PURE Bioscience Reports Second Quarter Financial Results
Conference Call Begins Today at 4:30 p.m. Eastern Time
SAN DIEGO (March 11, 2010) – PURE Bioscience (NASDAQ: PURE), creator of the patented silver dihydrogen citrate (SDC) antimicrobial, today reported product revenues for the fiscal second quarter ended January 31, 2010 of $327,000, up from product revenues of $34,800 in the same quarter of the prior fiscal year. The Company reported a net loss of $1,766,200 or $(0.05) per share for the current quarter, improved from a net loss of $2,219,800 or $(0.07) per share in the second fiscal quarter last year.
Product revenues for the six months ended January 31, 2010 were $548,900, compared with product revenues of $145,400 in the same period of the previous year. The Company reported a net loss of $3,477,400 or $(0.10) per share for the first half of fiscal year 2010, compared with a net loss of $3,825,100 or $(0.13) per share in the same period last year. In the three and six month periods of fiscal year 2009, the Company also recorded licensing revenue of $250,000.
As of January 31, 2010, the Company had cash and cash equivalents of $4,004,800.
“We made important progress on a number of fronts during the second quarter and subsequent weeks,” said Michael L. Krall, President and CEO of PURE Bioscience. “Most importantly, we received approval to sell our new product IV-7 Ultimate Germ Defense™ in
“Richmont is initially targeting the institutional, janitorial and sanitation markets, and was able to develop several channels into those markets while we awaited final regulatory approvals,” said Mr. Krall. “At the time of launch, several distributors and marketing reps were ready to introduce the product to their customers, and a dedicated website – www.IV-7.net – to support the marketing effort with product and technology information is now available.
“Progress by our other distribution partners is reflected in our second quarter results. Specifically, Harmony Bioscience continued to penetrate the Asian market and increase our international presence; and Biotech Medical received widespread positive exposure for its SDC-based brand SpectraSan 24 as Dr. Bob Arnot released a white paper titled ‘Touch Surfaces; The Silent Threat,’ which warns that hard surfaces have emerged as a key source of bacterial and viral infections.”
Mr. Krall continued, “Following last year’s success in obtaining general approval from the EPA forSDC’s use-on food contact surfaces , we have made progress toward gaining approval at the federal level for our food contact surface sanitizer, and expect to have clearance in the current fiscal quarter. Subsequently, we will begin the process of gaining state-by-state approvals, which we believe will take four to six months. Having a claim for sanitizing food contact surfaces will significantly expand our addressable market and further differentiate SDC from competing technologies.
“During the second quarter, we were proud to partner with CareFusion and assist disaster relief efforts in Haiti by shipping 200,000 two-ounce bottles of IV-7 Ultimate Germ Defense to Project Hope for use as a water purifier. The donation was enough to treat up to 40 million gallons of water, providing a viable solution until local water systems are restored,” he concluded.
Conference Call
The Company will host a conference call today beginning at 4:30 p.m. Eastern time to review and discuss the financial results and its business outlook, and answer questions. Shareholders and other interested parties may participate in the conference call by dialing 877-407-8033 (domestic) or 201-689-8033 (international) a few minutes before the call start time. The call is being webcast and can be accessed at www.purebio.com. Investors can also access the webcast at www.InvestorCalendar.com. A replay of the conference call will be accessible through June 11, 2010 by dialing 877-660-6853 (domestic) or 201-612-7415 (international) and entering the Account #286 and the Conference ID #346416.
About PURE Bioscience
PURE Bioscience develops and markets technology-based bioscience products that provide solutions to numerous global health challenges, including methicillin-resistant Staphylococcus aureus (MRSA), or staph infection. 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.