Boston, MA 06/11/2013 (wallstreetpr) – The shares of Echo Therapeutics Inc (NASDAQ:ECTE) had declined by 25.79 percent to close at $3.97 per share for the end of last trading session on Monday. The shares of the company had been trading in the range of $3.81 to $5.39 per share during the day. The shares of Echo Therapeutics Inc (NASDAQ:ECTE) had recorded 52 week low price level of $0.53 per share and 52 week high price level of $19.40 per share.
Echo Therapeutics Inc (NASDAQ:ECTE) is primarily engaged in the manufacture, marketing and sales of transdermal medical devices. The principal product candidate of the company is Prelude SkinPrep System which is based on a technology to provide for painless and skin permeation which is processed through both needle free drug delivery and analyte extraction.
Echo Therapeutics Inc (NASDAQ:ECTE) had recently submitted its pre submission package for the Symphony CGM system being developed by the company for approval and permission from the Food and Drug Administration of the United States for use in hospitals in critical care situations. This system is developed for providing needle free continuous glucose monitoring and administration system to the patients. In line with this pre submission package for approval, the company had also requested a meeting with the FDA to enable cooperative working on the clinical and regulatory approval of the product by the Food and Drug Administration.
This pre submission package would prove to be a milestone in the path of Echo Therapeutics Inc (NASDAQ:ECTE) towards commercialization of the Symphony CGM system in the United States market, as the meeting would provide maximum input for the company’s pivotal trials of the product.
Echo Therapeutics Inc (NASDAQ:ECTE) presently holds 63.26 million shares outstanding in the market with an institutional ownership of 7 percent of its holdings. The average trading volume for the company is at 28,631 shares per day.
