New User:

-or-
Username:
Password:
Forgot your password?

Stock Market & Financial Investment News

News Breaks
July 2, 2014
17:43 EDTECTEEcho Therapeutics appoints Kimberly Burke as interim CEO
Echo Therapeutics disclosed in a regulatory filing, that on June 30, the Board of Directors of Echo Therapeutics appointed Kimberly A. Burke to serve as Interim CEO of Echo, effective July 1 and continuing for the sixty-day period expiring on August 30 or, if earlier, such date as a candidate is identified and appointed by the Board to serve as Echo’s CEO. Ms. Burke will also serve as Echo’s principal executive officer. The Board is currently working with a retained executive search firm to identify qualified candidates to serve as Echo’s CEO. In addition to serving as Interim CEO, Ms. Burke will also continue to serve as the General Counsel and Chief Compliance Officer of Echo. Effective at midnight on June 30, Robert F. Doman’s consulting contract with Echo expired in accordance with its terms and, accordingly, he no longer serves as the Interim CEO of Echo .On July 1, Christopher P. Schnittker resigned as SVP and CFO of Echo to accept another opportunity. Mr. Schnittker’s resignation is effective as of July 15. Echo has initiated a search for a new CFO.
News For ECTE From The Last 14 Days
Check below for free stories on ECTE the last two weeks.
Sign up for a free trial to see the rest of the stories you've been missing.
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)
Subscribe for More Information

Sign up for a free trial to see the rest of the stories you've been missing.

I agree to the theflyonthewall.com disclaimer & terms of use