Pressure BioSciences granted request for continued listing by Nasdaq panel

Pressure BioSciences (NASDAQ:PBIO) said Thursday that its request for continued listing on the Nasdaq market has been granted, subject to certain conditions.
Among other things, the company must comply with the applicable minimum stockholders' equity requirement of $2.5 million by February 29, 2012.
While the company is working toward regaining compliance with all applicable requirements for continued listing, including both the minimum stockholders' equity and the minimum bid price of $1.00 per share, "there can be no assurance that the company will be able to demonstrate compliance by the deadline set forth above", it said, or that the Nasdaq panel will grant the company an extension if it fails to comply by the set time period.
Nevertheless, the life sciences company has seen many developments of late, including the successful raising of nearly $1 million for commercial efforts, and meeting its sales targets for the third quarter.
The company, whose pressure cycling technology (PCT) is used to extract cell components for the preparation of a biological sample, has not yet entered full commmercialization stage.
Since the company began commercial operations in the middle of 2007, it has come a long way, releasing a number of PCT-based products geared towards the $6 billion sample preparation market, including three pressure-generating instruments named Barocyclers, a patent-pending sample homogenization device (The Shredder SG3), five types of single-use processing containers and six different, application-specific reagent kits.
Pressure BioSciences' key product, the Barocycler, is an instrument that uses rapid and repeating cycles of hydrostatic pressure at controlled temperatures, in order to extract cell components, such as DNA, RNA, proteins, and lipids from humans, animals, and plants, in preparation for further studies.
With a sales team of just three, the company announced earlier this month that third quarter revenue increased 47 percent sequentially as sales of the company's PCT-based Sample Preparation Systems expand. For the three months to September 30, total revenue was $280,422, compared to $190,686 for the second quarter, and up 55 percent from $180,643 in the first quarter of the year.
This met management's expectations, as in August, the company said it expected revenue for the second half of this year to be "significantly greater" than total revenue for the first half of 2011, which came in at approximately $370,000. Fourth quarter revenue is also expected to remain strong.
Revenue from PCT products totaled $217,734 in the third quarter - the highest level in the last four quarters - as the company installed 25 PCT Sample Preparation Systems in the year-to-date, eight of which were installed in the latest period.
Already, the company has installed around 200 of its PCT Barocycler instruments plus required consumables in laboratories. The applications are endless - from the key $2 billion target market of mass spectrometry, an analytical technique used to determine the characteristics of molecules, to biomarker discovery, forensics and counter-bioterrorism, among other uses.
Still, there is room for further expansion, and the company plans to use the proceeds from the recent financing to boost commercialization efforts. Funds from the financing to date have been used to work on developments with regards to new strategic partners for the company.