News | News By Subject | News by Disease News By Date | Search News
Get Our FREE
Industry eNewsletter
email:    
   

Pressure BioSciences, Inc. (BBII) Reports 69% Revenue Increase for Q1 2012



5/16/2012 10:11:01 AM

SOUTH EASTON, MA--(Marketwire - May 16, 2012) - Pressure BioSciences, Inc. (OTCQB: PBIO) (PINKSHEETS: PBIO) ("PBI" or the "Company") today announced financial results for the 2012 first quarter and provided a business update.

Total revenue for the three months ended March 31, 2012 was $305,661 compared to $180,643 for the comparable period in 2011. Revenue from the sale of pressure cycling technology ("PCT") products and services was $164,772 for the first quarter of 2012 compared to $180,643 for the same period in 2011. Grant revenue in the first quarter of 2012 was $140,889; no grant revenue was reported during the same period in 2011. The Company installed seven PCT Sample Preparation Systems ("PCT Systems") during Q1 2012 compared to ten during the same period in 2011.

Operating loss for the first quarter of 2012 was $964,582, compared to $833,619 for the same period in 2011. This increase in operating loss was primarily due to higher investor relations, audit, tax, and legal costs related to the Company's financing activities. After the exclusion of non-cash charges, operating cash burn for the first quarter of 2012 was approximately $806,000 compared to approximately $724,000 for the first quarter of 2011. Loss per common share -- basic and diluted -- was $0.14 for the first quarter of 2012 compared to $0.34 for the same period in 2011.

Joseph L. Damasio, Vice President of Finance and Administration, said: "We made good progress during the quarter in our goal to adequately finance the Company. In February, we completed an $800,000 PIPE, half of which was debt converted into equity. In March, we set the wheels in motion to allow us to close a $500,000 registered direct offering on April 9th. Over recent weeks, we have focused on achieving our goal to secure sufficient capital to properly finance PBI for rapid growth and future profitability."

Richard T. Schumacher, President and CEO of PBI, commented: "We reported a number of important achievements in the first quarter, including:

  • Total revenue increased 69%, from $180,643 to $305,661.
  • Measurable progress was made in the development of our automated, portable, high throughput PCT System and in a new PCT System to improve processing of cancer and other samples.
  • Strategic partnerships were announced with DigiLabs, Sage-N Research, and forensic expert Dr. Henry C. Lee. A distribution agreement with LA BioSystems (Benelux region) was announced.
  • Data were presented by nationally-recognized experts indicating that the PCT System offered significant advantages in sexual assault sample processing and in drug discovery applications."

Mr. Schumacher continued: "Our number one goal over the coming weeks is to secure sufficient financing to support our working capital needs both for the short term and for the next two years, including our expanded and more aggressive commercialization effort for our PCT product line. We are optimistic that we will successfully achieve this goal."

About Pressure BioSciences, Inc.

Pressure BioSciences, Inc. ("PBI") (OTCQB: PBIO) (PINKSHEETS: PBIO) is focused on the development, marketing, and sale of proprietary laboratory instrumentation and associated consumables based on Pressure Cycling Technology ("PCT"). PCT is a patented, enabling technology platform with multiple applications in the estimated $6 billion life sciences sample preparation market. PCT uses cycles of hydrostatic pressure between ambient and ultra-high levels to control bio-molecular interactions. PBI currently focuses its efforts on the development and sale of PCT-enhanced sample preparation systems (instruments and consumables) for mass spectrometry, biomarker discovery, bio-therapeutics characterization, vaccine development, soil and plant biology, forensics, histology, and counter-bioterror applications.

Forward Looking Statements

Statements contained in this press release regarding the Company's intentions, hopes, beliefs, expectations, or predictions of the future are "forward-looking'' statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward looking statements include the estimated size of the life sciences sample preparation market; the Company's plans and ability to secure sufficient financing to support working capital needs, including its expanded and more aggressive commercialization program; that data presented by nationally-recognized experts indicated that the PCT System offered significant advantages in sexual assault sample processing and in drug discovery applications; and that measurable progress was made in the development of the Company's automated, portable, high throughput PCT System and in a second PCT System intended to improve processing of cancer and other samples. These statements are based upon the Company's current expectations, forecasts, and assumptions that are subject to risks, uncertainties, and other factors that could cause actual outcomes and results to differ materially from those indicated by these forward-looking statements. These risks, uncertainties, and other factors include, but are not limited to: the Company's financial results for the quarter ended March 31, 2012 may not necessarily be indicative of future results as future revenues may not meet expectations due to the possible failure of the Company's products to achieve commercial acceptance, changes in customer's needs and technological innovations, expenses that may be higher than anticipated due to unforeseen costs or cost increases, and the Company may not secure sufficient capital to fully implement its plans; possible difficulties or delays in the implementation of the Company's strategies that may adversely affect the Company's continued commercialization of PCT; and the Company may not be successful in selling its PCT product line because scientists may not perceive the advantages of PCT over other sample preparation methods. Further, the Company will require additional working capital to fund its operations beyond the end of May 2012, and there can be no assurance that the Company will be successful in obtaining such financing on acceptable terms, if at all. Additional risks and uncertainties that could cause actual results to differ materially from those indicated by these forward-looking statements are discussed under the heading "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2011, and other reports filed by the Company from time to time with the SEC. The Company undertakes no obligation to update any of the information included in this release, except as otherwise required by law.

PBI filed a registration statement (including a prospectus) with the SEC for an offering to which this communication may relate. Before you invest, you should read the prospectus in that registration statement for the offering and other documents PBI has filed with the SEC for more complete information about PBI and the offering. You may get these documents for free by visiting EDGAR on the SEC Web.

Visit us at our website http://www.pressurebiosciences.com

Consolidated Statements of Operations                                       
(Unaudited)                                                                 
                                                                            
                                                For the Three Months Ended  
                                                         March 31,          
                                               ---------------------------- 
                                                    2012           2011     
                                               -------------  ------------- 
                                                                            
Revenue:                                                                    
  PCT products, services, other                $     164,772  $     180,643 
  Grant revenue                                      140,889              - 
                                               -------------  ------------- 
    Total revenue                                    305,661        180,643 
                                               -------------  ------------- 
                                                                            
Costs and expenses:                                                         
  Cost of PCT products and services                   78,194         78,929 
  Research and development                           271,611        218,965 
  Selling and marketing                              238,092        303,839 
  General and administrative                         682,346        412,529 
                                               -------------  ------------- 
    Total operating costs and expenses             1,270,243      1,014,262 
                                               -------------  ------------- 
                                                                            
    Operating loss                                  (964,582)      (833,619)
                                                                            
Other (expense) income:                                                     
  Interest (expense) income                          (56,313)           254 
  Change in fair value of warrant derivative                                
   liability                                         (42,012)             - 
                                               -------------  ------------- 
    Total other (expense) income                     (98,325)           254 
                                                                            
                                               -------------  ------------- 
  Net loss                                        (1,062,907)      (833,365)
                                               -------------  ------------- 
  Accrued and deemed dividends on convertible                               
   preferred stock                                   (24,414)      (133,090)
                                               -------------  ------------- 
  Net loss applicable to common shareholders   $  (1,087,321) $    (966,455)
                                               =============  ============= 
                                                                            
                                                                            
  Net loss per share attributable to common                                 
   stockholders - basic and diluted            $       (0.14) $       (0.34)
                                                                            
  Weighted average common stock shares                                      
   outstanding used in the basic and diluted                                
   net loss per share calculation                  7,712,539      2,836,971 
                                                                            
                                                                            
Consolidated Balance Sheets                                                 
                                                                            
                                                 March 31,     December 31, 
                                               -------------  ------------- 
                    ASSETS                          2012           2011     
                                               -------------  ------------- 
                                                (Unaudited)     (Audited)   
CURRENT ASSETS                                                              
Cash and cash equivalents                      $      15,492  $     222,775 
Accounts receivable, net of allowances of                                   
 $9,600 at March 31, 2012 and December 31,                                  
 2011                                                203,998        269,237 
Inventories                                        1,021,295      1,069,013 
Prepaid income taxes                                   8,181          4,739 
Prepaid expenses and other current assets            269,828        143,591 
                                               -------------  ------------- 
  Total current assets                             1,518,794      1,709,355 
                                               -------------  ------------- 
PROPERTY AND EQUIPMENT, NET                           72,006         89,171 
                                               -------------  ------------- 
OTHER ASSETS                                                                
Deposits                                               6,472          6,472 
Intangible assets, net                               121,604        133,762 
                                               -------------  ------------- 
TOTAL ASSETS                                   $   1,718,876  $   1,938,760 
                                               =============  ============= 
                                                                            
     LIABILITIES AND STOCKHOLDERS' DEFICIT                                  
CURRENT LIABILITIES                                                         
Accounts payable                               $   1,129,515  $     890,676 
Accrued employee compensation                        224,766        180,437 
Accrued professional fees and other                  270,792        247,738 
Deferred revenue                                      37,358         36,669 
Promissory note                                      150,000        150,000 
Convertible debt, net of unamortized discount                               
 of $0 at March 31, 2012 and $17,088 as of                                  
 December 31, 2011                                    56,139        394,912 
Warrant derivative liabilities                       478,565        436,553 
                                               -------------  ------------- 
  Total current liabilities                        2,347,135      2,336,985 
                                               -------------  ------------- 
LONG TERM LIABILITIES                                                       
Deferred revenue                                       7,579         10,111 
                                               -------------  ------------- 
TOTAL LIABILITIES                                  2,354,714      2,347,096 
                                               -------------  ------------- 
COMMITMENTS AND CONTINGENCIES                                               
STOCKHOLDERS' DEFICIT                                                       
Series C convertible preferred stock, $.01 par                              
 value; 88,098 shares authorized; 88,098                                    
 shares issued and outstanding on March 31,                                 
 2012 and December 31, 2011 (Liquidation value                              
 of $1,101,225)                                          881            881 
Series D convertible preferred stock, $.01 par                              
 value; 850 shares authorized; 300 shares                                   
 issued and outstanding on March 31, 2012 and                               
 743 shares issued and outstanding on December                              
 31, 2011 (Liquidation value of $300,000)                  3              7 
Common stock, $.01 par value; 20,000,000                                    
 shares authorized; 8,499,898 shares issued                                 
 and outstanding on March 31, 2012 and                                      
 6,723,993 shares issued and outstanding on                                 
 December 31, 2011                                    84,999         67,240 
Warrants to acquire preferred stock and common                              
 stock                                             2,510,504      2,203,101 
Additional paid-in capital                        14,358,536     13,823,875 
Accumulated deficit                              (17,590,761)   (16,503,440)
                                               -------------  ------------- 
  Total stockholders' deficit                       (635,838)      (408,336)
                                               -------------  ------------- 
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT    $   1,718,876  $   1,938,760 
                                               =============  ============= 

http://bit.ly/Lb3o6p


Investor Contacts:
Richard T. Schumacher
President & CEO
Joseph L. Damasio
Vice President, Finance and Adm.
Pressure BioSciences, Inc.
(508) 230-1828 (T)


Read at BioSpace.com


comments powered by Disqus
   

ADD TO DEL.ICIO.US    ADD TO DIGG    ADD TO FURL    ADD TO STUMBLEUPON    ADD TO TECHNORATI FAVORITES