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Pressure BioSciences, Inc. (BBII) Reports Strong First Quarter 2013 Financial Results  
5/21/2013 11:55:13 AM

SOUTH EASTON, MA--(Marketwired - May 21, 2013) - Pressure BioSciences, Inc. (OTCQB: PBIO) ("PBI" or the "Company") today announced financial results for the three-month period ended March 31, 2013 and provided a business update.

Total revenue for the first quarter of 2013 was $370,737 compared to $305,661 for the same period in 2012, a 21% increase. Revenue from the sale of pressure cycling technology ("PCT") products and services was $221,569 for the first quarter of 2013 compared to $164,772 for the same period in 2012, a 34% increase. Grant revenue in the first quarter of 2013 was $149,168 compared to $140,889 for the same period in the prior year. Sales of PCT-based consumables generated revenue of approximately $27,200 for the three months ended March 31, 2013 compared to approximately $16,600 for the same period in 2012, an increase of 64%.

Operating loss for the first quarter of 2013 decreased to $725,024, from $964,582 for the same period in 2012, a reduction of 24%. Contributing to this decrease in operating loss were quarter over quarter decreases in total expenses from research and development ($25,153, or 9%), marketing and selling ($44,192, or 19%), and general and administrative ($131,487, or 19%).

Loss per common share -- basic and diluted -- was $0.11 for the first quarter of 2013 compared to $0.14 for the same period in 2012.

Conrad F. Mir, Chief Financial Officer of PBI, said: "In addition to strong quarter over quarter (Q1 2013 vs. Q1 2012) revenue increases, both total revenue and PCT products revenue showed substantive quarterly sequential increases (Q1 2013 vs. Q4 2012) as well, posting gains of 72% and 81%, respectively. We achieved these results while decreasing expenses in research and development, selling and marketing, and general and administrative. Our financial performance for the first quarter of 2013 bolstered PBI's significant progress in reaching our stated goal of developing a sound financial roadmap moving forward."

Richard T. Schumacher, President and CEO of PBI, commented: "Since the beginning of the year, we have reported a number of operational achievements. Among these is continued progress in the development of a PCT-based method to increase the quality and throughput of rape kit testing. Such an improvement could potentially result in a significant reduction in the backlog of untested rape kits in the US, currently estimated at more than 200,000. We believe that timely testing of rape kits could result in the apprehension and conviction of perpetrators of sexual assaults who are currently free because of this testing backlog."

Mr. Schumacher continued: "We remain very excited about our prospects for 2013. We believe that PCT product sales will continue to increase, that we will continue to manage our operating expenses, and that the short and long-term financing strategies we have spent the past few months developing will be successfully implemented. In addition, we also believe that we will successfully release several new, important products to the market in 2013. Finally, we believe that the combination of all of these achievements will result in a stronger company, resulting in a positive effect on the value of PBI for all of our shareholders."

About Pressure BioSciences, Inc.

Pressure BioSciences, Inc. ("PBI") (OTCQB: 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 potential applications of the Company's PCT; the Company's plans and ability to secure sufficient financing to support working capital needs; statements related to the strong financial and operating results of the 2013 first quarter, and the Company's expectations that the increase in revenues and reduction in costs will continue in 2013 and beyond; that we will be successful in releasing new products to the market in 2013 and beyond, including a method to increase the quality and throughput of rape kit testing, and that such a method could result in the apprehension and conviction of perpetrators of sexual assault crimes; that we have made significant progress in our goal to develop and implement a sound financial roadmap for PBI, and that we will successfully implement both short and long-term financial plans, and that these successes will result in a stronger Company and a positive effect on the value of PBI for all shareholders. 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, 2013 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 may be higher than anticipated due to unforeseen costs or cost increases, and the Company may not secure sufficient capital to 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; 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; that other researchers may not be able to replicate the data the Company previously reported or see the advantages of using the Company's PCT platform in previously reported studies; and if actual operating costs are higher than anticipated, or revenues from product sales are less than anticipated, the Company may need additional capital beyond May 2013. Further, given the uncertainty in the capital markets and the current status of the Company's product development and commercialization activities, there can be no assurance that the Company will secure the additional capital necessary to fund its operations beyond May 2013 on acceptable terms, if at all. 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 risks and uncertainties discussed under the heading "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2012, 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.

For more information about PBI and this press release, please click on the following website link:
http://www.pressurebiosciences.com

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Condensed Consolidated Statements of Operations                             
(Unaudited)                                                                 
                                                                            
                                                 For the Three Months Ended 
                                                          March 31,         
                                                 -------------------------- 
                                                     2013          2012     
                                                 ------------  ------------ 
                                                                            
Revenue:                                                                    
  PCT products, services, other                  $    221,569  $    164,772 
  Grant revenue                                       149,168       140,889 
                                                 ------------  ------------ 
    Total revenue                                     370,737       305,661 
                                                 ------------  ------------ 
                                                                            
Costs and expenses:                                                         
  Cost of PCT products and services                   104,544        78,194 
  Research and development                            246,458       271,611 
  Selling and marketing                               193,900       238,092 
  General and administrative                          550,859       682,346 
                                                 ------------  ------------ 
    Total operating costs and expenses              1,095,761     1,270,243 
                                                 ------------  ------------ 
                                                                            
    Operating loss                                   (725,024)     (964,582)
                                                                            
Other (expense) income:                                                     
  Interest (expense) income, net                       (8,900)      (56,313)
  Change in fair value of warrant derivative                                
   liability                                          (45,445)      (42,012)
                                                 ------------  ------------ 
    Total other (expense) income                      (54,345)      (98,325)
                                                                            
                                                 ------------  ------------ 
Net loss                                             (779,369)   (1,062,907)
                                                 ------------  ------------ 
Accrued dividends on convertible preferred stock      (32,173)      (24,414)
Deemed dividend on Series J convertible                                     
 preferred stock                                     (582,548)            - 
                                                 ============  ============ 
Net loss applicable to common shareholders       $ (1,394,090) $ (1,087,321)
                                                 ============  ============ 
                                                                            
                                                                            
Net loss per share attributable to common                                   
 stockholders - basic and diluted                $      (0.11) $      (0.14)
                                                                            
Weighted average common stock shares outstanding                            
 used in the basic and diluted net loss per                                 
 share calculation                                 12,149,267     7,712,539 
                                                                            
                                                                            
                                                                            
Condensed Consolidated Balance Sheets                                       
                                                   March 31,   December 31, 
                     ASSETS                          2013          2012     
                                                 ------------  ------------ 
                                                  (Unaudited)    (Audited)  
CURRENT ASSETS                                                              
Cash and cash equivalents                        $    167,910  $      1,461 
Accounts receivable                                   278,020       216,265 
Inventories, net of $50,000 reserve at March 31,                            
 2013 and December 31, 2012                           890,853       923,362 
Prepaid income taxes                                    7,381         7,381 
Prepaid expenses and other current assets             103,706        83,435 
                                                 ------------  ------------ 
  Total current assets                              1,447,870     1,231,904 
                                                 ------------  ------------ 
PROPERTY AND EQUIPMENT, NET                            22,444        30,282 
                                                 ------------  ------------ 
Deposits                                                    -         6,472 
Intangible assets, net                                 72,972        85,130 
                                                 ------------  ------------ 
TOTAL ASSETS                                     $  1,543,286  $  1,353,788 
                                                 ============  ============ 
      LIABILITIES AND STOCKHOLDERS' DEFICIT                                 
CURRENT LIABILITIES                                                         
Accounts payable                                 $  1,059,336  $  1,199,846 
Accrued employee compensation                         153,978       119,338 
Accrued professional fees and other                   376,901       267,936 
Deferred revenue                                       29,809        46,466 
Promissory note                                        75,000        75,000 
Dividend liability                                          -        60,000 
Related party debt                                     42,357        98,675 
Convertible debt                                            -       863,004 
Warrant derivative liability                          206,257       160,812 
                                                 ------------  ------------ 
  Total current liabilities                         1,943,638     2,891,077 
                                                 ------------  ------------ 
LONG TERM LIABILITIES                                                       
Deferred revenue                                        1,633         2,487 
                                                 ------------  ------------ 
TOTAL LIABILITIES                                   1,945,271     2,893,564 
                                                 ------------  ------------ 
STOCKHOLDERS' DEFICIT                                                       
Series D convertible preferred stock, $.01 par                              
 value; 850 shares authorized; 300 shares issued                            
 and outstanding on March 31, 2013 and on Dec.                              
 31, 2012                                                   3             3 
Series G convertible preferred stock, $.01 par                              
 value; 240,000 shares authorized; 145,320                                  
 shares issued and outstanding on March 31, 2013                            
 and on Dec. 31, 2012                                   1,453         1,453 
Series J convertible preferred stock, $.01 par                              
 value; 6,250 shares authorized; 4,650 shares                               
 and 0 shares issued and outstanding on March                               
 31, 2013 and on Dec. 31, 2012, respectively               47             - 
Series H convertible preferred stock, $.01 par                              
 value; 10,000 shares authorized; 0 shares                                  
 issued and outstanding on March 31, 2013 and on                            
 Dec. 31, 2012                                              -             - 
Common stock, $.01 par value; 50,000,000 shares                             
 authorized; 12,149,267 shares issued and                                   
 outstanding on March 31, 2013 and on Dec. 31,                              
 2012                                                 121,493       121,493 
Warrants to acquire preferred stock and common                              
 stock                                              3,823,922     3,015,996 
Additional paid-in capital                         17,664,727    15,940,818 
Accumulated deficit                               (22,013,628)  (20,619,539)
                                                 ------------  ------------ 
  Total stockholders' deficit                        (401,985)   (1,539,776)
                                                 ------------  ------------ 
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT      $  1,543,286  $  1,353,788 
                                                 ============  ============ 
                                                                            

Investor Contacts:
Richard T. Schumacher
President & CEO
Pressure BioSciences, Inc.
(508) 230-1828 (T)


Conrad F. Mir
Chief Financial Officer
Pressure BioSciences, Inc.
(508) 230-1828 (T)

Timothy J. Connor
Managing Director
Benchmark Advisory
(858) 568-7059 (T)


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