SOUTH EASTON, Mass., April 6, 2016 /PRNewswire/ -- Pressure BioSciences, Inc. (OTCQB: PBIO) (“PBI” or the “Company”) today announced financial results for the fiscal year ended December 31, 2015, provided a business update, and offered limited guidance for FY2016.
Financial Results: FY2015 vs. FY2014 Total revenue for the fiscal year ended December 31, 2015 was $1,797,691 compared to $1,374,744 for the same period in 2014, an increase of approximately 31%. Products and services revenue was $1,409,991 for the year ended December 31, 2015 compared to $1,350,150 for the same period in 2014, an increase of 4.4%. Sales of instrumentation increased in 2015 by $36,139 or 5%, from $799,472 in FY 2014 to $835,611 in FY 2015. Consumable sales were $146,408 in FY 2015 compared to $167,380 in FY 2014, a decrease of 13%. Grant revenue for the year ended December 31, 2015 was $387,700 as compared to $24,594 in 2014, an increase of $363,106 or approximately 1500%. This significant increase in grant revenue was due to the receipt of a $1,020,969 SBIR Phase II grant (2R44HG007136) from the NIH, as announced on February 19, 2015.
Operating loss for the year ended December 31, 2015 was $3,565,182 compared to a loss of $3,338,350 for the same period in 2014, an increase of approximately 7%. This increase in operating loss was due primarily to increases in R&D and G&A expenses, and by the award of director and employee stock options, off-set partially by increases in total revenue and product gross margins.
Loss per common share basic and diluted was $0.36 for the year ended December 31, 2015 compared to a loss per common share basic and diluted of $0.44 for the same period in 2014.
Financial Highlights: 2015
a) | Received $4.9M in a private placement of fixed-rate convertible debentures between July Dec 2015 |
b) | Eliminated 100% of the Company’s variable-rate convertible debt |
c) | Increased Total/Products & Services/Grant Revenue and Product Gross Margins, 2015 vs 2014 |
d) | Awarded $1,020,969 NIH SBIR Phase II grant to develop a high-throughput, high pressure-based DNA shearing system for Next Generation Sequencing (“NGS”) |
Operational Highlights: 2015
e) | SCIEX, a global leader in life science analytical technologies, and a wholly-owned subsidiary of Danaher Corporation, announced an exclusive co-marketing agreement with PBI to improve protein quantitation in complex samples. |
f) | Professor Ruedi Aebersold, an international authority in proteomics based at ETH Zurich, and his colleagues published an article in the well-respected scientific journal Nature Medicine on a breakthrough method to permit quantification of thousands of proteins in needle biopsy samples. The method was enabled by PBI’s pressure cycling technology (“PCT”) platform. The Company estimates there are millions of needle biopsy samples analyzed worldwide every year. |
g) | Collaborators and customers published and presented multiple papers throughout 2015 to highlight the key advantages of the Company’s PCT platform in a number of important applications, including: (i) drug discovery and design, (ii) cancer detection, (iii) analysis of microbial populations in soil, (iv) proteomic profiling and classification of prostate cancer tissue biopsy samples, (v) potential acceleration of the discovery of new biomarkers for the early diagnosis and prediction of complications in diabetes, (vi) potential improvement in the extraction of DNA from rape kits and other forensic samples, and (vii) potential discovery of new biomarkers and underlying pathways in the emergence and progression of COPD-associated lung cancer. |
h) | The commercial release of PCT-HD, the “Next Generation Protein Preparation System”, in two separate presentations at a major international scientific meeting. |
Mr. Richard T. Schumacher, President and CEO of PBI, commented: “We accomplished a number of key goals in 2015: the receipt of approximately $5M in new capital; the elimination of all toxic debt; the release of new pressure-based instruments and consumables; the initial development of the new Barocycler NEP2320 Extreme designed to allow SCIEX and other mass spectrometry customers to unleash the full potential of PCT in their proteomic workflows; and the initiation of a co-marketing agreement with SCIEX, a key provider of analytical instrumentation to the scientific research markets worldwide.”
Mr. Schumacher continued: “These accomplishments, combined with the planned expansion of our marketing and sales capabilities this year, position us well for success in 2016 and beyond. We have well-defined near-term goals that we believe are clear, focused, and attainable. If achieved, we believe these goals should continue to build value realization in PBI, positioning us as a stronger, more valuable company going forward.”
Near-Term Goals: FY2016
a) | Continue to implement a sound path toward financial self-sufficiency and future growth and profitability. |
b) | Increase total/products & services/grant revenue & gross margins, quarter/quarter and year/year. |
c) | Complete the manufacture of the Barocycler NEP2320 Extreme and begin the commercialization plan for this robust, computer-driven, highly capable new pressure-generating instrument. |
d) | Support and expand our co-marketing program with SCIEX. |
e) | Secure a strategic marketing and distribution partner for the Barozyme HT48 high throughput system and for the NMR and EPR PCT-based sample preparation systems. |
f) | Implement an expanded marketing campaign for the patent-pending micro-Pestle consumable. |
g) | Expand sales and marketing capabilities to reach into new countries, investigators, and fields-of-use. |
h) | Continue to prepare for a targeted up-list to NASDAQ or the NYSE. |
About Pressure BioSciences, Inc.
Pressure BioSciences, Inc. (“PBI”) (OTCQB: PBIO) develops, markets, and sells proprietary laboratory instrumentation and associated consumables to the estimated $6 billion life sciences sample preparation market. Our products are based on the unique properties of both constant (i.e., static) and alternating (i.e., pressure cycling technology, or PCT) hydrostatic pressure. PCT is a patented enabling technology platform that uses alternating cycles of hydrostatic pressure between ambient and ultra-high levels to safely and reproducibly control bio-molecular interactions. To date, we have installed over 250 PCT systems in approximately 160 sites worldwide. There are over 100 publications citing the advantages of the PCT platform over competitive methods, many from key opinion leaders. Our primary development and sales efforts are in the biomarker discovery, drug discovery and design, and forensics areas. Customers also use our products in other areas, such as bio-therapeutics characterization, soil & plant biology, vaccine development, and counter-bioterror applications.
Earnings Call
The Company will hold an Earnings Conference Call at 4:30 PM EDT on Wednesday, April 6, 2016. To attend this teleconference via telephone, Dial-in: (877) 407-8031 (North America), (201) 689-8031 (International). Verbal Passcode: PBI FY 2015 Financial Conference Call, ID 13634697. Replay Number (877) 660-6853 (North America); (201) 612-7415 (International). Teleconference Replay Available for 30 days
Forward Looking Statements
This press release contains forward-looking statements.
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