Small cap stocks are known for big moves, but medical device company Echo Therapeutics (ECTE) has some real big moves: ECTE stock is turning heads today by jumping 65%.
The stock jump came as the company announced positive results from its multi-center clinical trial of the Symphony CGM System in surgical patients in hospital critical care units — which would read blood glucose levels.
The system is a non-invasive, wireless continuous glucose monitoring system.
The results showed that 97.9% of the readings were clinically accurate (A) and 1.8% were benign (B) errors with a combined A+B categorization of 99.7%.
“We are extremely pleased with the positive results of this trial. Importantly, this was the largest study of Symphony to date and it was the first time that all of the components of the system were used together in a clinical trial. We believe Symphony demonstrated satisfactory safety, accuracy and reliability during the clinical trial to satisfy CE Mark requirements,” said Robert F. Doman, Executive Chairman and Interim CEO of Echo Therapeutics.
But that’s not the only good news for the small cap stock (via SmallCapNetwork):
The Company has reduced cost reduction initiative and operating costs across the board.
Also Echo Therapeutics anticipates to finish the study of Symphony CGM System in Q4, and afterward submit the CE Mark Technical File for marketing approval in Europe. As the Company targets closing on their CE Mark regulatory trial process, don’t be surprise to witness partnerships in the future.
The spike — even as high as it was — still keeps ECTE stock down some 57% year to date.
Echo Therapeutics, Inc. (Echo) is a transdermal medical device company.