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Home > Press > ULURU Inc. Reports First Quarter 2008 Financial Results

Abstract:
ULURU Inc. (Amex: ULU) today reported financial results for the first quarter ended March 31,
2008.

ULURU Inc. Reports First Quarter 2008 Financial Results

ADDISON, TX | Posted on May 12th, 2008

For the quarter ended March 31, 2008, the net loss attributable to
common stockholders was $1,815,000, or $0.03 per share, compared to a net
loss of $847,000, or $0.01 per share, for the corresponding period in 2007.
The first quarter 2008 net loss was impacted by non-cash expenses of
$497,000, which included stock option expense, amortization, and
depreciation of $208,000, $269,000 and $20,000, respectively, whereas the
first quarter 2007 net loss included non-cash expenses of $385,000, which
included stock option expense, amortization, and depreciation of $103,000,
$265,000 and $17,000, respectively.

Income Statement

Revenues for the first quarter of 2008 were $256,000, compared with
$384,000 for the same period last year. The decrease of $127,000 in
revenues is comprised of a decrease in licensing of $124,000 and a decrease
in sponsored research of $190,000, as both of the prior year revenue
components were non-recurring. These two decreases were partially offset by
an increase of $20,000 in royalty income associated with our Zindaclin(R)
product and $167,000 in Aphthasol(R) product sales to our domestic
distributor.

Total costs and expenses, including amortization and depreciation,
increased by $753,000 in the first quarter of 2008 to $2,196,000, compared
with the corresponding period in 2007 where total costs and expenses,
including amortization and depreciation, were $1,443,000. The overall
expense increase is primarily attributable to increases in Research and
Development of $310,000, increases in General and Administrative of
$298,000, and Cost of Goods Sold of $138,000. The increased Research and
Development costs were comprised of increases in direct research costs of
$116,000 primarily for Altrazeal(TM), increases for our clinical testing
programs of $89,000, and additional scientific personnel costs, including
stock option expense, of approximately $96,000. The increased General and
Administrative expenses were comprised of increases in personnel costs of
$279,000 that includes $122,000 of expense for stock option grants and an
increase in our executive staff due to the hiring of our Executive Vice
President of Operations. Other factors affecting the increase in General
and Administrative expense were costs of approximately $95,000 associated
with the implementation of our sales and marketing program for our
Altrazeal(TM) wound dressing. These increases were partially offset by cost
decreases for legal and accounting/auditing services of $92,000,
collectively. The increase in Cost of Sales for 2008 of $138,000 is
attributable to the fact that we did not manufacture any finished goods in
the first quarter of last year.

Interest and miscellaneous income decreased in the first quarter of
2008 to $125,000 as compared with $214,000 for the same period in the
previous year. The decrease of $89,000 is attributable to a decrease in
interest income due to lower cash balances in 2008 versus prior year.

Balance Sheet

Cash and cash equivalents totaled $13,171,000 at March 31, 2008, a
decrease of $809,000 as compared to our cash and cash equivalents at
December 31, 2007 of $13,980,000. The decrease in net cash for the quarter
ended March 31, 2008 was due to several factors; the expenditure of
$375,000 for the purchase of manufacturing equipment for commercial
scale-up of our OraDisc(TM) and Altrazeal(TM) products and the net cash
used for operations of approximately $1,081,000. These net cash decreases
were partially offset by the receipt of a $600,000 milestone from our
OraDisc(TM) B licensee.

Overview

Commenting on the financial results, Kerry P. Gray, President and CEO
stated, "The first quarter operating results are in line with our operating
plan. With the launch of Altrazeal(TM), the associated production scale-up
expense, and the investment in establishing our commercial organization, we
had projected a significant increase in our operating expenses to support
these activities. During the upcoming quarters, we will continue to invest
in Altrazeal(TM), both in increasing our commercial activities with the
hiring off our sales force and in product development for a
silver-containing product line extension. The cash impact of these
investments is projected to be offset by licensing income, from both
existing agreements and planned new agreements."

"During the first quarter, the focus of our organization has been on
the launch of Altrazeal(TM). Significant efforts have been devoted to both
the commercial scale-up and developing the promotional strategy for the
product. The production scale-up was achieved at a scale double that which
was originally planned with the potential to increase this by double again.
This will have a very favorable impact on the projected product cost for
Altrazeal(TM). The market research, which was completed in April 2008,
clearly identified the market needs and where Altrazeal(TM) should be
positioned. Also, this research was designed to provide data on product
pricing which clearly indicates the potential for a premium priced wound
dressing product."

Mr. Gray continued, "We are entering an extremely exciting growth phase
of the Company. The Company has been converted from a development focused
organization to a commercial operation over the past four months. The
market research and response from key opinion leaders to Altrazeal(TM) has
been very positive. As our first wound dressing product goes to market, our
product development efforts are now focused on the next generation wound
dressing product, a silver containing product which will enable us to
compete in this growing segment of the market."

####

About ULURU Inc.
ULURU Inc. is an emerging specialty pharmaceutical company focused on the development of a portfolio of wound management, plastic surgery and oral care products to provide patients and consumers improved clinical outcomes through controlled delivery utilizing our innovative transmucosal delivery system and Hydrogel Nanoparticle Aggregate technology.

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"), the expected launch of our wound dressing product, development of a silver containing product, impact on cost of the production scale-up, the launch of additional products, and our expectation that our licensing fees will increase and offset increased expenses. When used in this press release, the words "may," "targets," "goal," "could," "should," "would," "believe," "feel," "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, pre-clinical results for our products and advantages of our products. 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-KSB for the year ended December 31, 2007 and other reports filed by us with the Securities and Exchange Commission.


    ULURU Inc.
    SUMMARY OF RESULTS


                        STATEMENTS OF OPERATIONS DATA
                                 (Unaudited)


                                                       Three Months Ended
                                                            March 31,
                                                      2008            2007
    REVENUES
     License fees                                  $13,771          $138,050
     Royalty income                                 75,574            55,461
     Product sales                                 166,473               ---
     Other                                             ---           190,000
     Total Revenues                                255,818           383,511

    COSTS AND EXPENSES
     Cost of goods sold                            137,614               ---
     Research and development                      875,216           565,408
     General and administrative                    893,235           595,239
     Amortization                                  269,185           265,543
     Depreciation                                   20,272            16,703
     Total Costs and Expenses                    2,195,522         1,442,893

    OPERATING (LOSS)                            (1,939,704)       (1,059,382)

    Other Income (Expense)
     Interest and miscellaneous income             125,045           213,805
     Interest expenses                                 ---            (1,574)

    (LOSS) BEFORE INCOME TAXES                  (1,814,659)         (847,151)

     Income taxes                                      ---               ---

    NET (LOSS)                                 $(1,814,659)        $(847,151)


    Basic and diluted net (loss)
     per common share                               $(0.03)           $(0.01)

    WEIGHTED AVERAGE NUMBER OF
     COMMON SHARES OUTSTANDING                  62,429,586        60,729,997




                                  ULURU Inc.
              SELECTED CONDENSED CONSOLIDATED BALANCE SHEET DATA

                                      March 31, 2008    December 31, 2007
                                       (Unaudited)          (Audited)

    Cash and cash equivalents          $13,171,228         $13,979,828
    Current assets                      14,550,448          15,536,146
    Property and equipment, net          1,883,995           1,532,881
    Other assets                        10,788,357          11,053,976
    Total assets                        27,222,800          28,123,003

    Current liabilities                  1,509,245           1,389,989
    Long term liabilities - deferred
     revenue                             1,035,619             495,281
    Total liabilities                    2,544,864           1,885,270
    Total stockholders' equity          24,677,936          26,237,733

For more information, please click here

Contacts:
Company
Kerry P. Gray
President & CEO
Terry K. Wallberg
Vice President & CFO
(214) 905-5145

Copyright © PR Newswire Association LLC.

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