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8-K - FORM 8-K - Echo Therapeutics, Inc. | ecte8k_dec122016.htm |
Exhibit 99.1
ECHO
THERAPEUTICS ANNOUNCES FEDERAL COURT’S DENIAL OF PRELIMINARY
INJUNCTION AND LIFTING OF TEMPORARY RESTRAINING ORDER
Iselin,
NJ – December 12, 2016/PRN Newswire/Echo Therapeutics, Inc.
(OTCQB:ECTE), a medical device company focused on non-invasive
continuous glucose monitoring (CGM), today announced that on
Friday, December 9, 2016, the U.S. District Court for the Southern
District of New York denied plaintiffs’ application for a
preliminary injunction and dissolved as of 5:00 P.M. today the
temporary restraining order previously issued ex parte in the action commenced against
the Company, its directors Michael Goldberg and Shepard Goldberg
and others by Manchester Management Company LLC
(“Manchester”) and James E. Besser and their affiliates
entitled Manchester Management Co,
LLC, et al v. Echo Therapeutics, Inc., Michael Goldberg, Shepard
Goldberg, Alec Goldberg, Platinum Management (NY) LLC, et al
-16-CV-9217 (SDNY).
The
Court ruled, among other things, that plaintiffs had not shown a
likelihood of success on the merits with respect to any of their
securities claims, breach of fiduciary duty claims or trade secret
claims.
The
Company and the Directors intend to seek dismissal of all of
plaintiffs' claims and are evaluating legal recourse including the
availability of legal claims against the plaintiffs.
About
Echo Therapeutics
Echo
Therapeutics is developing its non-invasive, wireless, continuous
glucose monitoring (CGM) system. A significant opportunity exists
for the Company’s CGM to be used in the outpatient diabetes
market and in the fitness, weight loss and personal lifestyle
wearable-health space. A longer-term opportunity also exists in the
hospital settings. Echo developed its needle-free skin preparation
device as a platform technology that allows for enhanced skin
permeation enabling extraction of analytes, such as glucose, and
enhanced delivery of topical pharmaceuticals.
Cautionary
Statement Regarding Forward Looking Statements
The
statements in this press release that are not historical facts may
constitute forward-looking statements that are based on current
expectations and are subject to risks and uncertainties that could
cause actual future results to differ materially from those
expressed or implied by such statements. Those risks and
uncertainties include, but are not limited to, risks related to
regulatory approvals and the success of Echo’s clinical
studies, the safety and efficacy of Echo’s CGM System, the
failure of future development and preliminary marketing efforts
related to Echo’s CGM System, Echo’s ability to secure
additional commercial partnering arrangements, risks and
uncertainties relating to Echo’s and its partners’
ability to develop, market and sell Echo’s CGM System, the
availability of substantial additional equity or debt capital to
support its research, development and product commercialization
activities, and the success of its research, development,
regulatory approval, marketing and distribution plans and
strategies, including those plans and strategies related to its CGM
System. These and other risks and uncertainties are identified and
described in more detail in Echo’s filings with the
Securities and Exchange Commission, including, without limitation,
its Annual Report on Form 10-K for the year ended December 31,
2015, its Quarterly Reports on Form 10-Q, and its Current Reports
on Form 8-K. Echo undertakes no obligation to publicly update or
revise any forward-looking statements.
For More Information:
Alan W.
Schoenbart
Interim
CEO
(732)
201-4194
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