Navigation Links
PURE Bioscience Reports Fourth Quarter and Year End Results
Date:10/15/2008

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.

(Logo: http://www.newscom.com/cgi-bin/prnh/20060119/LATH060LOGO)

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

Cameron Associates

(212) 554-5462

paul@cameronassoc.com

PURE Bioscience

CONSOLIDATED BALANCE SHEETS

July 31,

2008 2007

ASSETS

Current Assets

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

Other Assets

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

Current Liabilities

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

Stockholders' Equity

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

Warrants:

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

PURE Bioscience

CONSOLIDATED STATEMENTS OF OPERATIONS

For the Years Ended

July 31,

2008 2007

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)

Discontinued operations:

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
Copyright©2008 PR Newswire.
All rights reserved

Related biology technology :

1. PURE Bioscience to Announce Fourth Quarter and Fiscal 2008 Results
2. Pressure BioSciences, Inc. Provides Corporate Update
3. Isis Announces Award of Up to $8.4 Million in New Government Grants and Contracts to Its Ibis Biosciences Subsidiary for Pathogen Detection and Human Forensics
4. Dr. Charles Sanders to Become Lead Director of Epiphany Biosciences
5. Lumiphore Partners with Biophor Diagnostics, Inc. to Develop Tests for Drugs of Abuse; Appoints Ibis Biosciences Founder David J. Ecker to Board
6. Sangamo BioSciences to Present at Two Upcoming Investor Conferences
7. Nomad Bioscience: New Plant Biotechnology Company Founded to Focus on Biomaterials and Biopharmaceuticals
8. Nomad Bioscience Announces Broad License Agreement
9. LI-COR Biosciences Offers $1.75 Million in Matching Funds for Undergraduate Genomics Education
10. Neurocrine Biosciences to Present at the UBS Global Life Sciences Conference
11. Tethys Bioscience Announces Acquisition of Lipomics Technologies
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:2/11/2016)... 2016   BioInformant announces the February 2016 ... Products, Opportunities, Tools, and Technologies – Market Size, Segments, ... The first and only ... industry, BioInformant has more than a decade of historical ... by stem cell type. This powerful 175 page global ...
(Date:2/10/2016)... , February 10, 2016 Early-career researchers ... , Peru , Uganda and ... life-enhancing work in health and nutrition   Indonesia ... Uganda and Yemen are being ... and epidemiology. They are also celebrated for mentoring young women scientists who ...
(Date:2/10/2016)... Feb. 10, 2016  IsoRay, Inc. (NYSE MKT: ISR), ... and medical radioisotope applications for the treatment of prostate, ... announced its financial results for the second quarter and ... 2015. --> --> ... of fiscal 2016, which ended December 31, 2015, a ...
(Date:2/10/2016)... ... 10, 2016 , ... LATHAM, NEW YORK... Marktech Optoelectronics will feature ... in San Francisco’s Moscone Center from February 16-18, 2016, and at the healthcare-focused ... latest InGaAs PIN diode standard packages feature a TO-46 metal can with active areas ...
Breaking Biology Technology:
(Date:2/2/2016)... NEW YORK , Feb. 2, 2016 /PRNewswire/ ... Potentials of that Rising Market Are you ... new analysis forecasts revenues for checkpoint inhibitors. Visiongain,s ... world market, submarket, product and national level. ... Instead discover what progress, opportunities and revenues those ...
(Date:2/1/2016)... 1, 2016 Rising sales of ... global touchfree intuitive gesture control market size ... sales of consumer electronics coupled with new technological advancements ... size through 2020   --> ... new technological advancements to drive global touchfree intuitive gesture ...
(Date:1/27/2016)... WEST CHESTER, Ohio , Jan. 27, 2016 /PRNewswire/ ... services supplier based in West Chester, Ohio ... and their award winning service staff, based in ... Track,s technical capacity and ability to provide modifications, installations ... John Dovalina , CEO of PLUS, commented, "PLUS ...
Breaking Biology News(10 mins):