ADDISON, Texas, Aug. 14 /PRNewswire-FirstCall/ -- ULURU Inc. (NYSE
AMEX: ULU) today announced its financial results for the second
quarter ended June 30, 2009. The Company reported a net loss of
$2.9 million, or $0.04 per share, compared with a net loss of $2.3
million, or $0.04 per share, for the same period last year. At June
30, 2009, the Company held cash and cash equivalents of $1.7
million, compared with $7.6 million at December 31, 2009. As of
July 31, 2009, the Company held cash and cash equivalents of $1.9
million. Commenting on the financial results Renaat Van den Hooff,
President and CEO stated, "During the second quarter we continued
to see our operating expenses driven primarily by costs associated
with the sales and marketing efforts for Altrazeal(TM), along with
regulatory and product development costs for Altrazeal(TM) Silver
and Altrazeal(TM) Collagen. As the Company announced on June 29,
2009, we have significantly restructured our business operations to
reflect a newly revised business plan. This plan was implemented to
conserve the Company's cash resources while furthering its
strategic goals. In the mean time, we continue to collect and
publish clinical evidence related to Altrazeal's success in
treating various types of wounds, including the completion of a
randomized clinical study and presentations at several major wound
care conferences, such as the recently held American Podiatric
Medical Association conference in Toronto, Canada." Mr. Van den
Hooff continued: "Altrazeal(TM) continues to generate very positive
clinical results, however, we are recognizing that the selling
cycle is taking longer than we originally expected and that greater
sales and marketing resources are required. We have been focusing
our efforts on identifying the right strategic partner. We are
pleased to announce that we are in discussions with multiple wound
care companies and we plan to conclude negotiations by the end of
the year". Operating Results Revenue for the second quarter of 2009
was $136,000, compared to $96,000 for the second quarter of 2008.
The increase of approximately $40,000 in revenue from the second
quarter of 2008 compared to the second quarter of 2009 was due to
an increase in Altrazeal(TM) product sales of $47,000 and $15,000
in sponsored research as the prior year included a non-recurring
revenue adjustment. These revenue increases were partially offset
by a decrease of $10,000 in Zindaclin royalties. Research and
development expenses for the second quarter of 2009 were $854,000,
including $213,000 in share-based compensation, compared to
$888,000, including $40,000 in share-based compensation, for the
second quarter of 2008. The decrease of approximately $33,000 in
research and development expenses was primarily due to lower
product development costs of $265,000 associated with our
Altrazeal(TM) and OraDisc(TM) technologies. This decrease was
partially offset by an increase of $96,000 in regulatory expenses
for consultants engaged for our regulatory filings for
Altrazeal(TM) related products, increased clinical testing expenses
of $21,000 for Altrazeal(TM) and Altrazeal(TM) Silver, and
additional compensation costs of approximately $125,000, primarily
for the vesting of certain restricted stock awards associated with
the Company's workforce reduction in June 2009. Selling, general
and administrative expenses for the second quarter of 2009 were
$1.8 million, including $279,000 in share-based compensation,
compared to $1.3 million, including $220,000 in share-based
compensation, for the second quarter of 2008. The increase of
approximately $0.5 million in selling, general and administrative
expenses in 2009 was primarily due to costs associated with our
sales and marketing efforts of approximately $527,000, and
additional legal expenses of $169,000 related to our financing
activities and the previously proposed York Pharma, plc
acquisition. These increases were partially offset by a decrease of
$55,000 in compensation costs, lower legal fees associated with our
patent filings of $40,000, lower investor relations expenses of
$35,000, lower shareholder expenses of $15,000 due to the delay of
our annual shareholder meeting, decreased corporate travel of
$19,000, and lower director compensation of $15,000. Interest and
miscellaneous income for the second quarter of 2009 was $21,000 as
compared to $79,000 for the second quarter of 2008. The decrease of
approximately $58,000 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"), development of a silver containing
product, development of a collagen containing product, the expected
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. ULURU Inc.
SUMMARY OF RESULTS STATEMENTS OF OPERATIONS DATA Three Months Six
Months Ended June 30, Ended June 30, -------------- --------------
2009 2008 2009 2008 ---- ---- ---- ---- REVENUES License fees
$24,925 $25,522 $49,576 $39,293 Royalty income 63,858 84,772
143,103 160,346 Product sales 47,311 405 79,954 166,878 Other ---
(15,000) 32,190 (15,000) ------- ------- ------ ------- Total
Revenues 136,094 95,699 304,823 351,517 ------- ------ -------
------- COSTS AND EXPENSES Cost of goods sold 8,921 119 14,998
137,734 Research and development 854,460 887,544 1,629,879
1,742,760 Selling, general and administrative 1,835,487 1,341,235
4,060,106 2,234,470 Amortization 269,183 269,183 535,449 538,367
Depreciation 47,007 30,202 79,578 50,474 ------ ------ ------
------ Total Costs and Expenses 3,015,058 2,508,283 6,320,010
4,703,805 --------- --------- --------- --------- OPERATING (LOSS)
(2,878,964) (2,412,584) (6,015,187) (4,352,288) Other Income
(Expense) Interest and miscellaneous income 21,066 78,888 35,620
203,933 Loss on sale of equipment (2,121) --- (2,121) --- ---------
--------- --------- --------- (LOSS) BEFORE INCOME TAXES
(2,860,019) (2,333,696) (5,981,688) (4,148,355) Income taxes ---
--- --- --- --------- --------- --------- --------- NET (LOSS)
$(2,860,019) $(2,333,696) $(5,981,688) $(4,148,355) ===========
=========== =========== =========== Basic and diluted net (loss)
per common share $(0.04) $(0.04) $(0.09) $(0.07) ====== ======
====== ====== WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING
65,602,990 62,466,881 65,564,354 62,445,519 ========== ==========
========== ========== ULURU Inc. SELECTED CONDENSED CONSOLIDATED
BALANCE SHEET DATA June 30, December 31, 2009 2008 (Unaudited)
(Audited) ------------ --------- Cash and cash equivalents
$1,710,005 $7,567,588 Current assets 4,277,214 9,312,041 Property
and equipment, net 1,731,536 1,828,040 Other assets 9,457,670
9,985,988 Total assets 15,466,420 21,126,069 Current liabilities
1,320,928 2,243,113 Long term liabilities - deferred revenue
1,306,950 1,356,526 Total liabilities 2,627,878 3,599,639 Total
stockholders' equity 12,838,542 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/
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