NEW YORK (GenomeWeb News) – Pressure BioSciences today said that revenues for the second quarter increased 70 percent year over year, driven by grant revenues.
The South Easton, Mass.-based firm recorded $324,908 in revenues for the three months ended June 30. Revenues generated by its Pressure Cycling Technology came in at $224,384, up 18 percent from $190,686 a year ago. The company also posted $100,524 in grant revenues compared to none a year ago.
Pressure Bio said that it installed eight PCT Sample Preparation Systems during the second quarter, up from seven a year ago, and recorded PCT-based consumables revenues of about $22,000, up from $20,000 a year ago.
Its R&D costs were down 3 percent year over year to $256,307 from $263,809, and SG&A costs were shaved 7 percent to $642,188 from $690,858.
The firm's net loss in the quarter was $1.1 million, or $.11 per share, compared to a net loss of $1.2 million, or $.41 per share, a year ago.
Pressure Bio used about 10.2 million shares in the recently completed quarter to calculate its net loss per share figure, compared to 2.9 million shares in the year-ago period. The company has placed shares of its stock in several financing rounds during the past year in order to increase its cash reserves. It raised $600,473 in July in a private placement, $500,000 in April in an investment from Ironridge BioPharma, and $800,000 in a private placement in February. In December, it filed a Form S-1 with the US Securities and Exchange Commission to raise up to $8 million.
Pressure Bio exited the second quarter with $20,916 in cash and cash equivalents.
In a statement, Joseph Damasio, vice president of finance and administration for the company, said that the revenue increase in the second quarter "together with our adherence to the tight fiscal controls implemented in 2011, resulted in a significant decrease in both operating loss and operating cash flow … [W]e remain optimistic that we will continue to be successful in securing the funds necessary for our planned growth and development."
In Tuesday morning trade on the OTC market, shares of Pressure Bio jumped 52 percent to $.32.