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Pressure Bio 2014 Revenues Shrink 7 Percent

NEW YORK (GenomeWeb) – Pressure BioSciences today said that its full-year 2014 revenues declined 7 percent year over year. 

The company recorded $1.4 million in revenues last year compared to $1.5 million in 2013. Product and service revenues grew 40 percent year over year to $1.4 million from $1.0 million, but grant revenues dropped sharply to $24,594 from $456,610. 

Subsequent to the end of 2014, Pressure Bio was awarded $1 million by the National Human Genome Research Institute to develop sample prep technology for next-generation sequencing applications.

The company said that its net loss attributable to common shareholders for 2014 was $6.3 million, or $.44 per share, compared to a loss of $5.2 million, or $.44 per share, in 2013. Pressure Bio used more than 14 million shares to calculate its 2014 per-share loss, compared to nearly 12 million shares for its 2013 figure. 

The company raised about $2.8 million in a private placement of units comprising convertible preferred stocks and warrants last year.

It trimmed its R&D spending about 5 percent year over year to $952,555 in 2014 from $1.0 million and lowered its SG&A costs 3 percent to $3.1 million from $3.2 million.

Pressure Bio finished 2014 with $473,948 in cash and cash equivalents. 

During 2014 it engaged investment bank IssuWorks to review strategic and financing alternatives, including the potential spin off of "vertical market applications into new, stand-alone businesses." It has provided no update on the process since announcing it in June.