NEW YORK (GenomeWeb News) – Pressure Biosciences today reported that its third-quarter 2009 revenues increased 19 percent on higher grant revenue and a growing number of installations of its Barocycler instruments.
The South Easton, Mass.-based firm brought in total revenues of $317,427 for the three-month period ended Sept. 30, compared to $265,662 for the third quarter of 2008. Revenues from its pressure cycling technology products and services were $204,584 versus $222,825 in the comparable quarter of 2008, while its grant revenue increased to $112,843 from $42,837.
Pressure Biosciences said that it installed 20 of its Barocycler instruments during the quarter, compared to seventeen in the third quarter of 2008.
Its net loss for the quarter declined to $775,449, or $.35 per share, from $1.1 million, or $.50 per share.
The firm cut its spending year over year, with R&D expenses down 27 percent at $273,286 versus $376,552 the year before. Its SG&A expenses fell around 16 percent to $724,228 from $866,263.
Pressure Biosciences finished the quarter with $1.4 million in cash and cash equivalents.