Philly-Based Firm Gets $10M From Chinese Deal

By John George | Philadelphia Business Journal
|  Friday, Dec 27, 2013  |  Updated 9:27 AM EDT
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Philly-Based Firm Gets $10M From Chinese Deal

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Echo Therapeutics Inc. will receive $10 million cash investment from Medical Technologies Innovation Asia and its affiliate Platinum Partners.

Terms of the deal were disclosed in documents filed Thursday with the Securities and Exchange Commission by Echo (NASDAQ: ECTE), a Philadelphia medical-device company.

Under the 10-year agreement, Echo granted Medical Technologies Innovation Asia of Hong Kong the rights to develop, manufacture, market and distribute Echo’s Symphony CGM System on an exclusive basis for the Chinese market -- including the Peoples’ Republic of China, Hong Kong, Macau and Taiwan.

The parties will share net sales of the product generated in the territory.

The Symphony CGM System as a non-invasive, wireless continuous glucose monitoring system being developed initially for use in hospitals.

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