NEW YORK (GenomeWeb News) – Pressure BioSciences said Wednesday that its full-year 2009 revenues increased 46 percent year over year while it cut its net loss nearly in half.
The South Easton, Mass.-based firm brought in total revenues of $1.2 million for 2009 compared to $852,263 for 2008. It reported revenue of $831,602 for its PCT products, services, and other revenue, along with revenue of $413,308 from grants. For 2008, its PCT products, services, and other revenue was $655,252, while its grant revenue was $197,011.
Richard Schumacher, Pressure BioSciences' president and CEO, said that the firm had a significant increase in installations of its PCT Sample Preparation Systems during the year.
"We continue to work towards finding a strategic marketing, sales, and distribution partner for those applications where we believe PCT has significant advantages over competitive sample preparation methods," said Schumacher. "Discussions with several companies are on-going. We continue to believe that we will find at least one, if not more than one, strategic partner in 2010."
Pressure BioSciences' net loss for the year was $2.6 million, or $1.42 per share, compared to a net loss of $4.9 million, or $2.24 per share, for 2008.
Its R&D spending dropped 33 percent to $1.2 million from $1.8 million, while its SG&A spending increased around 12 percent to 42.9 million from $2.6 million.
The firm said that revenues for its fourth quarter were $350,340 compared to $334,041 in the fourth quarter of 2008. Its operating loss for Q4 was $622,000 compared to $800,000 for the comparable period of 2008. The company did not provide any further financial figures for the quarter.
Pressure BioSciences finished the quarter with cash and cash equivalents of $1.6 million.