PURE Bioscience Reports 2012 Fiscal Year End Results

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PURE Bioscience Reports 2012 Fiscal Year End Results

SAN DIEGO--(BUSINESS WIRE)-- PURE Bioscience (NASDAQ:PURE), creator of the patented silver dihydrogen citrate (SDC) antimicrobial, today reported financial results for the fiscal year ended July 31, 2012 ("fiscal 2012").

Revenue for fiscal 2012 was $812,000, compared with revenue of $454,000 for the year ended July 31, 2011 ("fiscal 2011"). The fiscal 2012 revenues of $812,000 exclude fiscal fourth quarter product shipments of $273,000 which will be reported to revenues in the future as customer payments are received. The net loss for fiscal 2012 was $8,890,000 or $1.58 per share, compared with a net loss of $8,349,000, or $1.79 per share, in fiscal 2011.


As of July 31, 2012, the Company had cash and cash equivalents of $877,000. Subsequent to the close of the fiscal year, the Company raised $4.8 million in an underwritten public offering of common stock resulting in net proceeds to the Company of $4.3 million.

"Our fiscal year results reflect the strength of the PURE Hard Surface and PURE Complete brands, and our ability to attract new high-quality distributors," said Michael L. Krall, President and CEO of PURE Bioscience. "More recently we raised the working capital needed to carry out our operating plan and took the necessary steps to maintain our Nasdaq listing. We are currently underway with several programs addressing large markets, including conducting validation tests with major food retailers and processors to ensure food safety, and below-ground field studies with oil and gas companies to demonstrate the effectiveness of SDC in preventing water contamination. We will continue to broaden our base of national and regional distributors in the sanitation and janitorial market, and expand our work with development partners to create opportunities in other target markets including medical devices, pharmaceuticals, food processing, and oil and gas."

About PURE Bioscience, Inc.

PURE Bioscience, Inc. 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, the Company's cash position and liquidity requirements, 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.

 
Pure Bioscience, Inc.
Consolidated Statements of Operations
        
 
Year ended
July 31,
20122011
Revenue
Net product sales$812,000$454,000
License fees -  10,000 
Total revenue 812,000  464,000 
 
Operating costs and expenses
Cost of goods sold264,000131,000
Selling, general and administrative7,439,0006,520,000
Research and development 1,863,000  2,180,000 
Total operating costs and expenses 9,566,000  8,831,000 
 
Loss from operations(8,754,000)(8,367,000)
 
Other income (expense)
Change in derivative liability11,000-
Interest expense(145,000)-
Interest income1,0008,000
Other (expense) income, net (3,000) 10,000 
Total other (expense) income (136,000) 18,000 
 
Net loss$(8,890,000)$(8,349,000)
 
Basic and diluted net loss per share$(1.58)$(1.79)
 
Shares used in computing basic
and diluted net loss per share 5,623,453  4,665,371 
   
Pure Bioscience, Inc.
Consolidated Balance Sheets
 
July 31,July 31,
20122011
 
Assets
Current assets
Cash and cash equivalents$877,000$1,794,000
Accounts receivable, net373,00050,000
Inventories, net654,000861,000
Prepaid expenses 347,000  100,000 
Total current assets2,251,0002,805,000
 
Property, plant and equipment, net257,000426,000
Patents, net 1,950,000  1,917,000 
 
Total assets$4,458,000 $5,148,000 
 
Liabilities and stockholders' equity
Current liabilities
Accounts payable$1,946,000$677,000
Loan payable, net962,000-
Accrued liabilities344,000258,000
Derivative liability319,000-
Deferred revenue 66,000  - 
Total current liabilities3,637,000935,000
 
Deferred rent 3,000  6,000 
Total liabilities 3,640,000  941,000 
 
Commitments and contingencies (Note 7)
 
Stockholders' equity
Preferred stock, $0.01 par value:
5,000,000 shares authorized, no shares issued--
Common stock, $0.01 par value:
100,000,000 shares authorized
6,644,555 issued and outstanding at July 31, 2012, and
5,004,275 issued and outstanding at July 31, 2011.67,00050,000
Additional paid-in capital63,251,00057,767,000
Accumulated deficit (62,500,000) (53,610,000)
Total stockholders' equity 818,000  4,207,000 
 
Total liabilities and stockholders' equity$4,458,000 $5,148,000 



PURE Bioscience Investor Contact:
Don Markley, Senior Vice President
LHA
310-691-7100
dmarkley@lhai.com

KEYWORDS:   United States  North America  California

INDUSTRY KEYWORDS:

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