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Pressure BioSciences Q3 Revenues Fall 33 Percent

NEW YORK (GenomeWeb News) – Pressure BioSciences today announced that revenues in the third quarter fell 33 percent year over year.

For the three months ended Sept. 30, the sample prep technology firm said that total revenues came in at $280,422, down from $372,103 a year ago. PCT products, services, and other revenues totaled $217,734, up from $194,730 a year ago, while grant revenues plummeted to $62,688 from $177,373.

The firm said that PCT product revenues were the highest recorded in the past four quarters, and in the third quarter eight PCT Sample Preparation Systems were installed, bringing the total number of installations year-to-date to 25.

R&D costs for the quarter retreated 35 percent to $248,188 from $382,054 a year ago. SG&A costs shrank 8 percent $684,435 from $746,351.

Net loss applicable to common shareholders was $953,846, or $.15 per share, down from a net loss applicable to common shareholders of $692875, or $.26 per share, a year ago.

Pressure BioSciences ended the third quarter with $296,970 in cash and cash equivalents.

Last week, the firm announced it entered into agreements to raise $843,000 in a direct offering. Last month, it was awarded $649,498 from the US Department of Defense to develop a platform for processing pathogenic organisms.

It, however, faces possible delisting from Nasdaq for failing to meet certain listing requirements.

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