NEW YORK (GenomeWeb News) – Pressure BioSciences today reported that its fourth-quarter revenues nearly doubled and its net loss declined 8 percent year over year, amid a restructuring that included the firm cutting its workforce by 40 percent.
The South Easton, Mass.-based firm brought in revenues of $334,041 for the three-month period ended Dec. 31, compared to revenues of $174.1 million for the fourth quarter of 2007. Of that total revenue, $233,256 came from sales of products and services related to its pressure cycling technology, compared to $118,703 of such revenues the year before.
Pressure Bio's R&D costs dropped around 4 percent to 4481,435 from $503,879, and its SG&A spending fell 30 percent to $619,105 from $890,675.
Its net loss for the quarter was $898,484, or $.41 per share, compared to a net loss of $972,516, or $.46 per share, for the fourth quarter of 2007.
During the fourth quarter, Pressure Bio announced a restructuring program, which included laying off 8 people from its staff of 20. At the time, the firm said that it would refocus its business efforts on key specific areas where its products have found market acceptance. Chief among these are the mass spectrometry market, in which the firm sells its pressure cycling technology for protein digestion prior to mass spec analysis.
The firm did not provide financial figures for full-year 2008.
It finished 2008 with $918,208 in cash and cash equivalents. Since the end of the year, Pressure Bio raised $1.8 million in a private placement that closed last month.
In Wednesday afternoon trade on the Nasdaq, shares of Pressure Bio were up 5 percent at $.84.