NEW YORK (GenomeWeb News) – Pressure BioSciences today reported revenues increased 69 percent year over year during its first quarter, paced by grants-related revenue.
In a document filed with the US Securities and Exchange Commission, however, the company warned that it will need to secure funds or faces the possibility of shutting its doors after the end of the month.
The South Easton, Mass.-based company had total revenues of $305,661 for the quarter ended March 31, up from $180,643 a year ago. Revenues generated from sales of its Pressure Cycling Technology and services were trimmed 9 percent to $164,772 from $180,643 a year ago, but grant revenue was $140,889, compared to no grant revenue for Q1 2011.
During the quarter the company installed seven PCT Sample Preparation Systems, compared to 10 a year ago.
The firm's R&D expenses rose to $271,611, a 24 percent uptick from $218,965 in Q1 2011, and SG&A costs rose 28 percent to $920,438 from $716,368.
The company's net loss applicable to common shareholders in the quarter was $1.1 million, or $.14 per share, compared to a net loss of $966,455, or $.34 per share a year, ago. Pressure Bio used more than 7.7 million shares of to calculate its net-loss per share in the recent quarter, compared to about 2.8 million shares a year ago.
In February, the company conducted a private placement of 971,867 shares of its common stock and 485,937 units to purchase restricted common stock in order to raise $800,000. In April, the firm entered into an agreement with Ironridge BioPharma to purchase $500,000 of Pressure Bio's Series E Preferred Stock, with each share of the preferred stock convertible into about 980 shares of the firm's common stock.
Pressure Bio exited the first quarter with $15,495 in cash and cash equivalents. In its Form 10-Q filed with the SEC today, the company said that as of May 10 it had available cash of about $81,000, enough to fund its operations until the end of May, and cautioned, "If we are unable to raise sufficient funds from equity or debt financings or other sources of financing, we may need to cease our business operations."
The firm was delisted from the Nasdaq in April for failing to meet certain listing requirements.
"Our number one goal over the coming weeks is to secure sufficient funding to support our working capital needs both for the short term and for the next two years, including our expanded and more aggressive commercialization effort for our PCT product line," Pressure Bio President and CEO Richard Schumacher said in a statement. "We are optimistic that we will successfully achieve this goal."