ORLANDO, Fla., July 25, 2008 (PRIME NEWSWIRE) -- RedChip Visibility, a division of RedChip Companies, Inc., has issued a first quarter 2008 research update for Echo Therapeutics, Inc. (OTCBB:ECTE), a medical device and specialty pharmaceuticals company focused on next-generation transdermal continuous glucose monitoring (tCGM) systems for people with diabetes as well as improved topical reformulations of FDA-approved products.
Harry Russell, MBA, RedChip Research Analyst, reported:
"We continue to believe that Echo will have a very newsworthy 2008. The Company recently announced another clinical trial for its Symphony Transdermal Continuous Glucose Monitoring System from which data is expected in the third quarter. We believe the Company will continue these validation studies on the way toward broader trials for ultimate FDA approval. In following the AzoneTS, we expect that the Company is currently having partnering discussions to turn some of these intangible assets into tangible ones. This will greatly improve the Company's balance sheet and allow for increased investment to bring its programs up the value chain."
He continued: "Echo is better positioned than most and can monetize some of its clinical programs even in this environment. We concede that with a stronger balance sheet ECTE could get better economics, but we also note that the small-capitalization space should currently be in survival mode and very few companies have the financial flexibility that ECTE currently has. We think the remainder of 2008 will be surprisingly difficult but further believe that Echo will emerge and gain momentum moving into 2009."
"We reiterate our 'Speculative Buy' rating on the shares of ECTE with a 12-month price target of $5.00 a share," Russell concluded.
To receive a complimentary copy of the RedChip Visibility Research Report for ECTE, please visit: http://www.redchip.com/visibility/about.asp?page=vreport&reportid=127&from=07252008pr.
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Disclosure
None of the profiles issued by RedChip Companies, Inc., constitutes a recommendation for any investor to purchase or sell any particular security or that any security is suitable for any investor. Echo Therapeutics, Inc., paid RedChip Visibility, a division of RedChip Companies, Inc., $50,000 for RedChip Visibility Program services, which included the preparation of this equity research report. RedChip Companies, Inc., is currently engaged by this company to provide investor awareness services. Echo Therapeutics, Inc., agreed to pay RedChip Companies, Inc., a fee of $7,500 in cash per month and 25,000 shares of unregistered common stock, and 25,000 warrants to purchase 25,000 shares of unregistered common stock for twelve (12) months for these services. RedChip Companies, Inc., employees and affiliates may have positions and affect transactions in the securities or options of the issuers mentioned herein. To the fullest extent permissible under applicable law, RedChip Companies, Inc., will not be liable to you or anyone else for the quality, accuracy, completeness, reliability, or timeliness of this information.