PURE Bioscience Reports Third Quarter Financial Results
Conference Call Begins Today at 4:30 p.m. Eastern Time
SAN DIEGO (June 9, 2010) – PURE Bioscience (NASDAQ: PURE), creator of the patented silver dihydrogen citrate (SDC) antimicrobial, today reported product revenues for the fiscal third quarter ended April 30, 2010 of $563,500, up from product revenues of $129,900 in the same quarter of the prior fiscal year. The Company reported a net loss of $1,610,000 or $(0.05) per share for the fiscal third quarter, compared with a net loss of $1,545,600 or $(0.05) per share in the third fiscal quarter last year.
Product revenues for the nine months ended April 30, 2010 were $1,112,300, compared with product revenues of $275,300 in the same period of the previous year. The Company reported a net loss of $5,087,300 or $(0.15) per share for the first nine months of fiscal year 2010, compared with a net loss of $5,370,700 or $(0.18) per share in the same period last year. In the nine month period of fiscal year 2009, the Company also recorded licensing revenue of $250,000.
As of April 30, 2010, the Company had cash and cash equivalents of $3,284,100.
“We are pleased to report the fifth consecutive quarter of product revenue growth, while we continue to build a foundation for further growth and progress. Since the beginning of March we have launched two significant marketing and sales initiatives with Richmont Sciences for our SDC-based hard surface disinfectant under the brand IV-7 Ultimate Germ Defense™,” said Michael L. Krall, President and CEO of PURE Bioscience. “The first is a commercial program targeting distributors and customers in the institutional, janitorial and sanitation markets. For this initiative, Richmont Sciences functions as our sales and marketing agent and earns fees based upon product sold by PURE.
“More recently, we announced an additional and distinctly different program, whereby Richmont resells the disinfectant through a network of independent sales associates using a multi-level sales model. We are confident that the team at Richmont Sciences, led by John Rochon, former chairman of Mary Kay, Inc. and a respected veteran of more than 20 years in the direct selling industry, has created an ideal one-to-one consumer educational and marketing channel for IV-7,” said Krall.
“During the quarter, we also obtained a key U.S. EPA registration for IV-7 Ultimate Germ Defense for Food Contact Surfaces™. As we register the product in each of the 50 states, we and Richmont Sciences are preparing the marketing and sales launch for the food contact product in both the institutional and direct channel programs. Adding the claim for sanitizing food contact surfaces to our current high-efficacy, broad-spectrum disinfecting claims significantly expands our addressable markets and further differentiates SDC from competing technologies. The sanitizer registration also supports our pursuit of SDC as an antimicrobial food processing aid as we continue testing of SDC in various applications in meat processing and agriculture,” said Krall.
He concluded, “We also made significant progress on certain partner programs that we expect will continue to support growth in the mid- and long-term. Our productive relationship with BASF was underscored as their customer Beiersdorf recently expanded its Nivea for Men Silver Protect line from three deodorant formulations to now include shower gel, shaving foam, shaving gel and aftershave lotion. In addition, we recently received two proofs-of-concept from our pharmaceutical development partner, FTA Therapeutics, and we expect
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 August 9, 2010 by dialing 877-660-6853 (domestic) or 201-612-7415 (international) and entering the Account #286 and the Conference ID #351634.
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.