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ULURU Inc. Reports Second Quarter 2008 Financial Results

ADDISON, Texas, Aug. 11 /PRNewswire-FirstCall/ -- ULURU Inc. (Amex: ULU) today reported financial results for the second quarter ended June 30, 2008.

For the quarter ended June 30, 2008, the net loss attributable to common stockholders was $2,334,000, or $0.04 per share, compared to a net loss of $1,209,000, or $0.02 per share, for the corresponding period in 2007. The second quarter 2008 net loss was impacted by non-cash expenses of $560,000, which included share-based compensation, amortization, and depreciation of $261,000, $269,000 and $30,000, respectively, whereas the second quarter 2007 net loss included non-cash expenses of $405,000, which included share-based compensation, amortization, and depreciation of $119,000, $269,000 and $17,000, respectively.

Income Statement

Revenues for the second quarter of 2008 were $96,000, compared with $119,000 for the same period last year. The decrease of $23,000 in revenues is primarily attributable to a decrease in sponsored research of $35,000, as the prior year revenue was non-recurring.

Total costs and expenses, including amortization and depreciation, increased by $975,000 in the second quarter of 2008 to $2,508,000, as compared with the corresponding period in 2007 where total costs and expenses, including amortization and depreciation, were $1,533,000. The overall expense increase is primarily attributable to increases in Research and Development of $314,000 and increases in Selling, General and Administrative of $648,000. The increase in Research and Development expenses is attributed to additional costs in direct research for Altrazeal(TM) related products of $35,000 and OraDisc(TM) related products of $16,000, increases for our clinical testing programs of $53,000, regulatory consulting and expenses of $66,000, and additional scientific personnel costs, including share-based compensation, of approximately $145,000. The Selling, General and Administrative expense increase was co

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