NEW YORK (GenomeWeb News) – Pressure BioSciences today reported that its fiscal-year 2008 revenues rose 32 percent as sales for its pressure cycling technology products rose 64 percent for the year.
The South Easton, Mass.-based firm brought in revenues of $852,263 for the year ended Dec. 31, 2008, compared to revenues of $645,870 for 2007. The firm attributed the increase in revenues to a 105 percent increase in the number of installations of its PCT Sample Preparation Systems. During the year, it installed 41 of those systems compared to 20 the year before.
Pressure Bio's net loss for the year was $4.9 million, or $2.24 per share, compared to a net loss of $1.2 million, or $.56 per share, for the previous year. The 2007 results include a gain of $2 million from the liquidation of the firm's investment in Panacos Pharmaceuticals.
The firm's R&D expenses decreased 10 percent to $1.8 million from $2 million, while its SG&A spending increased 3 percent to $3.6 million from $3.5 million.
Pressure Bio finished the year with $868,208 in cash and cash equivalents.
The company released its fourth-quarter results earlier this month.