ADDISON, Texas, Nov. 16 /PRNewswire-FirstCall/ -- ULURU Inc. (NYSE
Amex: ULU) today announced its financial results for the third
quarter ended September, 2009. The Company reported a net loss of
$1.5 million, or $0.02 per share, compared with a net loss of $2.7
million, or $0.04 per share, for the same period last year. At
September 30, 2009, the Company held cash and cash equivalents of
$1.4 million, compared with $7.6 million at December 31, 2009. As
of November 1, 2009, the Company held cash and cash equivalents of
approximately $1.177 million. Commenting on the financial results
Renaat Van den Hooff, President and CEO stated, "During the third
quarter we finalized the restructuring of our business operations
which has significantly reduced our cost structure while allowing
us to further our strategic goals. We have implemented a low cost
business model while expanding a network of high quality
independent sales representatives throughout the country. The trend
for reaching new customers has been positive since the
implementation of our new sales and marketing approach and we are
encouraged that this will result in more end-users and greater
sales of our product." Mr. Van den Hooff continued: "Altrazeal(TM)
continues to generate very positive clinical results and we are
particularly proud of the data publication of our first randomized
clinical trial as well as the overwhelming presence we generated
with sixteen poster presentations at the recently held Clinical
Symposium on Advances in Skin and Wound Care in San Antonio, Texas.
The observed clinical and pharmaco-economic outcomes make us very
confident that Altrazeal(TM) will become a commercial success." Mr.
Van den Hooff added: "In addition to our recently announced equity
sale that has provided us with net proceeds of approximately $1.35
million, we are continuing to explore strategic partnerships for
our wound care technology as well as with our OraDisc technology.
We believe we now have sufficient liquidity in order to
successfully execute our business plan through March 2011."
Operating Results Revenue for the third quarter of 2009 was
$130,000, compared to $125,000 for the third quarter of 2008. The
increase of approximately $5,000 in revenue from the third quarter
of 2008 compared to the third quarter of 2009 was primarily due to
an increase in Altrazeal(TM) product sales of $37,000. This revenue
increase was partially offset by decreases of $18,000 in Zindaclin®
related royalties and licensing fees, $9,000 in sponsored research,
and $2,000 in Aphthasol® royalties. Research and development
expenses for the third quarter of 2009 were $376,000, including
$31,000 in share-based compensation, compared to $901,000,
including $43,000 in share-based compensation, for the third
quarter of 2008. The decrease of approximately $525,000 in research
and development expenses was primarily due to lower costs of
$248,000 associated with decreased development efforts associated
with our Altrazeal(TM) and OraDisc(TM) technologies. There were
also lower costs associated with regulatory consulting of $44,000
and savings of $258,000 due to the Company's compensation reduction
plan that was initiated in June 2009. These decreases were
partially offset by an increase of $27,000 in clinical testing
expenses associated with our Altrazeal(TM) Silver technology.
Selling, general and administrative expenses for the third quarter
of 2009 were $981,000, including $126,000 in share-based
compensation, compared to $1.73 million, including $238,000 in
share-based compensation, for the third quarter of 2008. The
decrease of approximately $751,000 in selling, general and
administrative expenses was due primarily to reduced costs for
marketing and selling expenses of $509,000 related to the
implementation of the Company's revised sales and marketing plan,
savings of $158,000 in administrative costs due to the Company's
compensation reduction plan, decreased corporate travel expenses of
$37,000, decreased investor relations costs of $14,000, lower
patent related legal fees of $9,000, decreased administrative
operating expenses of $12,000, and savings of $48,000 in Director
fees. These decreases were partially offset by an increase of
$27,000 in legal and consulting fees, along with an increase of
$6,000 in insurance costs. Interest and miscellaneous income for
the third quarter of 2009 was $7,000 as compared to $66,000 for the
third quarter of 2008. The decrease of approximately $59,000 is
attributable to a decrease in interest income due to lower cash
balances and interest yields in 2009. About ULURU Inc.: ULURU Inc.
is a specialty pharmaceutical company focused on the development of
a portfolio of wound management and oral care products to provide
patients and consumers improved clinical outcomes through
controlled delivery utilizing its innovative Nanoflex(TM) Aggregate
technology and OraDisc(TM) transmucosal delivery system. For
further information about ULURU Inc., please visit our website at
http://www.uluruinc.com/. For further information about
Altrazeal(TM), please visit our website at
http://www.altrazeal.com/. This press release contains certain
statements that are forward-looking within the meaning of Section
27a of the Securities Act of 1933, as amended, including but not
limited to statements made relating to future financial performance
of ULURU Inc. (the "Company"), our current belief that we have
sufficient liquidity in order to successfully execute our business
plan through March 2011, the publication of articles and posters,
positive clinical results of Altrazeal, the effect of cost-savings
programs, our plan to conserve cash, the launch of additional
products, the outcome of strategic partnerships and our expected
completion of strategic negotiations by the end of the year. When
used in this press release, the words "may," "targets," "goal,"
"could," "should," "would," "believe," "feel," "hope," "expects,"
"confident," "anticipate," "estimate," "intend," "plan,"
"potential" and similar expressions may be indicative of
forward-looking statements including without limitation statements
relating to the progress of our technology, clinical and regulatory
results for our products, advantages of our products, and cost
saving initiatives. These statements by their nature involve
substantial risks and uncertainties, certain of which are beyond
the Company's control. Any forward-looking statement speaks only as
of the date on which such statement is made, and the Company
undertakes no obligation to update any forward-looking statement or
statements to reflect events or circumstances after the date on
which such statement is made or to reflect the occurrence of an
unanticipated event. Further, management cannot assess the impact
of each such factor on the business or the extent to which any
factor, or combination of factors, may cause actual results to
differ materially from those contained in any forward-looking
statements. These statements are subject to numerous risks and
uncertainties, including but not limited to the risk factors
detailed in the Company's Annual Report on Form 10-K for the year
ended December 31, 2008 and other reports filed by us with the
Securities and Exchange Commission. Contact: Company Renaat Van den
Hooff President & CEO Terry K. Wallberg Vice President &
CFO (214) 905-5145 ULURU Inc. SUMMARY OF RESULTS STATEMENTS OF
OPERATIONS DATA (Unaudited) Three Months Ended Nine Months Ended
September 30, September 30, ------------------------
------------------------- 2009 2008 2009 2008 -----------
----------- ----------- ----------- REVENUES License fees $22,979
$26,556 $72,555 $65,849 Royalty income 61,727 80,822 204,830
241,168 Product sales 39,528 2,565 119,482 169,443 Other 6,000
15,494 38,190 494 ----------- ----------- ----------- -----------
Total Revenues 130,234 125,437 435,057 476,954 -----------
----------- ----------- ----------- COSTS AND EXPENSES Cost of
goods sold 7,785 484 22,783 138,218 Research and development
376,191 901,344 2,006,070 2,644,104 Selling, general and
administrative 981,212 1,731,877 5,041,318 3,966,347 Amortization
272,102 272,102 807,551 810,469 Depreciation 46,424 31,229 126,002
81,703 ----------- ----------- ----------- ----------- Total Costs
and Expenses 1,683,714 2,937,036 8,003,724 7,640,841 -----------
----------- ----------- ----------- OPERATING (LOSS) (1,553,480)
(2,811,599) (7,568,667) (7,163,887) Other Income (Expense) Interest
and miscellaneous income 6,676 65,868 42,296 269,801 Interest
expense (1,926) - (1,926) - Loss on sale of equipment - - (2,121) -
----------- ----------- ----------- ----------- (LOSS) BEFORE
INCOME TAXES (1,548,730) (2,745,731) (7,530,418) (6,894,086) Income
taxes - - - - ----------- ----------- ----------- ----------- NET
(LOSS) $(1,548,730) $(2,745,731) $(7,530,418) $(6,894,086)
=========== =========== =========== =========== Basic and diluted
net (loss) per common share $(0.02) $(0.04) $(0.11) $(0.11)
=========== =========== =========== =========== WEIGHTED AVERAGE
NUMBER OF COMMON SHARES OUTSTANDING 66,038,079 64,669,503
65,723,998 63,193,491 =========== =========== ===========
=========== ULURU Inc. SELECTED CONDENSED CONSOLIDATED BALANCE
SHEET DATA September 30, December 31, 2009 2008 (Unaudited)
(Audited) ------------- ------------ Cash and cash equivalents
$1,399,113 $7,567,588 Current assets 2,784,026 9,312,041 Property
and equipment, net 1,681,547 1,828,040 Other assets 9,189,134
9,985,988 Total assets 13,654,707 21,126,069 Current liabilities
926,908 2,243,113 Long term liabilities - deferred revenue
1,280,437 1,356,526 Total liabilities 2,207,345 3,599,639 Total
stockholders' equity 11,447,362 17,526,430 DATASOURCE: ULURU Inc.
CONTACT: Renaat Van den Hooff, President & CEO, or Terry K.
Wallberg, Vice President & CFO, both of ULURU Inc.,
+1-214-905-5145 Web Site: http://www.uluruinc.com/
http://www.altrazeal.com/
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