SCHOFIELD, Wis., May 17, 2010 (GLOBE NEWSWIRE) -- PuraMed BioScience (OTCBB:PMBS), a pharmaceutical company engaged in the development and marketing of a line of revolutionary, new, non-prescription medicines that treat migraine headaches, insomnia and tension-type headaches under the brand name LipiGesic™, today announced its financial results for the third quarter ended March 31, 2010.
The Company reported revenue for the three months ended March 31, 2010 of $24,055 compared to $0 for the three months ended March 31, 2009. Revenue consisted of web and telephone sales of the LipiGesic™ M migraine product. The Company also reported net losses for the three months ended March 31, 2010 of $372,677 compared to $111,609 for the three months ended March 31, 2009. These increased losses in 2010 were due to increased operational expenses related to the commercial rollout of the Company's LipiGesic™ M migraine product.
According to PuraMed BioScience CEO Russell Mitchell, "The first quarter represented an important milestone for PuraMed Bioscience, Inc. Although we only generated nominal revenue during our initial direct response commercial testing phase of our LipiGesic™ M (migraine) product, our direct response commercial test phase continues to provide valuable results on how to best position the product and commercial in order to best reach our target audience. All aspects of the test phase continue to be reviewed and enhanced. Television channel combinations, air times, call center teams, fulfillment centers and price points are tested and adjusted in an effort to maximize results when we scale up our media budgets. We have just started to raise brand awareness and look forward to the coming months when our commercials will begin to air in expanded national markets on a regular basis."
PuraMed launched a social media presence during this quarter including Facebook and Twitter profiles and plans to enhance these efforts in order to continue to gain greater awareness of the Company and its products.
The Company expects to develop substantial product sales and a defined customer base from its direct response marketing phase by the third quarter of 2010. It will then begin marketing through approximately 25,000 retail drugstores already targeted by PuraMed, including Walgreens, Rite Aid, CVS and others. Because the PuraMed management team has extensive and positive relationships with targeted retail outlets for PuraMed products, the Company believes it has the ability to place its products on the shelf in each of these outlets.
Russell continued, "PuraMed's current business strategy is to promote our LipiGesic™ M (migraine) product via our direct response marketing campaigns to as many consumers in the U.S. market as possible. Once a significant level of branding has been achieved, the Company will commence their commercial retail introduction in the third quarter of calendar year 2010. PuraMed's primary goal is to achieve continual material growth of LipiGesic™ product sales through mainstream food, drug and mass merchandiser retail channels while at the same time promoting LipiGesic™ brand awareness to realize substantial profitability as soon as possible."
A full set of financial statements will be available at www.PuraMedBioScience.com or www.sec.gov.
The Company recently announced a shareholder quarterly conference call open to all interested parties. The call will take place on Tuesday, May 18, 2010, at 4:10 p.m. EDT (3:10 p.m. CDT) to discuss quarterly earnings and to provide a corporate update. The call will begin with a 15-minute presentation followed by a Q&A session.
Participation in the call is open to all interested parties. Participants may use the following phone numbers to take part in the call. Within the U.S. and Canada dial (Toll Free): 800-607-9594. International participants can dial: 702-696-4537. Participants will be asked to provide the following conference ID number: 75151899. A replay will be made available. To access the replay, visit www.PuraMedBioScience.com.
About the Company:
PuraMed BioScience, Inc. engages in the research, development and marketing of non-prescription medicinal and healthcare products. In addition to its leading product LipiGesic™ M, which provides acute relief from migraine headaches; the Company also has plans to launch LipiGesic™ PM that provides a remedy for insomnia and other sleep disorders as well as LipiGesic™ H for common tension headaches. For more information on PuraMed, 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/puramed.
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.