SAN DIEGO, Calif., June 10, 2009 – PURE Bioscience (NASDAQ: PURE), creators of the patented silver dihydrogen citrate (SDC) antimicrobial, today reported financial results for the third quarter and nine-month periods ended April 30, 2009.
Third Quarter Results
Revenues for the second fiscal quarter were $129,900 compared with revenues of $416,500 in the same quarter last year. The Company reported a net loss of $(1,545,600), or $(0.05) per share, for the third quarter, compared with a loss of $(2,466,400), or $(0.09) per share, in the third fiscal quarter last year.
Nine-Month Results
Revenues for the nine-month period were approximately $275,300 as compared with revenues of $664,200 in the same period of the previous year. For the nine months, the Company reported a net loss of approximately $(5,370,700), or $(0.18) per share, compared with a loss of $(5,028,800), or $(0.19) per share, in the same period last year.
Business Overview
During the third quarter, PURE announced four new distribution agreements for commercialization of SDC as a hard surface disinfectant:
- BioTech Medical launched SpectraSan 24 for the industrial and commercial markets and began a field test with a major cruise line for CruiseControl®,
- Sterifide Laboratories licensed One Shot Plus,
- Global Endeavor announced it had local regulatory clearance to introduce Enviroguard into the market in
- ConFirm Monitoring Systems introduced BluTab®, the first anhydrous tablet containing SDC, which it is marketing for dental waterline treatment. ConFirm is also expanding beyond dental waterline treatment and will market product for small device and device applications (small appliances such as coffee makers, etc.).
Also during the third quarter, PURE announced that its Brazilian distributor, Life Biociências S/A (Lifebio), obtained local regulatory approval necessary for it to market its SDC-based disinfectant to hospitals in
In addition, PURE named John Carbone, MD to the Board of Directors this quarter. Dr. Carbone will support the Company’s efforts in the research for and commercialization of SDC in medicine and healthcare.
Michael L. Krall, President and CEO of PURE Bioscience, stated, “In spite of the current global economic crisis, during the quarter we advanced all three tracks of our business. Each of our partners and distributors continues to make important progress in the commercialization of our patented SDC platform technology - as not only a hard surface disinfectant but also an active ingredient or preservative in third party products. In addition, clinical work by FTA Therapeutics, our pharmaceutical development partner, has shown favorable results and FTA is on course to file multiple INDs this year.
“Although we have not yet reached a desirable revenue level, we have made significant inroads in new application development for SDC in several multi-billion dollar markets, including agriculture and food processing, while moving ahead with other R&D and regulatory projects. We expect our continuous product development and regulatory efforts will ultimately lead to increased revenue as more products are registered and companies position to launch products,” Krall said. “We continue to experience an increasing level of new interest and are in discussions with a number of potential new partners and distributors – some of which we expect will open up new markets for us,” concluded Krall.
As noted previously, the Company continues to expect that quarterly revenues will fluctuate until its larger customers have fully established their products in the marketplace. The SDC requirements of PURE’s distributors and customers during the early phases of their respective sales and marketing launches will vary significantly as the regulatory approvals necessary prior to commercialization vary significantly and are unpredictable.
Conference Call
The Company will host a conference call on Wednesday, June 10, 2009 at 1:30 P.M. PDT to review and discuss its business outlook and the third quarter and nine-month financial results. Shareholders and other interested parties may participate in the conference call by dialing 877-407-8033 or (International) 201-689-8033 a few minutes before 1:30 P.M. PDT on June 10 2009. The call is being webcast by Vcall and can be accessed at www.purebio.com . Investors can also access the webcast at www.InvestorCalendar.com. The webcast will be available for replay through September 11, 2009. A replay of the conference call will be accessible until August 10, 2009 by dialing 877-660-6853 or (International) 201-612-7415 and entering the Account#: 286 and the Conference ID#: 324779.
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
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.