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Stock Market & Financial Investment News

News Breaks
June 6, 2014
15:10 EDTECTEProxy firm ISS recommends Echo Therapeutics holders vote the WHITE proxy card
Echo Therapeutics announced that ISS Proxy Advisory Services, a leading independent proxy advisory firm, has recommended to its clients that Echo stockholders vote the WHITE proxy card FOR the Echo Board of Directors' director nominees at Echo's Annual Meeting of Stockholders to be held on June 19. As previously announced, the Platinum Group, a dissident stockholder group led by Platinum Management, is pursuing a proxy contest to elect Shepard M. Goldberg to the Echo Board at Echo's 2014 Annual Meeting in opposition to our highly qualified and very experienced director and Interim CEO, Robert F. Doman. With ISS and Glass Lewis making the same recommendation, both of the leading proxy advisory firms have now advised Echo's stockholders to support the Echo Board's nominees and reject the Platinum Group's nominee, Shepard Goldberg.
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August 14, 2014
16:35 EDTECTEEcho Therapeutics announces significant cost reduction measures
Echo announced that it has taken steps to substantially reduce operating costs and preserve cash while further focusing its development efforts and resources on implementing key product performance enhancements to its Symphony CGM System. The company has implemented significant cost reductions across all aspects of its operations in both external spend and workforce, including reductions in general and administrative expenditures, manufacturing, clinical and product development expenditures. At the same time, the company is exploring a variety of funding alternatives which it believes, together with the cost reduction initiatives, is necessary to permit the company to ultimately achieve its clinical trial and regulatory approval objectives. In the absence of a financing or strategic transaction, Echo's ability to achieve its previously stated product development timelines will be negatively impacted by the company's effort to preserve cash and reduce expenses. Cost reduction measures that were successfully implemented in September 2013 resulted in a 36% decrease in second quarter of 2014 operating expenses compared to the second quarter of 2013. The company anticipates an additional meaningful decrease in expenses as a result of the most recent cost reduction efforts. As a result of these new initiatives, that include a 35% employee reduction, the monthly burn rate is projected to decrease by 40%-50% as compared to the average monthly burn rate experienced during the first six months of 2014.
16:34 EDTECTEEcho Therapeutics reports Q2 EPS (31c), consensus (23c)
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