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"This merger is a timely combination of two late-stage and powerfultransdermal drug penetration technologies," said Patrick Mooney, M.D., Echo'sChief Executive Officer. "Together, we are now ideally positioned to leverageand monetize both technologies through a continuing stream of strategic drugdevelopment and marketing partnerships. Our long-term strategic relationshipwith Cato Research, a highly-respected global contract research organization,will enable the combined company to maximize the output of its two coretechnology platforms and minimize the clinical development and regulatoryrisks."
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"We entered into this merger based on the strategic rationale that asecond and complementary platform technology would expand our opportunitiesfor long-term growth," said Michael Wigley, Sontra's Chairman. "The mergerwith Echo validates and supports Sontra's strategy over the last nine monthswhich has been focused on stabilizing our financial condition, capitalizingthe company for future growth, and continuing development andcommercialization programs that are strategically relevant to our long termplan."
Highlights of the Transaction
The merger created a leading, platform-enabled transdermal therapeuticsand diagnostics company focused on multiple large markets for improvedformulations of specialty pharmaceuticals and new applications of nextgeneration transdermal diagnostics. The combined company is marked by thefollowing key attributes and capabilities:
About Sontra Medical Corporation
Sontra Medical Corporation owns technology in ultrasound and skinpermeation methods used in transdermal science for therapeutic and diagnosticapplications, and are developing a non-invasive CTGM for use in the largediabetes home use and hospital intensive and critical care markets. Sontra'sCTGM device leverages its FDA-approved SonoPrep(R) ultrasound-mediated skinpermeation system.
About Echo Therapeutics, Patrick T. Mooney, MD and Shawn K. Singh, JD
Echo Therapeutics is a platform-enabled specialty transdermal therapeuticscompany developing a broad portfolio of advanced topical formulations of wellestablished, FDA-approved products using its proprietary Azone dermalpenetration technology. Echo has submitted a new drug application (NDA) tothe FDA for the approval of its lead product, Durhalieve, for treatment ofcorticosteroid responsive dermatoses.
Dr. Mooney will serve as Chief Executive Officer
