SAN DIEGO, Oct. 15 /PRNewswire-FirstCall/ -- PURE Bioscience (Nasdaq: PURE), creators of the patented antimicrobial, silver dihydrogen citrate (SDC), today reported revenues for the fiscal year ended July 31, 2008 of $1,487,500, which increased more than 340% compared with $336,400 in the prior fiscal year. The Company reported a loss from operations before taxes of $(6,540,300), or $(0.24) per share, compared with a loss of $(4,654,900), or $(0.19) per share, in the prior year.
Included in the loss from operations before taxes for the fiscal year ended July 31, 2008 was $2,638,000 of non-cash expense, including stock-based compensation, amortization and depreciation, compared with $1,796,900 of such non-cash expense for the year ended July 31, 2007.
During the fourth quarter of its fiscal year, PURE announced new distribution agreements with Orchem Corporation and DuraBan International, two recognized organizations with established sales channels which will shortly begin to market SDC-based products. In addition, the Company announced that its distribution partner in Brazil had received approval to manufacture and sell SDC-based disinfectant. Finally, PURE entered into an agreement with FTA Therapeutics, LLC for the development and licensing of additional silver dihydrogen citrate (SDC)-based products for human use. FTA has already begun initial formulation and clinical projects for FDA-regulated dermatology, wound care and medical biofilm control products containing SDC.
Earlier in the year, the company signed an agreement with Rockline Industries, Inc., for North American distribution of PURE's ready-to-use disinfectant product and for the development and North American distribution of wipes products as well as new disinfectant, sanitizer and preservative products containing SDC. Rockline is the market leader in the manufacture and distribution of wipes. In addition, PURE received approval for expanded efficacy claims by the EPA and broadened its patent portfolio; and our common stock commenced trading on the Nasdaq exchange and was added as a component of the Russell Microcap Index.
"During fiscal 2008, we strengthened our competitive position and built upon our private label distribution network culminating in an outstanding fourth quarter in which we posted more than $820,000 in revenue," said Michael L. Krall, President and CEO of PURE Bioscience. "PURE established and continues to make important strides toward finalizing additional contracts with major market players for the integration of SDC into third party products, including a new partnership with a respected leader for the development of FDA-regulated SDC products.
"It is important to note that virtually all of our initiatives within major markets and with world-class partners remain under continuing discussion and negotiation. Furthermore, we have identified a number of large new markets for SDC for agriculture and water applications, particularly within growing developing countries around the world. Finally, regulatory and legislative changes, as well as consumer and competitive pressures are driving companies to explore, review and adopt 'green' and environmentally favorable solutions like SDC, the first new anti-microbial approved by the EPA in over thirty years.
"The size of potential markets and the breadth of applications for our technology continue to grow," concluded Mr. Krall. "From our presentations and meetings across various sectors and country borders, with current, pending and potential industry-leading partners, I have never been more encouraged and confident in the soundness of our strategy, the focus of our execution and the enormous opportunities for growth and success for PURE Bioscience."
The Company has scheduled a conference call to present year end-results on Thursday, October 16, 2008 at 4:30 PM ET. The conference call will consist of prepared remarks from management and will be available over the Internet via live web cast at http://www.purebio.com. Shareholders can submit questions for the conference call via e mail through the investor section of the company web page at http://www.purebio.com.
The conference call will also be accessible by telephone at (800) 309-1352 (no passcode required) and participants are advised to dial-in at least five minutes before the scheduled start time. The replay of the conference call will be available for seven days by telephone at (888) 203-1112 or (719) 457-0820 using passcode 3067874. The webcast will be archived for a period of 90 days at http://www.purebio.com
About PURE Bioscience
PURE Bioscience develops and markets technology-based bioscience products that provide solutions to numerous global health challenges, including Staph (MRSA). PURE's proprietary high efficacy/low toxicity bioscience technologies, including its silver dihydrogen citrate-based antimicrobials, represent innovative advances in diverse markets and lead today's global trend toward industry and consumer use of "green" products while providing competitive advantages in efficacy and safety. Patented SDC is an electrolytically generated source of stabilized ionic silver which formulates well with other compounds. As a platform technology, SDC is distinguished from competitors in the marketplace because of its superior efficacy, reduced toxicity and the inability of bacteria to form a resistance to it. PURE is headquartered in El Cajon, California (San Diego metropolitan area). Additional information on PURE is available at http://www.purebio.com.
This press release includes statements that may constitute
"forward-looking" statements, usually containing the words "believe,"
"estimate," "project," "expect" or similar expressions. These statements
are made pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements inherently
involve risks and uncertainties that could cause actual results to differ
materially from the forward-looking statements. Factors that would cause or
contribute to such differences include, but are not limited to, acceptance
of the Company's current and future products and services in the
marketplace, the ability of the Company to develop effective new products
and receive regulatory approvals of such products, competitive factors,
dependence upon third-party vendors, and other risks detailed in the
Company's periodic report filings with the Securities and Exchange
Commission. By making these forward-looking statements, the Company
undertakes no obligation to update these statements for revisions or
changes after the date of this release.
PURE Bioscience Investor Contact:
Paul G. Henning, Vice President
CONSOLIDATED BALANCE SHEETS
Cash and cash equivalents $2,024,400 $735,654
Short-term investments 4,607,888 708,058
Accounts receivable, net of allowance
for doubtful accounts of $0 at
July 31, 2007 and $0 at July 31, 2008 834,721 7,548
Inventories, net 370,043 242,899
Prepaid expenses 52,560 -
Total current assets 7,889,612 1,694,159
Total property, plant and equipment, net 1,034,835 968,737
Prepaid consulting - 13,011
Deposits - 9,744
Patents 2,016,391 2,176,388
Total assets $10,940,838 $4,862,039
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable $596,132 $422,753
Accrued liabilities 126,141 77,228
Deferred revenue 256,793 -
Taxes payable 2,400 2,400
Total current liabilities 981,466 502,381
Deferred rent 15,798 -
Total liabilities 997,264 502,381
Preferred Stock, no par value:
5,000,000 shares authorized,
no shares issued - -
Class A common stock, no par value:
50,000,000 shares authorized
24,961,805 issued and outstanding at
July 31, 2007, and 29,573,936 issued
and outstanding at July 31, 2008 35,436,077 26,519,543
Additional Paid-In Capital 4,155,608 2,486,829
391,698 issued and outstanding at
July 31, 2007, and 880,351 issued
and outstanding at July 31, 2008 1,766,159 245,825
Accumulated other comprehensive income 18,588 -
Accumulated deficit (31,432,858) (24,892,539)
Total stockholders' equity 9,943,574 4,359,658
Total liabilities and stockholders'
equity $10,940,838 $4,862,039
CONSOLIDATED STATEMENTS OF OPERATIONS
For the Years Ended
Net revenues $1,487,464 $336,392
Cost of sales 463,596 221,108
Gross profit 1,023,868 115,284
Selling expenses 805,628 899,145
General and administrative expenses 5,142,961 2,836,224
Research and development 1,646,352 1,220,764
Impairment of capitalized assets 109,286 -
Total operating expenses 7,704,227 4,956,133
Loss from operations (6,680,359) (4,840,849)
Other income and (expense):
Interest income 30,786 150,878
Interest expense - -
Other 111,654 37,494
Total other income (expense) 142,440 188,372
Net loss before income taxes (6,537,919) (4,652,477)
Income tax provision (2,400) (2,400)
Loss from continuing operations (6,540,319) (4,654,877)
Income taxes on discontinued operations - -
Net loss (6,540,319) (4,654,877)
Net loss per common share, basic and diluted
Continuing operations $(0.24) $(0.19)
Discontinued operations - -
Net Loss $(0.24) $(0.19)
Weighted average common shares used in
computing basic and diluted net loss
per common share 27,553,215 24,432,905
|SOURCE PURE Bioscience|
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