Echo Therapeutics Inc. (OTC:ECTE) is no longer a Massachusetts-based company.
The glucose monitoring device developer relocated its corporate headquarters from Franklin, Mass. to Philadelphia, the company announced today.
Echo‘s new location will accommodate both recent personnel expansions and additional hires in the future, CEO Dr. Patrick Mooney said in prepared remarks. The firm’s engineering and product personnel will remain at the site of the company’s former headquarters.
The company in March announced the addition of John Garibotto as vice president of operations and Kenneth Gary as vice president of research. In February, the company made two appointments to its board directors with the addition of William Grieco and James Smith. That move, which brought the board’s membership of independent directors to a majority, was necessary to obtain a listing on a national exchange, the company said.
Echo, which was established in Franklin in 1998, has been developing a non-invasive, wireless, transdermal continuous glucose monitoring (tCGM) system it titled the Symphony and a system for transdermal drug delivery called the Prelude SkinPrep.
The company in March reported mixed earnings results from 2010. It had full-year losses of $4.3 million, or 15 cents per diluted share, on sales of $428,460. That compares with losses of $13.5 million, or 61 cents per diluted share, on revenue of $1.3 million in 2009.