Pressure BioSciences (OTCQB: PBIO) said Tuesday second quarter revenue rose 70 per cent, attributed to growth in all three of its segments, with the trend expected to continue.
The life sciences company is focused on the development and sale of
proprietary laboratory tools and associated consumables based on its
pressure cycling technology (PCT) platform.
PCT has multiple applications in the life sciences sample preparation
market. The technology uses rapid and repeating cycles of hydrostatic
pressure at controlled temperatures to extract cell components in the
preparation of a biological sample, such as DNA and proteins from
humans, animals and plants, for further study.
The company's PCT products can be used for mass spectrometry,
biomarker discovery, bio-therapeutics, vaccine development, forensics,
and counter-bioterror applications, among others.
Total revenue for the three months that ended June 30 was $324,908 compared to $190,686 for the comparable period in 2011.
Revenue from the sale of PCT products and services was $224,384 for the second quarter, up 18 per cent from a year ago.
Grant revenue was $100,524, versus nil grant revenue a year earlier.
The company installed eight PCT sample preparation systems during the
second quarter, compared to seven during the same period in 2011.
Sales of PCT-based consumables generated revenue of roughly $22,000, up from $20,000 in the second quarter of 2011.
Operating loss narrowed by 19 per cent to $682,790, due to higher revenue and tight controls on spending, the company said.
After the exclusion of non-cash charges, operating cash burn for the
second quarter was approximately $596,000, compared to $794,000 for the
second quarter of 2011.
Loss per common share – basic and diluted – was 11 cents, down from 41 cents a year ago.
"During the second quarter, purchases were made by distributors
engaged earlier in the year, sales of existing PCT products continued to
grow, and interest in our recently released Shredder and HUB440
instrument systems turned into purchase orders," said president and CEO
Richard T. Schumacher.
"We continued the expansion of our marketing and sales reach with the
addition of new distributors and strategic partners worldwide.
"We announced the expansion of an existing license agreement that
anticipates the use of our PCT System in a future cancer testing
service. And we announced a strategic partnership with three companies
that we believe will lead to increased sales before the end of 2012.”
Last month, the company announced it had entered into distribution
agreements with three companies with combined coverage in six new
The company noted that the latest distribution deal brings the total
number of countries carrying its PCT preparation instrument and
consumable products to 11.
Since Pressure 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
In early May, the company announced it signed a strategic
co-development, co-marketing, and co-selling agreement with LEAP
Technologies. Under the agreement, the companies intend to develop a
next generation sample preparation system by combining Pressure’s PCT
platform with LEAP’s proprietary robotics and lab automation equipment.
“We believe the strong financial and operating achievements of the
second quarter and year-to-date are proof that our 2012
commercialization plan has begun to bear fruit," Schumacher continued.
"We further believe that this trend will continue into the second
half of the year, and that we will not just surpass our reported revenue
of 2011, but that we have the potential to exceed our record annual
revenue of 2010 as well."
VP of financed and admin, Jospeh L. Damasio, added: “In addition to
these strong financial results, we closed on financings of $500,000 in
April and $600,473 in early July...we remain optimistic that we will
continue to be successful in securing the funds necessary for our
planned growth and development."