SAN DIEGO, Dec. 11 /PRNewswire-FirstCall/ -- PURE Bioscience (Nasdaq: PURE), creators of the patented silver dihydrogen citrate (SDC) antimicrobial, today reported revenues for the fiscal quarter ended October 31, 2008 of $110,600 compared with revenues of $95,300 in the same quarter last year. The Company reported a loss from operations before taxes of $(1,605,300), or $(0.05) per share, for the current quarter compared with a loss of $(1,008,700), or $(0.04) per share, in the first fiscal quarter last year.
Michael L. Krall, President and CEO of PURE Bioscience, stated, "It was expected that revenues, while reflecting an increase over the year ago quarter would be down sequentially. As we stated in our recent conference call, the product needs of our distributors during the early phases of their sales and marketing launches will vary significantly. In addition, newer distributors must complete regulatory approval before commercialization, and those timelines are unpredictable. Accordingly, our quarterly revenue will not always exhibit linear growth. However, with the maturing of these and additional product roll outs during the coming quarters, and the expansion of a more robust partner and distribution pipeline, we are confident in solid year-over year-growth.
"A number of new partners and distributors have a geographic presence, market expertise and established sales channels, which will help shorten their time to market. This pipeline has its foundation in the successful execution of the three core elements of our business plan: expanding our distribution network for hard surface disinfectant; developing industry leading alliances, such as with Rockline Industries and Ciba, to establish and expand commercial uses of SDC; and establishing strategic partnerships with companies like FTA Therapeutics to broaden the use of the SDC molecule as an active pharmaceutical ingredient in medical, dental and veterinary applications."
Krall continued, "SDC is unique because of its superior efficacy and its low toxicity, while providing residual protection without promoting bacterial resistance. As pressure mounts in the US and abroad for environmentally sound technologies to address global health concerns, we feel that PURE is well-positioned to supply SDC as a prime solution to multiple markets including household, institutional, healthcare, personal care, textiles, industrial fluids, water treatment, agriculture and food processing."
During the quarter, the United States Patent and Trademark Office issued patent number 7,435,438, which covers PURE's process for treating consumable food products with silver dihydrogen citrate (SDC) to reduce or eliminate microbial contamination. The new patent expands the scope of protection of PURE's core technology patent, US Patent 6,197,814, covering the composition and method of making of PURE's silver dihydrogen citrate (SDC) antimicrobial.
Subsequent to the quarter's end, in November PURE announced a new agreement with Ciba (SWX: CIBN) to market and sell PURE's silver dihydrogen citrate antimicrobial as a natural preservative and biocide in the personal care, household, and industrial markets worldwide. In the personal care market, PURE granted Ciba exclusive marketing rights for SDC under the trade name Ciba(R) TINOSAN(R) SDC.
"We continue to work on a number of important alliances and major market opportunities and expect that these efforts will be successful on an ongoing basis," Krall concluded.
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 firstname.lastname@example.org PURE Press Contact: Suzanne Matick Gutenberg Communications (831) 479-1888 Suzanne@gutenbergpr.com PURE Bioscience CONSOLIDATED BALANCE SHEETS (Unaudited) October 31, July 31, 2008 2008 ASSETS Current Assets Cash and cash equivalents $1,047,804 $2,024,400 Short-term investments 4,081,099 4,607,888 Accounts receivable, net of allowance for doubtful accounts of $0 at July 31, 2008 and $0 at October 31, 2008 842,793 834,721 Inventories, net 432,022 370,043 Prepaid expenses 22,183 52,560 Total current assets 6,425,901 7,889,612 Total property, plant and equipment, net 1,009,987 1,034,835 Other Assets Patents 1,993,440 2,016,391 Total assets $9,429,328 $10,940,838 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities Accounts payable $296,705 $596,132 Accrued liabilities 283,914 126,141 Deferred revenue 252,800 256,793 Taxes payable 2,400 2,400 Total current liabilities 835,819 981,466 Deferred rent 17,664 15,798 Total liabilities 853,483 997,264 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 29,573,936 issued and outstanding at July 31, 2008, and 29,795,816 issued and outstanding at October 31, 2008 35,625,756 35,436,077 Additional Paid-In Capital 4,217,998 4,155,608 Warrants: 880,351 issued and outstanding at July 31,2008, and 880,351 issued and outstanding at October 31, 2008 1,766,159 1,766,159 Accumulated other comprehensive income 4,106 18,588 Accumulated deficit (33,038,174) (31,432,858) Total stockholders' equity 8,575,845 9,943,574 Total liabilities and stockholders' equity $9,429,328 $10,940,838 PURE Bioscience CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) For the Three Months Ended October 31, 2008 2007 Net revenues $110,621 $95,290 Cost of sales 59,812 31,693 Gross profit 50,809 63,597 Selling expenses 151,192 88,202 General and administrative expenses 1,262,435 707,609 Research and development 286,962 288,205 Total operating expenses 1,700,589 1,084,016 Loss from operations (1,649,780) (1,020,419) Other income and (expense): Interest income 8,763 11,657 Other 35,701 58 Total other income (expense) 44,464 11,715 Net loss before income taxes (1,605,316) (1,008,704) Income tax provision -- -- Net loss (1,605,316) (1,008,704) Net loss per common share, basic and diluted (0.05) (0.04) Weighted average common shares used in computing basic and diluted net loss per common share 29,668,089 25,333,567
|SOURCE PURE Bioscience|
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