PURE Bioscience Reports Third Quarter and Nine-Month Results
Revenue Growth Rate Demonstrates Marketplace Traction
SAN DIEGO, Calif., June 13, 2008 – PURE Bioscience (NASDAQ: PURE) today reported revenues for the third fiscal quarter ended April 30, 2008 of $416,500, an increase of 215% from $132,400 in the third quarter last year. The Company reported a net loss of $2,466,400, or $(0.09) per share, for the current quarter, compared with a loss of $876,400, or $(0.03) per share, in third fiscal quarter last year.
Revenues for the nine month period were $664,200, as compared with revenues of $328,800 in the same period last year. The Company reported a net loss of $5,028,800, or $(0.19) per share, compared with a loss of $2,751,800, or $(0.11) per share, in the prior period.
Losses for the third quarter and nine-month period of the current fiscal year include non-cash expenses of approximately $1.6 million and $2.3 million, respectively.
During the quarter, the company announced three new distributors for its SDC-based disinfectant in addition to a key partnership agreement with industry-leading contract wet wipe manufacturer, Rockline Industries, Inc. The agreement with Rockline includes both distribution of the disinfectant as well as development of SDC-containing wet wipes products.
Michael L. Krall, President and CEO of PURE Bioscience commented, “Our revenues demonstrate that SDC is gaining traction in the marketplace, having increased for the fourth consecutive quarter, including a 173% increase from second to third quarter. Furthermore, our balance sheet remains strong, with cash and short-term investments declining by just $27,000 this last quarter.”
Krall continued, “We remain confident in our three-pronged business strategy of increasing our network of private label distributors for the SDC-based disinfectant, establishing partnerships in various markets for the resale of SDC for integration in third party products and creating additional partnerships for the deployment of SDC in pharmaceutical, dental and veterinary applications. Negotiations sometimes take longer than anticipated, and we expect to report in more detail in the coming quarters on the significant progress PURE has made and continues to make in forwarding its position in each of our strategic business tracks.
“The third quarter also marked PURE’s return to NASDAQ – an important milestone for PURE and its shareholders,” Krall concluded.
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 El Cajon, California (San Diego metropolitan area). Additional information on PURE is available at www.purebio.com.
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.