QualityStocks'  Instablog

Send Message
QualityStocks (www.qualitystocks.net) assists publicly traded companies by getting their story out to the investment community while helping investors discover emerging companies with plenty of growth potential. Our name, QualityStocks, emphasizes our commitment to connect subscribers with... More
My company:
My blog:
QualityStocks Micro-Cap and Small-Cap Blog
  • Echo Therapeutics Inc. (ECTE.OB) Receives Qualifying Therapeutic Discovery Project Grant for 2009 Research and Development Endeavors 0 comments
    Nov 4, 2010 10:31 AM | about stocks: ECTE

    Echo Therapeutics, Inc. announced this morning that it received a Qualifying Therapeutic Discovery Project (QTDP) grant from the U.S. government in the amount of $244,479 related to its 2009 research and development expenditures. Based on its actual and projected R&D spending for 2010, Echo expects to receive an additional grant of up to approximately $244,000 after submission of its 2010 tax returns.

    The U.S. Department of Health and Human Services issues QTDP grants to support innovative projects that have reasonable potential to result in new therapies, reduce health care costs or significantly advance the goal of curing cancer. Created under Section 48D of the Internal Revenue Code, it was enacted under the Patient Protection and Affordable Care Act. Grants were awarded through a competitive application process administered by the Departments of Health and Human Services and the Treasury.

    Additionally, Echo is developing its needle-free Symphony™ tCGM System as a non-invasive, wireless, transdermal continuous glucose monitoring system and its Prelude™ SkinPrep System for transdermal drug delivery. The company also confirmed today that it anticipates its licensing partner, Ferndale Pharma Group, Inc., will file a 510(k) premarket notification to the United States Food and Drug Administration in the near-term.

    Patrick T. Mooney, M.D., Chairman, President and CEO of Echo, commented, “This cash infusion, following the recent positive clinical results for use of our Prelude SkinPrep System with topical 4% lidocaine cream, represents important achievements for Echo Therapeutics as we progress towards regulatory clearance and commercialization. We are pleased to receive this grant, and believe this capital will be helpful as we continue our product development and transition into production. We have developed a novel skin permeation platform technology to address multiple large opportunities, and we are excited to introduce products to a receptive market to address unmet challenges, including those for diabetes monitoring.”

    Please see disclaimer on QualityStocks website: disclaimer.qualitystocks.net

    Disclosure: no positions

    Stocks: ECTE
Back To QualityStocks' Instablog HomePage »

Instablogs are blogs which are instantly set up and networked within the Seeking Alpha community. Instablog posts are not selected, edited or screened by Seeking Alpha editors, in contrast to contributors' articles.

Comments (0)
Track new comments
Be the first to comment
Full index of posts »
Latest Followers


More »
Instablogs are Seeking Alpha's free blogging platform customized for finance, with instant set up and exposure to millions of readers interested in the financial markets. Publish your own instablog in minutes.