Echo Therapeutics breaks lease on Mass. lab space
Echo Therapeutics (NSDQ:ECTE) said last week it is moving its research lab from Franklin, Mass. to Littleton, Mass. and terminating its previous lease in the process.
The Philadelphia-based developer of wireless glucose monitors and wearable health and fitness devices said it paid $150,000 to break the lease on its previous 37,050 square foot research facility in Franklin.
Echo Therapeutics relocated on July 3 to a smaller 10,132 square foot research facility in Littleton, Mass., according to an SEC filing from the company.
The move will save the company approximately $750,000, according to the filing.
Earlier this month, Echo Therapeutics agreed to settle an ongoing dispute with former president & CEO Dr. Patrick Mooney that arose after his sudden departure in August 2013. Mooney sued the company 3 times in total, requesting compensation for defamation, lack of severance, loss of consortium and to cover legal fees.
The company said it would pay Mooney $150,000 plus unspecified additional payouts from its insurers.
The company tapped board member Robert Doman for interim CEO after Mooney’s departure, replacing him in June 2014 with senior vice president, general counsel, chief compliance officer & secretary Kimberly Burke. In December 2014 Echo put former Otsuka Pharmaceuticals exec Scott Hollander in the corner office; Burke resigned later that month.