PURE Bioscience Raises USD 500,000 in Unsecured Promissory Note

PURE Bioscience, Inc., creator of the patented non-toxic silver dihydrogen citrate (SDC) antimicrobial, today announced that it has raised USD 500,000 in the form of a promissory note from Tom Lee, a member of PURE’s Board of Directors and its largest shareholder. The funds will be used to support continued operations. Hank R. Lambert, CEO of PURE said, “This non-dilutive interim financing supports our ongoing operations as we continue to expand use by existing customers and garner new users for our SDC-based food safety solutions. We appreciate Tom’s continued commitment to and support of PURE.” PURE also announced that it has named attorney and entrepreneur Ivan Chen to its Board of Directors, filling the vacancy left by the retirement of Director William Otis.

Chen joins as an independent director and will also be a member of PURE’s Audit Committee. Chen brings extensive experience in the healthcare and technology industries, with deep legal and strategic business experience in areas including licensing, joint ventures, mergers & acquisitions, securities and corporate governance. His experience includes serving as Director, Mergers & Acquisitions at eBay Inc., a publicly-traded e-commerce platform. In this role, Chen led the negotiation and execution of numerous US and cross-border transactions. Prior to eBay, he was an associate at Morrison & Foerster LLP and at Skadden, Arps, Slate, Meagher & Flom LLP, both large international law firms. In these roles, Chen focused on transactional, securities and corporate governance matters. He is admitted to the bar in California and New York.

Chen earned a J.D. from Harvard Law School, a master’s degree from the University of Cambridge, and a bachelor’s degree from Northwestern University. Chen said that, “I’m impressed with PURE’s uniquely effective antimicrobial solutions and the difference they make in food safety and processing. I am honored to join the Board and am excited about PURE’s future.” Otis, Executive VP of US Packaged Meat Operations for Smithfield Foods, has retired from PURE’s Board of Directors and has been retained as an operations and food safety consultant. He has served as an independent Board member since 2013 and most recently was a member of both the Compensation and Audit Committees.

Lambert said, “On behalf of PURE, I thank Bill for the many important contributions he’s made to our Company and to our food safety strategy as a Director and look forward to continuing to benefit from his valuable experience as a consultant.” Lambert continued, “Ivan is a welcome addition to our Board and we know his experience and insights will be especially valuable to the PURE team as we continue to deliver on our business plan and our mission to help ensure a safer food supply.” – Medical Buyer Bureau