Echo Therapeutics, Inc. (NASDAQ: ECTE), a medical device company focused on skin permeation, continuous glucose monitoring, and associated technologies, announced today that it has re-established its operational and strategic partnership with Medical Technologies Innovation Asia (MTIA), Ltd., Hong Kong, and has initiated the technology transfer process. The partnership is designed to enable close cooperation between the two companies in order to address China's growing demand for both glucose monitoring and transdermal drug delivery solutions.
The partnership agreement includes a licensing and technology transfer under which MTIA will manufacture Echo's proprietary skin permeation and analyte measurement technology. Echo granted MTIA rights to develop, manufacture, market, and distribute Echo's technology on an exclusive basis for the Chinese market, including the Peoples' Republic of China, Hong Kong, Macau and Taiwan.
Significant to the MTIA partnership, Echo also announced today the issuance of a patent covering its technology in China. The patent, entitled "Skin Permeation Device for Analyte Sensing or Transdermal Drug Delivery" issued to Echo Therapeutics in China, includes claims that encompass the skin preparation device, which prepares the skin in a controlled, dermabrasive manner to permit either drug delivery or analyte extraction. This patent will expire in 2028.
"Substantial progress was made over the last several days as the management and functional teams met, exchanged information and made this important partnership operational," said Scott W. Hollander, President and CEO of Echo Therapeutics. "In addition to the working meetings, the issuance of the patent covering our technology in China further broadens Echo's already extensive intellectual property portfolio surrounding our skin preparation and glucose monitoring technology, and represents a valuable asset for Echo."
"We accomplished a great deal last week and I look forward to continuing our collaboration with the new Echo management team. I believe that the partnership is on the right track and we can rapidly move forward to bring this exciting technology to the China market," commented Bai Ge, Managing Director of MTIA. "We are very pleased to work together with Echo to build a substantial business for the China market that addresses a specific market need."