeTM SkinPrep System to allow for painless and significantly enhanced skin permeation that will enable both needle-free drug delivery and analyte extraction. Utilizing this technology, Echo is also developing its needle-free SymphonyTMtCGM System as a non-invasive, wireless, transdermal continuous glucose monitoring (tCGM) system for use in hospital critical care units and for people with diabetes
Echo Therapeutics is a transdermal medical device company with deep expertise in advanced skin permeation technology. Echo is developing its Prelude® SkinPrep System as a platform technology to allow for significantly enhanced and painless skin permeation that will enable two important applications:
Needle-free drug delivery, with the delivery of lidocaine as the first application. Additional applications for painless, needle-free delivery of drugs are planned.
Analyte extraction, with the Symphony® tCGM System for needle-free, continuous glucose monitoring in hospital patients as the first application.
Echo believes that transdermal drug delivery and analyte monitoring is a much better way of patient care than the current paradigm of invasive, needle-based therapy. Prelude has the potential to provide a safe, painless, easy-to-use and cost effective skin permeation process that Echo believes will increase patient comfort, compliance and ultimately patient outcomes.
According to the ADA, the cost of diabetes care in the United States in 2007 was more than $174 billion, including $116 billion in excess medical expenditures attributed to diabetes and $58 billion in reduced national productivity. The ADA estimates that people with diabetes, on average, have medical expenditures that are approximately 2.3 times higher than the expenditures would be in the absence of diabetes and that approximately $1 in $10 healthcare dollars is attributed to diabetes. A significant portion of overall diabetes care costs, approximately $10 billion according to industry sources, is attributable to costs associated with monitoring blood glucose levels.