ADDISON, Texas, March 30 /PRNewswire-FirstCall/ -- ULURU Inc. (NYSE Alternext: ULU) today announced its financial results for the fourth quarter and year ended December 31, 2008.
For the fourth quarter of 2008, the Company reported a net loss of $2.9 million, or $0.04 per share, compared with a net loss of $0.9 million, or $0.01 per share, for the same period last year. For the year ended December 31, 2008, the Company reported a net loss of $9.8 million, or $0.15 per share, compared with a net loss of $4.2 million, or $0.07 per share, in the same period of 2007. At December 31, 2008, the Company held cash and cash equivalents of $7.6 million, compared with $13.9 million at December 31, 2007.
Commenting on the financial results Renaat Van den Hooff, President and CEO stated, "The increase in operating expenses continues to be driven by costs associated with the commercial and clinical development of Altrazeal(TM) and Altrazeal(TM) Silver. These investments are necessary in order to give visibility to the clinical successes obtained with our Altrazeal(TM) products and to keep our future product development milestones on track".
Recent accomplishments related to our wound care franchise include:
Mr. Van den Hooff continued, "We are now in the process of working through the purchasing cycle at a growing number of institutions that have observed successful clinical experiences with Altrazeal(TM). In parallel we are in dialogue with the Food and Drug Administration related to the approval of Altrazeal(TM) Silver, and our research and development team is on track to finalize the development and regulatory submission for Altrazeal(TM) Collagen in the fourth quarter of 2009."
Revenue for the fourth quarter of 2008 was $257,000, compared to $834,000 for the fourth quarter of 2007. For the year ended December 31, 2008, revenue was $733,000, compared to $1,466,000 in the same period of 2007. The decrease in revenue from the fourth quarter of 2007 compared to the fourth quarter of 2008 was due to a decrease in licensing as 2007 included a non-recurring license fee of approximately $576,000 associated with our Zindaclin(R) product. The decrease in revenue from the year ended December 2007 compared to the year ended December 2008 is due to decreases of $243,000 in sponsored research income and $679,000 in Zindaclin(R) license fees, both of which were non-recurring revenues in 2007. These decreases were partially offset by product sales of Altrazeal(TM) and Aphthasol(TM) of approximately $184,000 that occurred this year with no associated product sales occurring in 2007.
Research and development expenses for the fourth quarter of 2008 were $860,000, including $42,000 in share-based compensation, compared to $638,000, including $39,000 in share-based compensation, for the fourth quarter of 2007. For the year ended December 31, 2008, research and development expenses were $3.5 million, including $162,000 in share-based compensation, compared to $2.2 million, including $136,000 in share-based compensation, in the same period of 2007. The increase of approximately $1.3 million in research and development expenses was primarily due to development costs associated with our new Altrazeal(TM) Silver wound care product, clinical study expenses for Altrazeal(TM) and Altrazeal(TM) Silver, continued development costs for OraDisc(TM) technologies, regulatory consulting expenses, and additional scientific personnel.
Selling, general and administrative expenses for the fourth quarter of 2008 were $2.0 million, including $232,000 in share-based compensation, compared to $0.9 million, including $182,000 in share-based compensation, for the fourth quarter of 2007. For the year ended December 31, 2008, selling, general and administrative expenses were $6.0 million, including $862,000 in share-based compensation, compared to $3.0 million, including $447,000 in share-based compensation, in the same period of 2007. The increase of approximately $3.0 million in selling, general and administrative expenses in 2008 was primarily due to costs of approximately $2.3 million associated with the implementation of our Altrazeal(TM) sales and marketing efforts that commenced in June 2008, compensation costs associated with the hiring of our executive vice president of operations, and increases in share-based compensation.
About ULURU Inc.:
ULURU Inc. is a specialty pharmaceutical company focused on the development of a portfolio of wound management and oral care products to provide patients and consumers improved clinical outcomes through controlled delivery utilizing its innovative transmucosal delivery system and Nanoflex(TM) Aggregate technology. For further information about ULURU Inc., please visit our website at www.uluruinc.com.
This press release contains certain statements that are forward-looking within the meaning of Section 27a of the Securities Act of 1933, as amended, including but not limited to statements made relating to future financial performance of ULURU Inc. (the "Company"), development of a silver containing product, the expected publication of articles and posters, and the launch of additional products. When used in this press release, the words "may," "targets," "goal," "could," "should," "would," "believe," "feel," "expects," "confident," "anticipate," "estimate," "intend," "plan," "potential" and similar expressions may be indicative of forward-looking statements including without limitation statements relating to the progress of our technology, pre-clinical results for our products, and advantages of our products. These statements by their nature involve substantial risks and uncertainties, certain of which are beyond the Company's control. Any forward-looking statement speaks only as of the date on which such statement is made, and the Company undertakes no obligation to update any forward-looking statement or statements to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of an unanticipated event. Further, management cannot assess the impact of each such factor on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. These statements are subject to numerous risks and uncertainties, including but not limited to the risk factors detailed in the Company's Annual Report on Form 10-K for the year ended December 31, 2008 and other reports filed by us with the Securities and Exchange Commission
Contact: Company Renaat Van den Hooff President & CEO Terry K. Wallberg Vice President & CFO (214) 905-5145
ULURU Inc. SUMMARY OF RESULTS STATEMENTS OF OPERATIONS DATA Three Months Ended Year ended December 31, December 31, 2008 2007 2008 2007 REVENUES License fees $164,459 $740,509 $230,308 $909,252 Royalty income 45,135 61,530 286,303 281,491 Product sales 14,607 --- 184,050 --- Other 32,316 31,500 32,810 275,001 Total Revenues 256,517 833,539 733,471 1,465,744 COSTS AND EXPENSES Cost of goods sold 2,604 --- 140,822 --- Research and development 859,533 637,550 3,503,638 2,211,698 Selling, general and administrative 2,025,750 935,476 5,992,097 3,045,065 Amortization 272,102 272,095 1,082,571 1,078,351 Depreciation 32,346 20,050 114,048 72,942 Total Costs and Expenses 3,192,335 1,865,171 10,833,176 6,408,056 OPERATING (LOSS) (2,935,818) (1,031,632) (10,099,705) (4,942,312) Other Income (Expense) Interest and miscellaneous income 47,269 174,953 317,070 791,687 Interest expense --- (431) --- (2,006) (LOSS) BEFORE INCOME TAXES (2,888,549) (857,110) (9,782,635) (4,152,631) Income taxes --- --- --- --- NET (LOSS) $(2,888,549) $(857,110) $(9,782,635) $(4,152,631) Basic and diluted net (loss) per common share $(0.04) $(0.01) $(0.15) $(0.07) WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING 65,509,481 62,370,593 63,775,653 61,798,882
ULURU Inc. SELECTED CONDENSED CONSOLIDATED BALANCE SHEET DATA December 31, December 31, 2008 2007 (Audited) (Audited) Cash and cash equivalents $7,567,588 $13,979,828 Current assets 9,312,041 15,536,146 Property and equipment, net 1,828,040 1,532,881 Other assets 9,985,988 11,053,976 Total assets 21,126,069 28,123,003 Current liabilities 2,243,113 1,389,989 Long term liabilities - deferred revenue 1,356,526 495,281 Total liabilities 3,599,639 1,885,270 Total stockholders' equity 17,526,430 26,237,733
|SOURCE ULURU Inc.|
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