Franklin Co. Licenses Key Product To Brit Firm
Franklin-based medical device maker Echo Therapeutics Inc. has signed a multi-million dollar license agreement with an English company that plans to develop, market, sell and distribute one of its key products.
Under the agreement, Ferndale Pharma Group of the United Kingdom will use Echo's Prelude SkinPrep system to expand its presence in the topical dermal anesthesia market in hospitals, clinics and with plastic surgeons and dermatologists.
Ferndale will pay Echo an up-front licensing fee of $750,000 and another $750,000 once the SkinPrep system is cleared by the U.S. Food and Drug Administration. Echo said it stands to receive minimum guaranteed royalties of $12.6 million.
SkinPrep prepares the skin prior to certain medical procedures and allows for the quick removal of the outermost layer of the skin to facilitate drug delivery and glucose measurement.
For its most recent quarter, Echo reported a $1.3 million net loss compared to a net loss of $4 million for the same quarter the prior year.
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