SOUTH EASTON, Mass., Aug. 17, 2015 /PRNewswire/ -- Pressure BioSciences, Inc. (OTCQB: PBIO) (“PBI” or the “Company”) today announced financial results for the three and six-month periods ended June 30, 2015, which included increases in all major revenue categories for the quarter and record total revenue for the half-year period. The Company also provided a business update, which included the sale last week of 1,000,000 shares of restricted common stock at a significant premium to market ($0.46/share) to one of the most recognized and respected portfolio/fund managers in Poland. In return, in lieu of cash, the Company received 601,500 shares of Everest Investments, a publicly-traded company on the Main Market of the Warsaw Stock Exchange.
For the three months ended June 30, 2015, products and services revenue was $333,575 compared to $307,464 for the same period in 2014, an increase of 8.5%. Sales of consumables were $56,513 for the three months ended June 30, 2015 compared to $48,417 for the same period in 2014, an increase of 16.7%.Company operations included $79,529 of grant revenue for the second quarter of 2015 compared to no grant revenue for the comparable period in 2014. Total revenue for the 2015 second quarter was $413,104 compared to $307,464 for the same period in 2014, a 34.4% increase. This increase was due to increases in both product and services and grant revenue in the second quarter of 2015.
Operating loss for the 2015 second quarter was $1,063,889, compared to $846,757 for the same period in 2014. Operating expense increases were primarily due to an expansion of our market awareness program, our grant and investor relations programs in Poland, and increases in legal, patent, marketing, and research & development.
For the six months ended June 30, 2015, products and services revenue was $692,939 compared to $711,611 for the same period in 2014, a 2.6% decrease. Sales of consumables were $96,348 for the six months ended June 30, 2015 compared to $103,029 for the same period in 2014, a 6.5% decrease. Grant revenue for the six months ended June 30, 2015 was $160,299 compared to no revenue for the same period in 2014. Total revenue for the six months ended June 30, 2015 was $853,238 compared to $711,611 for the same period in 2014, a 20% increase.
Operating loss for the six months ended June 30, 2015 was $1,938,708 compared to $1,629,123 for the same period in 2014. Operating expense increases were primarily due to an expansion of our investor relations and market awareness programs, as well as to increases in legal, patent, marketing, and research & development.
Loss per common share basic and diluted was $0.07 for the second quarter of 2015 compared to $0.05 for the same period in 2014. Loss per common share basic and diluted was $0.14 for the six months ended June 30, 2015 compared to $0.30 for the same six-month period of 2014.
Mr. Richard P. Thomley, Chief Financial Officer of PBI, commented: “During 2015, in an effort to better position the Company for growth and a potential up-list to a regulated exchange, we increased expenditures in several G&A areas. We believe our efforts have been successful to date, and that the level of such expenditures will be lower in the second half of 2015.”
Mr. Thomley continued: “Revenue continues to increase. In Q2 2015, we reported quarter over prior year quarter increases in products and services revenue, including consumables, as well as total revenue. We followed our Q1 2015 record total revenue of $440,134 with a second straight $400,000+ quarter in Q2; we have never done this before. In line with previous guidance, we expect even stronger revenue growth in the second half of 2015. Based on shipments-to-date, purchase orders received, and serious indications to purchase, we believe that total revenue will exceed half a million dollars in Q3, strongly supported by continued growth in products and services revenue.”
Mr. Richard T. Schumacher, President and CEO of PBI, commented: “In addition to strong financial results, we achieved a number of other successes during Q2 and the six weeks that followed, including announcing that:
- we are collaborating with Southern University at New Orleans to develop methods for improving and extending applications of the PCT platform for DNA detection in forensic samples.
- scientists from Northwestern Univ. used PCT to extract cotinine (metabolite of nicotine) from dried blood spots and theorized that PCT might also improve the extraction of other chemical toxins and carcinogens.
- three scientific articles were published that show the key advantages of the PCT platform in drug discovery & design, cancer detection, and in the analysis of microbial communities in soil.
- scientists from the Institute of Molecular Systems Biology in Zurich, Switzerland presented data on an improved method for the proteomic profiling and classification of prostate cancer tissue biopsy samples.
- promising results were reported by forensic expert Dr. Bruce McCord when PCT was incorporated into a new method for improving the extraction of DNA from rape kits and other forensic samples.
- Chinese and Swiss researchers suggested a PCT-based workflow that could potentially accelerate the discovery of new biomarkers for the early diagnosis and prediction of complications in diabetes.
- PCT was a key workflow component in a study to discover potential biomarkers and underlying pathways in the emergence and progression of COPD-associated lung cancer.
- the Company closed a $2,180,000 initial tranche of a $5 Million Private Placement.
- the Company sold 1,000,000 shares of restricted Common Stock to Everest Investments Holdings at a purchase price of $0.50 per share. In return, in lieu of cash, the Company received 601,500 shares of Everest Investments, a publicly-traded company on the Main Market of the Warsaw Stock Exchange, The Everest Investments shares were valued at approximately $460,000 as of the closing date.
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 Monday, August 17, 2015. To attend this teleconference via telephone: Dial-in: (877) 407-8031 (North America); (201) 689-8031 (International). Verbal Passcode (to be given to the operator): PBI Second Quarter 2015 Financial Conference Call, ID 13617772. For those unable to participate in the live teleconference, a replay will be available beginning on Tuesday, August 18, 2015, and will be accessible both by telephone and through the Company’s website until September 17, 2015. Replay Number: (877) 660-6853 (North America); (201) 612-7415 (International); Conference ID: 13617772.
Forward Looking Statements
This press release contains forward-looking statements. These statements relate to future events or our future financial performance and involve known and unknown risks, uncertainties and other factors that may cause our or our industry’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed, implied or inferred by these forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “could,” “would,” “expects,” “plans,” “intends,” “anticipates,” “believes,” estimates,” “predicts,” “projects,” “potential” or “continue” or the negative of such terms and other comparable terminology. These statements are only predictions based on our current expectations and projections about future events. You should not place undue reliance on these statements. In evaluating these statements, you should specifically consider various factors. Actual events or results may differ materially.
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