ULURU Inc. Reports Third Quarter 20...(ecution ($48000) expenses related to bei...),Health

Date:11/13/2007

ecution ($48,000), expenses related to being a public company, including director fees ($87,000) and costs for our new listing on the American Stock Exchange ($73,000), and compensation related expenses ($184,000) due to personnel additions. Research and development costs increased from $389,000 in the third quarter 2006 to $455,000 in 2007. The $66,000 increase is primarily due to; fees payable to the Food and Drug Administration of $32,000, increased compensation expense of $73,000, and clinical testing expenses of $24,000. These increases were partially offset by a decrease of $71,000 in direct research costs.

Interest and miscellaneous income increased significantly in third quarter 2007 to $197,000 as compared with $3,000 for the same period last year. The increase of $194,000 is attributable to an increase in interest income due to higher cash balances in 2007 as a result of the recapitalization of the Company in December 2006.

There was no interest expense for the three months ended September 30, 2007 as compared to an expense of $617,000 for the same period last year. The decrease in interest expense relates to our payoff in December 2006 of our outstanding secured convertible debentures. Additionally, we did not incur any other expense items for the three months ended September 30, 2007 as compared to the same period last year where other expense items totalled $2,473,000, which were comprised of $1,885,000 for liquidated damages relating to the delay in the effectiveness of a registration statement, $558,000 from a loss on early extinguishment of debentures, and $30,000 from a loss on sale of equipment.

Balance Sheet

Cash and cash equivalents totaled $15,262,000 at September 30, 2007, a decrease of $1,656,000 as compared to our cash and cash equivalents at December 31, 2006 of $16,918,000. The decrease in net cash for the nine months ended September 30, 2007 was due to several factors; the expenditure of $537,000 for the purchase of
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SOURCE ULURU Inc. Copyright©2007 PR Newswire. All rights reserved

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