ULURU, Inc. (ULURU), a drug delivery and wound care devices company, has reported revenues of $0.73 million for the full year of 2008, compared with the revenues of $1.4 million in the previous year-end. It has reported net loss of $9.8 million, or $0.15 per share, for the full year of 2008, compared with net loss of $4.2 million, or $0.07 per share, in the previous year-end.
For the fourth quarter ended December 31, 2008, the company reported a net loss of $2.9 million, or $0.04 per share, compared with a net loss of $0.9 million, or $0.01 per share, for the same period last year. At December 31, 2008, the company held cash and cash equivalents of $7.6 million, compared with $13.9 million at December 31, 2007.
Commenting on the financial results Renaat Van den Hooff, president and chief executive officer stated, “The increase in operating expenses continues to be driven by costs associated with the commercial and clinical development of Altrazeal(TM) and Altrazeal(TM) Silver. These investments are necessary in order to give visibility to the clinical successes obtained with our Altrazeal(TM) products and to keep our future product development milestones on track”.
Recent accomplishments related to our wound care franchise include:
Altrazeal has been applied on an estimated 3,000 patients in treatment of a variety of wounds; with a significant number of these cases being well documented with data and pictures detailing the wound healing process;
Four posters have been published and over thirty abstracts for posters and oral presentations have been submitted and accepted to be presented at several prominent wound care conferences in the upcoming months;
To date, four articles with Altrazeal case studies have been submitted for publication in influential wound care journals.
Van den Hooff continued, “We are now in the process of working through the purchasing cycle at a growing number of institutions that have observed successful clinical experiences with Altrazeal(TM). In parallel we are in dialogue with the Food and Drug Administration related to the approval of Altrazeal(TM) Silver, and our research and development team is on track to finalize the development and regulatory submission for Altrazeal(TM) Collagen in the fourth quarter of 2009.”
Revenue for the fourth quarter ended December 31, 2008, was $257,000, compared with $834,000 for the fourth quarter of 2007. The decrease in revenue from the fourth quarter of 2007 compared with the fourth quarter of 2008 was due to a decrease in licensing as 2007 included a non-recurring license fee of approximately $576,000 associated with our Zindaclin(R) product.
Research and development expenses for the fourth quarter of 2008 were $860,000, including $42,000 in share-based compensation, compared with $638,000, including $39,000 in share-based compensation, for the fourth quarter of 2007. For the year ended December 31, 2008, research and development expenses were $3.5 million, including $162,000 in share-based compensation, compared with $2.2 million, including $136,000 in share-based compensation, in the same period of 2007.
Selling, general and administrative expenses for the fourth quarter of 2008 were $2.0 million, including $232,000 in share-based compensation, compared with $0.9 million, including $182,000 in share-based compensation, for the fourth quarter of 2007. For the year ended December 31, 2008, selling, general and administrative expenses were $6.0 million, including $862,000 in share-based compensation, compared with $3.0 million, including $447,000 in share-based compensation, in the same period of 2007.