SAN DIEGO, CA (October 28, 2014) – PURE Bioscience, Inc. (OTCQB: PURE), creator of the patented silver dihydrogen citrate (SDC) antimicrobial, today reported financial results for the fiscal year ended July 31, 2014 (Fiscal 2014).
Accomplishments - Fiscal Year 2014 to Present
The new PURE management team continues to build upon the significant progress made last fiscal year to advance its laser-focused business strategy to commercialize its SDC-based technology as a food safety solution:
Quick Service Restaurant (QSR)
Direct Food Contact Processing Aid
Strategic Manufacturing & Distribution Agreement – Intercon Chemical Company (ICC)
Summary of Results of Operations
Revenues for the fourth fiscal quarter of 2014 were $133,000, compared with revenues of $189,000 for the fourth fiscal quarter of 2013. Total operating costs and expense, excluding share-based compensation, other share-based expense, and restructuring costs, for the fourth fiscal quarter of 2014 and 2013, were $2.0 million and $1.7 million, respectively.
The Company reported its Fiscal 2014 revenues were $550,000 compared with $820,000 for the fiscal year ended July 31, 2013 (Fiscal 2013). Total operating costs and expenses, excluding share-based compensation, other share-based expense, and restructuring costs, were $6.4 million, and $7.4 million, respectively, a reduction of 14%. The Fiscal 2014 net loss was $11.1 million compared with $7.7 million for Fiscal 2013. Our pro forma net loss, adjusted for significant items, for Fiscal 2014 and 2013 was $4.3 million and $6.4 million, respectively.
As the Company continues to build on the early successes of its new business strategy, it intends to:
Calendar 2015 Goals
Peter C. Wulff, Chief Financial Officer and Chief Operating Officer, stated that, “The PURE team has done a phenomenal job in re-focusing and restructuring our operations. We now have both the operational foundation and the financial resources needed to focus our team on sales development. I also look forward to working on the up-listing of PURE’s stock to a national exchange at the earliest opportunity.”
Hank R. Lambert, Chief Executive Officer, said that, “We have spent the past year working to gain traction in the commercialization of SDC as a superior, non-toxic disinfectant for pathogen control in restaurant and food processor environments, and we are seeing expanded opportunities within these markets.
“The recent authorization by SUBWAY® Restaurants for PURE® Hard Surface disinfectant to be sold to franchisees for use in each of SUBWAY®’s U.S. stores demonstrates their confidence in our technology based on thorough testing. We are already capitalizing on this important validation of our product in our ongoing sales efforts to introduce additional restaurant chains to the superior efficacy of SDC.”
Lambert continued, “Based on the impressively strong test results achieved this past year, we are opening a new direct food contact sales channel for SDC. We have filed two separate Food Contact Notifications (FCNs) with the FDA (for poultry and for produce) and expect to file a third FCN (for beef and pork) in early 2015. We anticipate expanding the impact of our technology and developing new revenues from this significant new market opportunity in 2015.”
2014 Fiscal Year End Results Conference Call
The Company will host an investor conference call on Tuesday, October 28, 2014 at 1:30pm PDT (4:30pm EDT).
The Participant Dial-In Number for the conference call is 1-631-982-4565. Participants should dial in to the call at least five minutes before 1:30pm PDT (4:30pm EDT) on October 28, 2014. The call can also be accessed “live” online at http://public.viavid.com/index.php?id=111020.
A replay of the webcast will be available on the Company’s website (http://www.purebio.com/about/investor_relations). Also, a replay of the conference call will be available by dialing 1-877-870-5176 (international participants dial 1-858-384-5517) starting October 28, 2014, at 7:30pm EDT through November 11, 2014 at 11:59 pm EST. Please use PIN Number 90611.
About PURE Bioscience, Inc.
PURE Bioscience, Inc. is focused on developing and commercializing our proprietary antimicrobial products primarily in the food safety arena -- providing solutions to the health and environmental challenges of pathogen and hygienic control. Our technology platform is based on patented stabilized ionic silver, and our initial products contain silver dihydrogen citrate, or SDC. SDC is a broad-spectrum, non-toxic antimicrobial agent, which offers 24-hour residual protection and formulates well with other compounds. As a platform technology, SDC is distinguished from existing products 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.
* Subway® is a registered trademark of Doctor’s Associates, Inc.
Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause our actual results to differ materially from the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, the Company’s cash position and liquidity requirements; the Company’s failure to implement or otherwise achieve the benefits of its proposed business initiatives and plans; acceptance of the Company's current and future products and services in the marketplace, including acceptance of the Company’s PURE Hard Surface disinfectant by SUBWAY® franchisees and the ability to convert successful evaluations into customer orders; the ability of the Company to develop effective new products and receive regulatory approvals of such products, including the required data and regulatory approvals to support the use of its SDC-based technology as a direct food contact processing aid; competitive factors; dependence upon third-party vendors, including to manufacture its products; and other risks detailed in the Company's periodic report filings with the Securities and Exchange Commission, including our quarterly report on Form 10-Q filed on March 4, 2015. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. 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.
Peter C. Wulff, CFO & COO
PURE Bioscience, Inc.