NEW YORK (GenomeWeb News) – Pressure BioSciences today reported that its second-quarter 2009 revenues more than doubled year over year, while the firm trimmed its net loss in half.
The South Easton, Mass.-based firm brought in revenues of $270,381 for the three-month period ended June 30, compared to $120,184 for the second quarter of 2008. Sales of its pressure cycling technology products and services rose 35 percent to $159,202 from $117,698.
The company cut its net loss in half to $814,049, or $.39 per share, from $$1.6 million, or $.72 per share.
Its R&D spending decreased to 4315,046 from $461,672 year over year, while its SG&A expenses dropped from $1.2 million to $679,848 — the results of a cost-containment and restructuring program begun last year.
Pressure BioSciences finished the quarter with $1.5 million in cash, cash equivalents, and restricted cash. Its cash burn rate was $663,000 for the second quarter, and the firm hopes to reduce its average quarterly burn rate for 2009 to around $600,000.
Pressure BioSciences' shares were up 4 percent at $1.79 in mid-afternoon trade on the Nasdaq.