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Pressure Bio's Q3 Revenues Climb 56 Percent

NEW YORK (GenomeWeb) – Pressure BioSciences today reported that its third quarter revenues jumped 56 percent year over year, driven by increases in sales from products and services.

The South Easton, Massachusetts-based sample prep technologies firm reported total revenues of $580,334 for the three months ended Sept. 30 compared to $372,545 for the third quarter of 2014. Its products, services, and other sales jumped to $481,452 from $372,545 year over year, while the firm also reported $98,882 in grant revenue for the quarter compared to no such revenue in last year's Q3.

Pressure Bio posted a Q3 net loss of $657,928, or $.03 per share, down from $959,050, or $.07 per share, for Q3 2014.

The firm spent $355,574 on R&D in the quarter, up from $232,032 in Q3 2014. It trimmed its SG&A spending to $705,684 from $789,081 year over year.

During the quarter, Pressure Bio announced a collaboration with Florida International University to leverage the firm's pressure cycling technology to develop a rape test kit method.

Pressure Bio finished the quarter with $76,875 in cash and cash equivalents.