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June 17, 2009

Franklin Firm Inks S. Korea License Deal

By Matthew L. Brown

Echo Therapeutics Inc. has signed a license agreement that allows a Korean drug company to develop and sell certain Echo products.

Franklin-based Echo said Handok Pharmaceuticals Co. Ltd. of South Korea would be granted the rights to develop, market, sell and distribute Echo's "Symphony" needle-free glucose monitoring system designed for diabetics.

Under the agreement, Echo will receive an upfront license payment of $600,000 and milestone payments as the monitoring system is approved by the U.S. Food and Drug Administration and reaches other development and commercial goals.

The agreement is Echo's second this quarter. In late May, the company signed a multi-million-dollar license deal with the Ferndale Pharma Group of the United Kingdom for its SkinPrep system, which prepares the skin prior to certain medical procedures.

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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