NEW YORK (GenomeWeb News) – Pressure BioSciences has moved its R&D team into the Venture Development Center at the University of Massachusetts Boston, the firm's CEO, Richard Schumacher, told GenomeWeb Daily News today.
The firm, which is based in South Easton, Mass., moved the three members of its R&D team into the incubator at the beginning of January, and it hopes to bring on new staffers for that group. The firm employs a total of 13 people and has retained its headquarters about 20 miles outside of Boston, Schumacher said.
The move may seem unusual, as Pressure BioSciences is a publicly traded firm that has been around for a few years. And while moving the R&D group into the incubator will save Pressure BioSciences money on overhead, it will provide the firm with many other benefits, said Schumacher.
"The group there is really organized … and have state-of-the-art laboratory facilities," he said in reference to the Venture Development Center. "They also have contacts throughout both the state government and the University of Mass educational system," which could provide the firm with access to students needing experience in the lab. In addition, the center provides meeting facilities.
"Certainly, we plan on utilizing some of the biology and chemistry students that are attending UMass Boston," he said.
Schumacher noted that UMass Boston also has an ongoing personalized cancer research program, which is using the firm's sample preparation instrument.
The Venture Development Center expects tenants to grow out of the space in three years. "I've told the people in charge that we don't expect to be there three years," said Schumacher. "We're growing very rapidly. This is a great springboard and enables us to grow on a month-to-month [basis] with them," he said, adding that the month-to-month lease provides the firm with flexibility it would not have under a multi-year lease elsewhere.
In November, Pressure BioSciences reported a 19 percent increase in third-quarter revenues to $317,427. It finished that quarter with $1.4 million in cash and cash equivalents. But, it has since raised funds through a private offering of shares, and Schumacher believes the firm will be profitable by the end of next year.