SCHOFIELD, Wis., Feb.15, 2012 /PRNewswire/ -- PuraMed BioScience®, Inc. (OTC Bulletin Board: PMBS), the producer of over-the-counter medicinal and healthcare products, announced today its financial results for the second quarter ended December 31, 2011 in conjunction with the publication of its quarterly 10Q SEC filing.
PuraMed BioScience reported net revenues for the three months ended December 31, 2011 of $608,676 compared to $1,869 for the same three month period ended December 31, 2010. The increase in revenue was primarily generated from initial orders of their unique, non-prescription migraine product, LipiGesic®M, by Walgreens, the #1 drug-store chain in the country.
For this same period, PuraMed BioScience also reported gross profits of $490,581 compared to $1,116 for the same three month period ended December 31, 2010. As a result of the rapid expansion into 15,000 stores and the associated increased advertising costs, the Company had a negative working capital (current assets minus current liabilities), as of December 31, 2011. The Company is actively seeking additional capital to accomplish its planned business strategy and support its projected expenses.
"The revenue received from the successful roll-out of our product at national retail drug stores will play a key role in fulfilling our capital needs," said Sue Baacke, CFO of PuraMed BioScience. "The earnings demonstrated during the last quarter of 2011, indicate the Company's ability to satisfy operating expenses associated with the roll-out of LipiGesic M. As liabilities are addressed, we will continue to build equity for our shareholders as we expand the market presence of LipiGesic M."
According to PuraMed BioScience CEO Russell Mitchell, "This quarter represents an important milestone for PuraMed as it is the first quarter which we were able to successfully show income from operations. It should be noted that this quarter only reflects initial revenue from Walgreens and we anticipate experiencing continued growth of revenue with the addition of CVS and additional retail opportunities worldwide."
LipiGesic M is a clinically tested homeopathic medication that has been shown to be highly effective and safe as a treatment formigraines. This sublingual formulation is now available as an over-the-counter product in major retail drug stores nationwide.
Mitchell added, "LipiGesic M's presence on retail shelves will also help fill the void left by recent OTC migraine medication recalls. We remain confident that continued execution of our business strategy to generate an increase of sales will result in increased value for our shareholders."
About the Company:
PuraMed BioScience, Inc. engages in the research, development and marketing of non-prescription medicinal and healthcare products. In addition to its clinically tested, leading product LipiGesic® M, which provides first-line therapy for relief of acute migraine headache pain; the Company also has plans to launch LipiGesic® PM as a remedy for insomnia and other sleep disorders as well as LipiGesic® H for common tension headaches. For more information on PuraMed BioScience, Inc., visit the Company website at www.PuraMedBioScience.com, join the Company's group page on Facebook by searching "PuraMed BioScience" and follow the Company on Twitter at www.twitter.com/lipigesic.
Forward Looking Statements:
This news release contains forward-looking statements regarding PuraMed BioScience and its future business plans, which statements involve known and unknown risks and uncertainties. Such risks and uncertainties may cause actual results and future achievements of PuraMed BioScience to be materially different than those implied by these forward-looking statements. PuraMed BioScience has and undertakes no obligation to provide public updates and revisions to these forward-looking statements to reflect any changes in its expectations of future events.
For more information, contact:
Russell Mitchell, Chairman and CEO
PuraMed BioScience, Inc.
Investor Awareness, Inc.
Tony Schor or James Foy, 847-945-2222
SOURCE PuraMed BioScience, Inc.