PURE Bioscience (OTCMKTS:PURE) has continued to move higher in recent months on accelerating volume since reversing off $0.34 lows back in May.
PURE was delisted from the NASDAQ stock exchange in May of last year for failing to meet the $1 minimum bid requirement. Ironically the stock has been rising since hitting the OTCBB recently surpassing the $1 mark.
PURE Bioscience (OTCMKTS:PURE) is focused on developing and commercializing our proprietary antimicrobial products primarily in the food safety arena — providing solutions to the health and environmental challenges of pathogen and hygienic control.
PURE technology platform is based on patented stabilized ionic silver, and our initial products contain silver dihydrogen citrate, or SDC. SDC is a broad-spectrum, non-toxic antimicrobial agent, which offers 24-hour residual protection and formulates well with other compounds. As a platform technology, SDC is distinguished from existing products in the marketplace because of its superior efficacy, reduced toxicity and the inability of bacteria to form a resistance to it.
PURE Hard Surface disinfectant, which is powered by the patented, non-toxic, environmentally friendly SDC antimicrobial molecule, fits perfectly into SUBWAY(R)’s commitment to greener living and its food safety protocol. A leader in the quick service restaurant industry, all SUBWAY(R) restaurants are required to follow policies in support of SUBWAY(R)’s overall commitment to make its restaurants and operations as environmentally and socially responsible as possible. The availability of the powerful PURE Hard Surface disinfectant will strengthen the quick service restaurant chain’s sanitization program.
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Earlier this year PURE announced the resignation of Peter C. Wulff as its Chief Financial Officer and Chief Operating Officer. Wulff informed the Company that he has accepted a new assignment as CFO for a venture-backed medical device company.
With Wulff’s departure, Mark Elliott, PURE’s Controller, has been promoted and will play a new leadership role in PURE’s Finance department as the Company’s Vice President, Finance and will serve as the Company’s principal financial and accounting officer. Elliott joined PURE in 2004 and has been responsible for managing all accounting and regulatory reporting activities since May 2006. He has also been responsible for establishing all current financial and reporting systems. Prior to joining PURE, Elliott worked in government accounting. He earned a Bachelor of Science, Business Administration-Accountancy at California State University-San Marcos.
On September 17 PURE it has received an Acknowledgement Letter from the US Food and Drug Administration (FDA) stating that its Food Contact Notification (FCN) for Silver Dihydrogen Citrate (SDC) as a raw poultry processing aid is complete and setting an effective date of December 2015.
The next step in the regulatory approval process is to obtain USDA approval. With its receipt of the FDA’s Acknowledgement Letter, PURE is now eligible to initiate this next step. Accordingly, after its receipt of the Acknowledgement Letter from the FDA, PURE immediately submitted its FCN to the Food Safety and Inspection Service of the USDA to commence the USDA review and approval process.
As part of the USDA process, PURE is preparing to conduct in-plant process validation and optimization trials with the authorization of the USDA. At the completion of the trials, PURE expects the USDA to issue a “Letter of No Objection” and list SDC as an approved on line reprocessing poultry processing aid in Attachment 1, table 1 of the FSIS Directive 7120.1, Safe and Suitable Ingredients Used in the Production of Meat, Poultry and Egg Products.
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Currently trading at a $30 million market valuation PURE does have $3.9 million in the treasury as well as some small revenues. PURE is an exciting story developing in small caps; the Company is the creator of the patented silver dihydrogen citrate (SDC) antimicrobial and an ex NASDAQ stock with several irons in the oven. We will be updating on PURE as events unfold so make sure you are subscribed to Microcapdaily so you know what is going on with PURE.
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Disclosure: we hold no position in PURE either long or short and we have not been compensated for this article.