- Cash Position of $8.3 Million at End of Q2 FY 2013 with EBITDAS Loss of $235,000 for First Six Months of FY 2013
- Revenues of $8.6 Million for First Half FY 2013 with Product Revenue Growth of 32%
- Reduction of $2.8 Million in Annual SG&A Costs as Result of Partnership with More Pharma
- EBITDAS Profitability Anticipated During FY 2014
- NASDAQ Net Worth Achieved
- Scar Study Top-Line Data Expected Before End of FY 2013
- New Dermatology Product to be Introduced in Q4 FY 2013
- Additional International Regulatory Approvals and Commercialization in China and India Expected Q4 FY 2013
- Potential Partnerships in Europe
Revenue GrowthOculus management anticipates sustainable revenue growth as a result of the following domestic partnerships:
- U.S. sales of Oculus' dermatology products and expansion of product lines will provide the greatest near-term revenue boost with revenue growth guidance of 40% to 60% for full fiscal year 2013.
- Animal healthcare partner, Innovacyn, Inc., provided Oculus with revenue growth of 36% in the first half of FY 2013. The company has provided guidance of up to 20% revenue growth for FY 2013.
Secondly, Oculus signed a licensing agreement with AmDerma/Quinnova to develop and commercialize Oculus' novel proprietary Microcyn® Technology drug compounds for major dermatological conditions, including acne. The exclusive agreement includes licensing of the dermatology compounds in the United States and India. The product formulation is nearing finalization. AmDerma/Quinnova will be responsible for the development costs for the acne formulation as well as other dermatological compounds.Future Planned Partnerships Duplicating the successful blueprint of the FY 2013 partnerships, Oculus is working to secure a series of CE mark approvals for use of its various product formulations in the treatment of wounds and dermatology indications. The added CE mark approvals will provide a significant opportunity for potential partners to quickly commercialize and penetrate the European markets in FY 2014. NASDAQ Net Worth Target Achieved/Company Negotiating /Debt Restructured On November 1, 2012, Oculus disclosed the company achieved a net worth of approximately $4.5 million on a pro forma basis as a result of two transactions as of September 30, 2012. The first transaction was the issuance of $3.5 million in restricted common stock to the company's lender, Western Technology Institute, to be used for the reduction of Oculus' debt liabilities. In the second transaction, Oculus agreed to amend a warrant, held by two of its investors, to remove a provision in the warrant that contained certain cash-settlement features; this was in exchange for extending the warrant by two years. These transactions allowed the company to regain compliance with the $2.5 million stockholders' equity requirement for continued listing on the NASDAQ capital market. In the event the company receives a second delisting notice from NASDAQ regarding trading of Oculus stock below the minimum bid price of $1 per share, Oculus intends to request an extension so as to resolve this issue. Hoji Alimi, founder and CEO of Oculus said: "Our commitment is to drive the company towards profitability while simultaneously unlocking the value of our drug assets in the areas of acne, surgical and wound care."
About Oculus Innovative SciencesOculus Innovative Sciences is a healthcare company that designs, produces and markets innovative, safe and effective anti-infective medical devices while also developing multiple drug candidates for various indications including treatment of acne and surgical suite use. Oculus is pioneering innovative solutions in multiple markets for the dermatology, surgical, wound care, and animal healthcare markets, and has commercialized products in the United States, Europe, India, China, Mexico and select Middle East countries. The company's headquarters are in Petaluma, California, with manufacturing operations in the United States and Latin America. More information can be found at www.oculusis.com. Forward-Looking Statements Except for historical information herein, matters set forth in this press release are forward-looking within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, including statements about the Company's commercial and technology progress and future financial performance. These forward-looking statements are identified by the use of words such as "receives," "drive" and "unlocking," among others. Forward-looking statements in this press release are subject to certain risks and uncertainties inherent in the Company's business that could cause actual results to vary, including such risks that regulatory clinical and guideline developments may change, scientific data may not be sufficient to meet regulatory standards or receipt of required regulatory clearances or approvals, clinical results may not be replicated in actual patient settings, protection offered by the Company's patents and patent applications may be challenged, invalidated or circumvented by its competitors, the available market for the Company's products will not be as large as expected, the Company's products will not be able to penetrate one or more targeted markets, revenues will not be sufficient to fund further development and clinical studies, the Company may not meet its future capital needs, and its ability to obtain additional funding, as well as uncertainties relative to varying product formulations and a multitude of diverse regulatory and marketing requirements in different countries and municipalities, and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission including the annual report on Form 10-K for the year ended March 31, 2011. Oculus Innovative Sciences disclaims any obligation to update these forward-looking statements except as required by law.
Oculus and Microcyn Technology are trademarks or registered trademarks of Oculus Innovative Sciences, Inc. All other trademarks and service marks are the property of their respective owners.
CONTACT: Media and Investor Contact: Oculus Innovative Sciences, Inc. Dan McFadden Director of Public and Investor Relations (425) 753-2105 firstname.lastname@example.org