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Thursday, Oct 3
Echo Therapeutics to cut costs, jobs, EU Symphony trial delayed
- Echo Therapeutics (ECTE -1.8%) gives a corporate update.
- Investors will have to wait until Q4 for top-line Symphony CGM System results as "slower than expected initial enrollment in the trial and other issues inherent in clinical studies conducted in hospital critical care units caused delays in the anticipated completion."
- A meeting with the FDA scheduled for Q4 may be delayed by the government shutdown. A pivotal FDA trial is planned for H2 2014.
- The company is looking to cut costs and has reduced its workforce by 33%. Ultimately, Q4 burn is expected to decrease by 35-40%. (PR)