NEW YORK (GenomeWeb News) – Pressure BioSciences yesterday reported first quarter revenue that was virtually flat with the 2007 first quarter and a net loss than more than doubled year over year.
The South Easton, Mass.-based maker of pressure cycling products for biomolecular research applications reported revenues of $132,376 for the three-month period ended March 31, compared to revenues of $131,621 for the first quarter of 2007. The company noted that it installed seven PCT Sample Preparation Systems during the quarter.
Pressure Bio posted a net loss of $1.34 million, or $.61 per share, compared to a loss of $638,086, or $.31 per share, in the first quarter of 2007.
The firm’s R&D expenses increased slightly to $490,931 from $461,532 year over year, while SG&A costs rose 30.7 percent to $964,409 from $737,612.
Pressure Bio finished the quarter with $4.1 million in cash and cash equivalents.
Its shares were down 9.5 percent at $4.38 in Friday afternoon trade on the Nasdaq.