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PURE Bioscience Reports First Quarter Results

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

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

     PURE Press Contact:
     Suzanne Matick
     Gutenberg Communications
     (831) 479-1888

                                 PURE Bioscience
                           CONSOLIDATED BALANCE SHEETS

                                                October 31,         July 31,
                                                   2008               2008
    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

    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
          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

                                                  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
Copyright©2008 PR Newswire.
All rights reserved

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