Echo Therapeutics, a developer of Symphony tCGM System as a non-invasive, wireless, transdermal continuous glucose monitoring system, has reported net loss of $1.94m for the second quarter ended 30 June 2011, compared to $535,561 for the same period in 2010.
The company’s loss from operations for the second quarter of 2011 was $1.82m, compared to $911,372 for the same period in 2010.
For the six months ended 30 June 2011, the company reported a net loss of $6.54m, compared to $2.42m for the same period in 2010.
Echo’s loss from operations were $3.37m for the six months of 2011, compared to $3.29m for the same period in 2010.
Echo chairman and CEO Patrick Mooney said their progress during the first half of 2011 is exemplified by the continued advancement of Symphony tCGM System, the appointment of Chris Schnittker as CFO, and the move to Nasdaq.
"As we head into the second half of the year, our focus is to drive Symphony through clinical trials and, ultimately, to the market," Mooney said.