EROX Human Pheromone Sciences Inc (GM)

SAN JOSE, Calif., Aug. 15, 2011 /PRNewswire/ -- Human Pheromone Sciences, Inc. (OTC Bulletin Board: EROX) ("HPS" or "the Company") today announced results for the three and six months ended June 30, 2011. For the three month period ending June 30, 2011, net revenues of $124,000 represented a 33% decrease from the revenues of $186,000 in the prior year period, and resulted in a net loss of $19,000 ($0.00 per share) as compared with a net loss of $62,000 ($0.01 per share) for the same period of 2010.  For the six month period ending June 30, 2011, net revenues of $310,000 were 16% lower than the previous year's $371,000, resulting in a net loss of $26,000 ($0.01 per share) as compared with a net loss of $160,000 ($0.04 per share) in the first six months of 2010.  

"The 2011 revenues were lower than anticipated and appear to reflect the prevailing economic climate.  However, the Company has made significant reductions to its overhead in recent months as it restructured for lower revenue expectations until its new compound ER 303 is brought to market," according to a Company spokesman.  

On May 16, 2011, the Company entered into an Asset Purchase and License Agreement (the "Agreement") with CrowdGather, Inc. ("CG")  The Company has been actively  assisting CG in the development of an initial line of fragrance products under the EROX® trademark, incorporating the Company's patented pheromone technology and its patent-pending ER 303, a sea-coral based mood-enhancing technology, to be sold over the internet and other limited distribution venues by CG.  Since that time, the Company has been deeply involved in fragrance and packaging development for a product to be delivered during the third calendar quarter.  This will be the first commercialization of ER 303.  We continue to be excited about the launch and the long-term potential of this relationship.  

In addition, the Company continues to seek other licensing opportunities for ER 303, which has shown significantly positive results in human studies.

Human Pheromone Sciences, Inc. is a technology-based company, whose proof-of concept products included prestige-priced fragrances and toiletries and environmental products sold under the Natural Attraction®, REALM®, innerREALM® and  EROX® trademarks.  These products contain mood-enhancing compounds, whose efficacy has been validated at leading universities around the world, and whose use is covered under United States and foreign patents. The Company has also developed a coral-based mood-enhancing technology, ER 303 that has shown positive results in physiological and psychological studies, and has patents pending.  The Company is also involved in research and product development efforts on additional compounds that have shown promise in selected in vivo and in vitro testing.  

The statements in this news release may contain forward-looking statements that involve risks and uncertainties that could cause results to differ from predicted results.  Further information on factors that could affect the Company's results is detailed in the Company's annual report to shareholders on Form 10-K for the year ended December 31, 2010, and Form 10-Q for the quarter ended March 31, 2011 and June 30, 2011, as filed with the Securities and Exchange Commission.  The Company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements.

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Net loss per share is based on the weighted average number of common shares and common equivalents outstanding during each period.  Certain common stock equivalents are excluded when their effect would be anti-dilutive.

SOURCE Human Pheromone Sciences, Inc.