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Pressure Bio Q2 Revenues Increase 10 Percent

NEW YORK (GenomeWeb News) – Pressure BioSciences today said that its revenues for the second quarter improved 10 percent year over year, paced by a 60 percent growth in grant revenues.

For the three months ended June 30, the South Easton, Mass.-based firm recorded total revenues of $357,736, up from $324,908 a year ago. While revenues from PCT products and services retreated 8 percent to $196,522 from $224,384, grant revenues increased to $161,214 from $100,524.

Pressure Bio recorded a net loss in the second quarter of $1.1 million, or $.10 per share, compared to a net loss of $509,692, or $.11 per share, a year ago.

The company used 11.5 million shares to calculate its net loss per share figure for the recently completed quarter, compared to 10.2 million shares in Q2 2012.

R&D spending came in at $260,408, up 2 percent from $256,307 a year ago. SG&A costs was up 36 percent to $871,525 from $642,188.

The firm finished the quarter with $113,663 in cash and cash equivalents.