NEW YORK (GenomeWeb News) – Pressure BioSciences on Monday reported revenues for the second quarter fell to $190,686, down 53 percent from a year ago as sales of its main platform and related consumables, as well as grant revenues, declined.
The South Easton, Mass.-based firm recorded total revenues of $402,104 during the second quarter of 2010.
In a document filed with the US Securities and Exchange Commission, Pressure Bio said that for the three months ended June 30, revenues for its Pressure Cycling Technology products, services, and others comprised all of its revenues. The company had $283,382 in such revenues a year ago.
During the quarter, Pressure Bio installed seven of its PCT instruments, compared to 12 a year ago. PCT consumable revenues shrank to $20,000 from $33,000.
According to the company, the decrease in PCT instrument installations and consumables sales was due to the resignation of its vice president of sales in May. Also, because of limited resources, it had to reduce sales and marketing activities during the quarter.
The company finished the quarter with $234,419 in cash and cash equivalents and said that as of June 30, it had $657,000 in working capital resources. Last week, Pressure Bio said in an SEC document it had borrowed $200,000 from an existing investor, Clayton Struve.
"Based on our current projections, including borrowings subsequent to June 30, 2011, we believe our current cash resources will enable us to extend our cash resources until mid-September 2011," Pressure Bio said in its SEC document filed on Monday. "We will need substantial additional capital to fund our operations in periods beyond the third quarter of 2011," or it may have to shut its doors, sell its assets, or modify its business strategy.
The company had no grant revenues for the quarter, compared to $118,722 a year ago as it did not receive any active grants. It has submitted requests for several grants for work related to development of its high-throughput Barocycler instrument and its formalin-fixed paraffin-embedded tissue application, it said.
Pressure Bio recorded a net loss of $1.2 million, or $.41 per share, a 30 increase from $924,490, or $.34 per share, a year ago.
R&D costs for the second quarter were $263,809, a 13 percent decrease from $304,143 a year ago. SG&A costs were reduced 10 percent to $690,858 from $768,656.