PURE Bioscience Falls on Q4 Loss (PURE)
Shares of PURE Bioscience (NASDAQL PURE) are falling this morning by 6.45%, trading at $2.61, after the company reported a $0.05 per share loss for the fourth quarter.
Notably, total revenues, which includes licensing fees, increased by 97% year over year to $1,436,000. At July 31, 2010, the Company had cash and cash equivalents of approximately $2.2 million.
On October 25, 2010, the company raised a net amount of $2.371 Million on the closing of a private placement of 1,080,000 shares of unregistered common stock at $2.20 per share.
Michael L. Krall, President and CEO, stated, "During Fiscal 2010 we made great progress in the positioning and commercializing our SDC-based products. We started the fiscal year in August by clearing a 6-year regulatory hurdle with the EPA to establish a food contact tolerance for SDC and obtaining registration of our SDC-based sanitizer for food contact surfaces. Upon subsequent receipt of federal registration of the disinfectant/food contact sanitizer product in April, we proceeded with state-by-state registrations and are pleased to report that the long-awaited registration from California is expected in November. This final registration comes just in time for our nationwide commercial launch of IV-7 Ultimate Germ Defense for Food Contact Surfaces at the upcoming ISSA/INTERCLEAN trade show on November 9th. We look forward to meeting the needs of the global food processing, restaurant and hospitality industries."
PURE Bioscience is engaged in the development and commercialization of bioscience technologies. The company is engaged in developing technology-based bioscience products, including its silver dihydrogen citrate (SDC)-based antimicrobials. SDC is an electrolytically generated source of stabilized ionic silver that can serve as the basis for a range of products in diverse markets.
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