www.bioneutralgroup.com
Headquartered at the New Jersey Institute of Technology in Newark, New Jersey is a Life Science specialty chemical company with a focus on commercializing a game changing environmentally safe combinational chemistry-based technology that can neutralize harmful environmental contaminants, toxins and dangerous microorganisms including bacteria, viruses, mold and difficult to eliminate health threatening spores. Using this approach BioNeutral has developed a cutting edge disruptive family of products initially focused in the health care arena and in National Defense . These ground breaking products have been approved for use in Germany, US/EPA approval is expected in mid 2010.
BioNeutral continues to cut costs as it moves away from product development stage
BioNeutral (OTC:BONU) chief executive Stephen Browand told investors that the company continued reducing operating expenses as it moves from the development stage and refocuses on sales and marketing.
In the third quarter, the group’s operating expenses reduced by more than 60% to $635,164, and over nine months total operating expenses decreased by 40.7% to $3.2m, compared to $5.4m in the comparative period of 2009.
"This was a milestone quarter for us as we booked our first Ogiene sale and submitted the application for our Ygiene antimicrobial product to the US Environmental Protection Agency,” Browand commented.
BioNeutral achieved a number of ‘key achievements’ during the third quarter.
In August it applied to the US Environmental Protection Agency in relation to its Ygiene antimicrobial for use as a bactericide, fungicide, sporicide in hospitals, health care facilities, as well as other commercial uses.
The EPA’s determination is expected within four to six months of the filing.
“We expect an EPA determination within the next 111 to 132 days., clearing the way for domestic sales of our Ygiene product in various formulations targeted to a wide-range of large market opportunities", Browand added.
Additionally, BioNeutral hired the Wahlrich marketing agency to help bring products to market through branding, communications consulting and positioning efforts.
It also agreed a deal with Keystone Research and Pharmaceuticals for the use of its proprietary formulations in the veterinary, Dental and Cosmetic markets.
BioNeutral will contribute products and the expertise of chief scientist Dr Andy Kielbania to help produce, promote and sell BioNeutral products alongside Keystone. The company will use Keystone Industries as its exclusive manufacturer, and Keystone’s chief scientist Larry Steffier will also be involved with the product development.
In the third quarter, BioNeutral reported a US$6,126 gross profit (Q309: US$2,000). For the nine month period, losses from operations were US$3.2m, a 40.8% improvement from US$5.4m last year, and net losses were US$2.9m, or US$0.05 per share, which compares favourably to the US$4.7m, or US$0.12 per share, loss in 2009.
Looking ahead Browand’s outlook was particularly upbeat.
"We remain convinced that our newest formulations outperform the competition in terms of efficacy and safety ... We are positioned to manufacture our two product platforms economically and have developed solutions to target a long-list of applications”.
“We are entering an exciting time for BioNeutral and management has never been more confident than we are today."
