To celebrate last week’s arrest of long-time crim Murray Huberfeld, of Broad Capital and Platinum Partners (both run out of the same offices in NYC), we at BuyersStrike! HQ thought it would be timely to update one of our classic posts on Platinum-controlled medical device scam Echo Therapeutics (ECTE).
[Read more about Murray’s arrest in a nice piece by Nathan Vardi in Forbes here. – Ed.]
In the original post from 2011 we looked at the revenues, life to date, from Echo’s medical device business excluding licensing and Non-Recurring Engineering (NRE) revenues. The number at that time was $223,000.00.
Let’s update through the most recent filings.
Echo’s crappy SonoPrep device, which has been cleared for sale since 2004 (and is the supposed core tech for the Continuous Glucose Monitoring (CGM) vaporware Echo has promised for over a decade) has generated the following revenues for ECTE:
2011: $0 (Licensing rev of 302k & NRE rev of 145k)
2012: $0 (Licensing rev of $5k)
2013: $0 (Licensing rev of $27.6k)
2014: $0 (Licensing rev of $57k)
2015: $0 (Total rev also = 0)
1Q16: $0 (Total rev also = 0)
This technology has generated, life to date product sales of $223,000.00. Kick in NREs and license fees from various Asian deals that never amounted to anything, the total take LTD is just $982k, over the entire life of the public company. There are welfare moms with better income statments.
The idea that the same technology, under a new name, “Prelude” as opposed to “SonoPrep” will be any more successful is absurd. The idea that the technology will be a differentiating factor in a CGM system that has never come to market even after being hyped for over 12 years is equally absurd.