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ULURU Inc. Reports Second Quarter 2009 Financial Results

ADDISON, Texas, Aug. 14 /PRNewswire-FirstCall/ -- ULURU Inc. (NYSE AMEX: ULU) today announced its financial results for the second quarter ended June 30, 2009. The Company reported a net loss of $2.9 million, or $0.04 per share, compared with a net loss of $2.3 million, or $0.04 per share, for the same period last year. At June 30, 2009, the Company held cash and cash equivalents of $1.7 million, compared with $7.6 million at December 31, 2009. As of July 31, 2009, the Company held cash and cash equivalents of $1.9 million.

Commenting on the financial results Renaat Van den Hooff, President and CEO stated,

"During the second quarter we continued to see our operating expenses driven primarily by costs associated with the sales and marketing efforts for Altrazeal(TM), along with regulatory and product development costs for Altrazeal(TM) Silver and Altrazeal(TM) Collagen. As the Company announced on June 29, 2009, we have significantly restructured our business operations to reflect a newly revised business plan. This plan was implemented to conserve the Company's cash resources while furthering its strategic goals. In the mean time, we continue to collect and publish clinical evidence related to Altrazeal's success in treating various types of wounds, including the completion of a randomized clinical study and presentations at several major wound care conferences, such as the recently held American Podiatric Medical Association conference in Toronto, Canada."

Mr. Van den Hooff continued: "Altrazeal(TM) continues to generate very positive clinical results, however, we are recognizing that the selling cycle is taking longer than we originally expected and that greater sales and marketing resources are required. We have been focusing our efforts on identifying the right strategic partner. We are pleased to announce that we are in discussions with multiple wound care companies and we plan to conclude negotiations by the end of the year".

Operating Results

Revenue for the second quarter of 2009 was $136,000, compared to $96,000 for the second quarter of 2008. The increase of approximately $40,000 in revenue from the second quarter of 2008 compared to the second quarter of 2009 was due to an increase in Altrazeal(TM) product sales of $47,000 and $15,000 in sponsored research as the prior year included a non-recurring revenue adjustment. These revenue increases were partially offset by a decrease of $10,000 in Zindaclin(R) royalties.

Research and development expenses for the second quarter of 2009 were $854,000, including $213,000 in share-based compensation, compared to $888,000, including $40,000 in share-based compensation, for the second quarter of 2008. The decrease of approximately $33,000 in research and development expenses was primarily due to lower product development costs of $265,000 associated with our Altrazeal(TM) and OraDisc(TM) technologies. This decrease was partially offset by an increase of $96,000 in regulatory expenses for consultants engaged for our regulatory filings for Altrazeal(TM) related products, increased clinical testing expenses of $21,000 for Altrazeal(TM) and Altrazeal(TM) Silver, and additional compensation costs of approximately $125,000, primarily for the vesting of certain restricted stock awards associated with the Company's workforce reduction in June 2009.

Selling, general and administrative expenses for the second quarter of 2009 were $1.8 million, including $279,000 in share-based compensation, compared to $1.3 million, including $220,000 in share-based compensation, for the second quarter of 2008. The increase of approximately $0.5 million in selling, general and administrative expenses in 2009 was primarily due to costs associated with our sales and marketing efforts of approximately $527,000, and additional legal expenses of $169,000 related to our financing activities and the previously proposed York Pharma, plc acquisition. These increases were partially offset by a decrease of $55,000 in compensation costs, lower legal fees associated with our patent filings of $40,000, lower investor relations expenses of $35,000, lower shareholder expenses of $15,000 due to the delay of our annual shareholder meeting, decreased corporate travel of $19,000, and lower director compensation of $15,000.

Interest and miscellaneous income for the second quarter of 2009 was $21,000 as compared to $79,000 for the second quarter of 2008. The decrease of approximately $58,000 is attributable to a decrease in interest income due to lower cash balances and interest yields in 2009.

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 Nanoflex(TM) Aggregate technology and OraDisc(TM) transmucosal delivery system. For further information about ULURU Inc., please visit our website at For further information about Altrazeal(TM), please visit our website at

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, development of a collagen containing product, the expected publication of articles and posters, positive clinical results of Altrazeal, the effect of cost-savings programs, our plan to conserve cash, the launch of additional products, the outcome of strategic partnerships and our expected completion of strategic negotiations by the end of the year. When used in this press release, the words "may," "targets," "goal," "could," "should," "would," "believe," "feel," "hope," "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, clinical and regulatory results for our products, advantages of our products, and cost saving initiatives. 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.

                                    ULURU Inc.
                                SUMMARY OF RESULTS
                           STATEMENTS OF OPERATIONS DATA

                               Three Months                  Six Months
                              Ended June 30,               Ended June 30,
                              --------------               --------------
                            2009            2008         2009          2008
                            ----            ----         ----          ----
       License fees       $24,925         $25,522      $49,576       $39,293
       Royalty income      63,858          84,772      143,103       160,346
       Product sales       47,311             405       79,954       166,878
       Other                  ---         (15,000)      32,190       (15,000)
                          -------         -------       ------       -------
       Total Revenues     136,094          95,699      304,823       351,517
                          -------          ------      -------       -------

       Cost of goods
        sold                8,921             119       14,998       137,734
       Research and
        development       854,460         887,544    1,629,879     1,742,760
        general and
       administrative   1,835,487       1,341,235    4,060,106     2,234,470
       Amortization       269,183         269,183      535,449       538,367
       Depreciation        47,007          30,202       79,578        50,474
                           ------          ------       ------        ------
       Total Costs
        and Expenses    3,015,058       2,508,283    6,320,010     4,703,805
                        ---------       ---------    ---------     ---------

      (LOSS)           (2,878,964)     (2,412,584)  (6,015,187)   (4,352,288)

     Other Income
       Interest and
        income             21,066          78,888       35,620       203,933
       Loss on sale
        of equipment       (2,121)            ---       (2,121)          ---
                        ---------       ---------    ---------     ---------

      INCOME TAXES     (2,860,019)     (2,333,696)  (5,981,688)   (4,148,355)

       Income taxes           ---             ---          ---           ---
                        ---------       ---------    ---------     ---------

     NET (LOSS)       $(2,860,019)    $(2,333,696) $(5,981,688)  $(4,148,355)
                      ===========     ===========  ===========   ===========

     Basic and
      diluted net
      (loss) per
      common share         $(0.04)         $(0.04)      $(0.09)       $(0.07)
                           ======          ======       ======        ======

      OUTSTANDING      65,602,990      62,466,881   65,564,354    62,445,519
                       ==========      ==========   ==========    ==========

                                    ULURU Inc.

                                                June 30,       December 31,
                                                  2009            2008
                                              (Unaudited)       (Audited)
                                              ------------      ---------

      Cash and cash equivalents                $1,710,005      $7,567,588
      Current assets                            4,277,214       9,312,041
      Property and equipment, net               1,731,536       1,828,040
      Other assets                              9,457,670       9,985,988
      Total assets                             15,466,420      21,126,069

      Current liabilities                       1,320,928       2,243,113
      Long term liabilities
       - deferred revenue                       1,306,950       1,356,526
      Total liabilities                         2,627,878       3,599,639
      Total stockholders'
       equity                                  12,838,542      17,526,430

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