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PURE Bioscience (NASDAQ:PURE), creator of the patented silver dihydrogen citrate (SDC) antimicrobial, today reported financial results for its first quarter ended October 31, 2011.
Revenue for the quarter was $257,000, compared with revenue of $23,000 for the same quarter of the prior year. The net loss for the quarter was $2.4 million, or $0.06 per share, compared with a net loss of $2.0 million, or $0.06 per share, in the first quarter last year.
As of October 31, 2011, the Company had cash and cash equivalents of approximately $1.0 million.
Michael L. Krall, President and CEO of PURE Bioscience, stated, “The first quarter of fiscal 2012 was our first full quarter of completely and directly controlling the sales and marketing of our PURE Hard Surface disinfectant and sanitizer product. I am pleased with the execution of our business development strategy and marketing activities to date, and I believe our diligent and focused efforts will build the necessary brand awareness to accelerate sales. The recent addition of James McClenahan to spearhead our initiatives in the janitorial service industry is a key element to our aggressive ‘push-pull’ marketing effort, in which we will drive sales through the janitorial suppliers while also reaching out directly to end-users such as restaurants, hotels, food processing facilities, hospitals, schools and institutions to create awareness and demand.”
Krall added, “Importantly, we have established the financial resources necessary to leverage our foundation of proprietary product superiority, regulatory approvals and a growing sales network to penetrate our key target markets.”
Earlier today, the Company announced it has entered into two common stock purchase agreements with Lincoln Park Capital Fund, LLC for up to $10 million, including an initial investment of $500,000.
Craig Johnson, Chief Financial Officer of PURE Bioscience, commented on the financing, “The common stock purchase agreements with Lincoln Park Capital provide us with immediate capital and the flexibility to raise additional capital as needed at our discretion. We have been impressed with Lincoln Park Capital’s thorough investment process, and we are pleased to welcome them as a trusted fundamental investor in PURE.”