NEW YORK (GenomeWeb News) – Pressure BioSciences today reported that its third-quarter revenues jumped 40 percent year over year as both sales related to its Pressure Cycling Technology and grant revenues improved.
Revenues for the three months ended Sept. 30 increased to $391,616 from $280,422 a year ago as PCT products, services and other revenues rose to $297,867 from $217,734, a 37 percent improvement. The company installed eight PCT Sample Preparation Systems in the quarter, it said, and added that PCT-based consumables revenues rose 33 percent to $28,000 from $21,000 a year ago.
Grant revenues also increased year over year by 50 percent to $93,749 from $62,688.
The South Easton, Mass.-based firm lowered its R&D spending a fraction of 1 percent to $247,717 from $248,188 a year ago but increased SG&A costs 5 percent to $721,730 from $684,435.
Excluding non-cash charges, operating cash burn during the third quarter was decreased to $507,000 from $658,000 a year ago, Pressure Bio said.
Its net loss was $796,038, or $.09 per share, compared to a net loss of $561,723, or $.15 per share, a year ago. The company used more than 10.8 million shares to calculate is net loss per-share figure in the recently completed quarter, compared to about 6.3 million shares in the year-ago period. The company has placed shares of its stock in several financing rounds in the past year to improve its cash position.
Joseph Damasio, Pressure Bio's vice president of finance and administration, who is leaving the firm at the end of this week, also said in a statement that the company received about $600,000 in short-term loans from five investors, including two members of the board of directors, during the quarter.
The firm finished the quarter with $50,289 in cash and cash equivalents.
Richard Schumacher, president and CEO of Pressure Bio, said that goals for the remainder of the year include eliminating short-term investor debt, adding at least one more distribution partner, and increasing revenue while lowering costs.
"But most importantly, we need to improve our financial condition," he said in a statement. "Based on our accomplishments to date, we believe we will achieve success in these areas during the 2012 fourth quarter, and that this success, together with the achievements previously reported, will have a positive effect on the value of [the company] for all of our shareholders."