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Pressure Bio's Q2 Revenues Up 49 Percent on PCT Sales Jump

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – Pressure BioSciences today said that its second-quarter revenues rose 49 percent year over year as sales connected to its flagship technology increased 78 percent.

During the three months ended June 30, the South Easton, Mass.-based sample prep instrument firm posted revenues of $402,104, compared to $270,381 for Q2 2009. Sales of its pressure cycling technology, or PCT, instruments, and related products and services rose to $283,382 from $159,202 in Q2 2009.

Sales of PCT-related consumables climbed to $33,000 from $15,000 a year ago.

In the quarter, the company installed 12 of its PCT systems, the same as a year ago. Eight of the installations were sales, and four were leases, the company said in a statement, compared to six sales and six leases in Q2 2009.

Revenues generated from grants inched up to $118,722 from $111,179 a year ago.

Its net loss for the quarter contracted to $796,651, $0.35 per share, from $814,049, or $0.39 per share, a year ago.

In mid-afternoon trading on the Nasdaq, Pressure Bio's shares were up about 1 percent at $1.48.

The company underwent a restructuring at the end of 2008, laying off eight employees, or 40 percent of its staff, closed down one facility, and scrapped some R&D in an effort to reduce its cash-burn rate.

While its finances have improved since then, today Joseph Damasio, Pressure Bio's corporate controller, said in the company's statement that the firm continues to keep "an eye towards frugality, all the while doing our best not to put undue pressure on operating activities."

In the quarter, operating cash use increased about 5 percent, he added, primarily due to patent-related expenses incurred to protect the company's PCT platform, investor relation costs, and marketing and sales activities.

SG&A costs during the quarter increased to $768,656 from $679,848 in Q2 2009. R&D costs dipped to $304,143, compared to $315,046 a year ago.

As of June 30, the firm had $1.7 million in cash and cash equivalents, around $20,000 in restricted cash, and $248,000 in short-term investments.

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