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Pressure Bio Q2 Revenues Jump 34 Percent; Expenses Drive up Loss

NEW YORK (GenomeWeb) – Pressure BioSciences said today that its second quarter revenues grew 34 percent year over year, while increased expenses drove up its net loss. 

The firm posted $413,104 in total revenues for the three months ended June 30, up from $307,464 in the year-ago quarter. Its product, services, and other revenues rose 8 percent to $333,575 from $307,464 as consumables grew nearly 17 percent year over year to $56,513 from $48,417, Pressure Bio said. 

The company also recorded $79,529 in grant revenues, compared to none a year ago. 

Pressure Bio's net loss for the recently completed quarter widened to $1.4 million, or $.07 per share, from a net loss of $603,187, or $.05 per share, a year ago. 

Its R&D costs grew 15 percent year over year to $291,402 from $253,238, while its SG&A expenses rose 30 percent to $1 million from $766,530. 

Pressure Bio ended the second quarter with $38,175 in cash and cash equivalents. 

The firm said in a statement that last week it sold 1 million shares of its restricted common stock at $.46 per share to a portfolio fund manager inPoland. In lieu of cash, Pressure Bio received 601,500 shares of Everest Investments. 

Also, in July the company raised about $2.2 million of a $5 million private placement, netting about $1.3 million.

Pressure Bio CFO Richard Thomley said in a statement that the company expects revenue growth to continue in the second half of 2015. "Based on shipments to date, purchase orders received, and serious indications to purchase, we believe that total revenue will exceed half-a-million dollars in Q3, strongly supported by continued growth in products and services revenues," he said.

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