PURE Bioscience Reports Fiscal 2013 Year End Financial Results
2013年10月25日 - 5:05AM
Marketwired
PURE Bioscience Reports Fiscal 2013 Year End Financial Results
New Management Team Refocusing Strategy, Restoring Financial
Condition
SAN DIEGO, CA--(Marketwired - Oct 24, 2013) - 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, 2013 ("Fiscal 2013").
The Company reported its Fiscal 2013 revenues were $820,000
compared with $812,000 for the fiscal year ended July 31, 2012
("Fiscal 2012"). The Fiscal 2013 net loss was $7.7 million compared
with $8.9 million for Fiscal 2012, a decrease of $1.2 million or
13.5%. The Company also reported that as of July 31, 2013, its net
financial position consisted of $32,000 in cash and total current
liabilities of $2.2 million, excluding $900,000 of non-current
liabilities.
Refocused Business Strategy As previously reported on August 13,
2013, the Company underwent a comprehensive corporate governance
change, resulting in the appointment of six new board members, and
a new CEO and CFO, and the resignations of the prior management
team and remaining board members. With the change in governance,
PURE Bioscience implemented a new business strategy focused on:
- Commercialization of its SDC-based products as a food safety
solution, with a focus on foodservice and food processing;
- Optimization of operations and termination of non-core
activities;
- Implementation of a lean organization with the relevant
experience to drive commercialization and accelerate growth;
- Active and experienced board members contributing incremental
insight and guidance on business strategy and execution.
Strengthening Balance Sheet The Company also reported that on
August 13, 2013 it raised $1.1 million in aggregate proceeds and on
October 14, 2013 it raised an additional $1.76 million in aggregate
proceeds through private equity placements to fund the change in
its business strategy and near-term operations. The Company does
not, however, have sufficient capital to fund its operations over
the next twelve months unless it receives additional capital
through revenues or through private or public offerings of
securities.
As a result of implementing its new business strategy and
securing new equity capital, the Company reported:
- A significant reduction of accrued liabilities;
- A reduction of non-core operating activities resulting in a
reduction in certain assets and related one-time operating charges
including:
- Excess inventory reserves of $347,000.
- Patent impairment of $551,000.
- Disposition of warehousing facilities and non-core assets.
- Elimination of certain non-core personnel.
- Fiscal first quarter 2014 will include one-time charges related
to separation pay of the former management team and other
re-organization expenses.
Food Safety The Company announced that its near-term business
focus is to drive customer adoption of its products in the food
industry. Its proprietary SDC-based products uniquely address food
safety issues across the supply chain and help to prevent or
mitigate food contamination and the potential for food-borne
illness. The Company's target customers will be foodservice
operators, food processors and food manufacturers.
"The support from our investors and other stakeholders allows us
to create a new PURE, and move forward with executing our refocused
business strategy," stated Peter C. Wulff, Chief Financial Officer
and Chief Operating Officer. "The process to restore our financial
condition will take several steps and we have already made
significant strides. We expect the fiscal year 2014 to be both
challenging and rewarding as we sharply focus on commercializing
our SDC-based products in the food industry."
Hank Lambert, Chief Executive Officer, said, "Our SDC technology
provides a safe and effective antimicrobial solution to increasing
food safety concerns. The entire company is dedicated and focused
to drive customer education, product testing and evaluation and
product adoption across the food supply chain. As a company, PURE
is focused on meeting the need for enhanced food safety by
providing superior pathogen and hygiene control to protect the
health and safety of consumers and their environment."
About PURE Bioscience, Inc. PURE Bioscience, Inc. is focused on
developing and commercializing our proprietary antimicrobial
products that provide 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.
Forward-looking Statements 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, 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, including our annual report on Form
10-K filed October 24, 2013. 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.
Pure Bioscience, Inc. |
|
Condensed Consolidated Statements of Operations |
|
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Year Ended |
|
|
July 31, |
|
|
2013 |
|
|
2012 |
|
|
|
|
|
|
|
|
|
Net product sales |
$ |
820,000 |
|
|
$ |
812,000 |
|
|
|
|
|
|
|
|
|
Operating costs and expenses |
|
|
|
|
|
|
|
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Cost of goods sold |
|
565,000 |
|
|
|
264,000 |
|
|
Selling, general and administrative |
|
5,718,000 |
|
|
|
7,439,000 |
|
|
Research and development |
|
1,325,000 |
|
|
|
1,863,000 |
|
|
Impairment of patents |
|
551,000 |
|
|
|
- |
|
Total operating costs and expenses |
|
8,159,000 |
|
|
|
9,566,000 |
|
|
|
|
|
|
|
|
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Loss from operations |
|
(7,339,000 |
) |
|
|
(8,754,000 |
) |
|
|
|
|
|
|
|
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Other income (expense) |
|
|
|
|
|
|
|
|
Change in derivative liability |
|
268,000 |
|
|
|
11,000 |
|
|
Interest expense, net |
|
(593,000 |
) |
|
|
(144,000 |
) |
|
Other (expense) income, net |
|
(7,000 |
) |
|
|
(3,000 |
) |
Total other (expense) income |
|
(332,000 |
) |
|
|
(136,000 |
) |
|
|
|
|
|
|
|
|
Net loss |
$ |
(7,671,000 |
) |
|
$ |
(8,890,000 |
) |
|
|
|
|
|
|
|
|
Basic and diluted net loss per share |
$ |
(0.71 |
) |
|
$ |
(1.58 |
) |
|
|
|
|
|
|
|
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Shares used in computing basic |
|
|
|
|
|
|
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and diluted net loss per share |
|
10,838,140 |
|
|
|
5,623,453 |
|
|
|
|
|
|
|
Pure Bioscience, Inc. |
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Condensed Consolidated Balance Sheets |
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July 31, |
|
|
July 31, |
|
|
2013 |
|
|
2012 |
|
|
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Assets |
|
|
|
|
|
|
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Current assets |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
32,000 |
|
|
$ |
877,000 |
|
|
Accounts receivable, net |
|
18,000 |
|
|
|
373,000 |
|
|
Inventories, net |
|
365,000 |
|
|
|
654,000 |
|
|
Prepaid expenses |
|
71,000 |
|
|
|
347,000 |
|
|
Total current assets |
|
486,000 |
|
|
|
2,251,000 |
|
|
|
|
|
|
|
|
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Property, plant and equipment, net |
|
146,000 |
|
|
|
257,000 |
|
Patents, net |
|
1,430,000 |
|
|
|
1,950,000 |
|
|
|
|
|
|
|
|
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Total assets |
$ |
2,062,000 |
|
|
$ |
4,458,000 |
|
|
|
|
|
|
|
|
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Liabilities and stockholders' equity (deficit) |
|
|
|
|
|
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Current liabilities |
|
|
|
|
|
|
|
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Accounts payable |
$ |
1,134,000 |
|
|
$ |
1,946,000 |
|
|
Loan payable, net |
|
- |
|
|
|
962,000 |
|
|
Deferred revenue |
|
- |
|
|
|
66,000 |
|
|
Note payable, current |
|
368,000 |
|
|
|
- |
|
|
Accrued liabilities |
|
600,000 |
|
|
|
344,000 |
|
|
Derivative liability |
|
51,000 |
|
|
|
319,000 |
|
|
Total current liabilities |
|
2,153,000 |
|
|
|
3,637,000 |
|
|
|
|
|
|
|
|
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Note payable, less current portion |
|
887,000 |
|
|
|
- |
|
Deferred rent |
|
13,000 |
|
|
|
3,000 |
|
Total liabilities |
|
3,053,000 |
|
|
|
3,640,000 |
|
|
|
|
|
|
|
|
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Commitments and contingencies (Note 8) |
|
|
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Stockholders' equity (deficit) |
|
|
|
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Preferred stock, $0.01 par value: |
|
|
|
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|
|
|
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5,000,000 shares authorized, no shares issued |
|
- |
|
|
|
- |
|
|
Common stock, $0.01 par value: |
|
|
|
|
|
|
|
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100,000,000 shares authorized |
|
|
|
|
|
|
|
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12,569,503 shares issued and outstanding at July 31, 2013, and |
|
|
|
|
|
|
|
|
6,644,555 shares issued and outstanding at July 31, 2012. |
|
126,000 |
|
|
|
67,000 |
|
|
Additional paid-in capital |
|
69,054,000 |
|
|
|
63,251,000 |
|
|
Accumulated deficit |
|
(70,171,000 |
) |
|
|
(62,500,000 |
) |
Total stockholders' equity (deficit) |
|
(991,000 |
) |
|
|
818,000 |
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders' equity
(deficit) |
$ |
2,062,000 |
|
|
$ |
4,458,000 |
|
|
|
|
|
|
|
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Contacts: Tom Hemingway Redwood Investment Group 714-978-4425
Email Contact Terri MacInnis Director of IR Bibicoff + MacInnis,
Inc. 818-379-8500 Email Contact Company Contact: Peter C. Wulff CFO
& COO PURE Bioscience, Inc. 619-596-8600 ext.111 Email
Contact
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