Even more fun with Echo (ECTE)

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:

2005-2010: $223k

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)

Total: $223k

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.

The content contained in this blog represents only the opinions of the author. The author may hold either long or short positions in securities of various companies discussed in the blog. This commentary in no way constitutes investment advice, and should never be relied on in making an investment decision, ever. This blog is not a solicitation of business: all inquiries will be ignored. The content herein is intended solely for the entertainment of the reader, and the author.
Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s