Pressure Biosciences Inc (OTCMKTS:PBIO) laid out its 2016 goals on Wednesday which include implementation of financial self-sufficiency and future growth and profitability as well as preparation for a targeted up-list to NASDAQ or the NYSEMKT.
The company also wants to complete the manufacture of the Barocycler 2320 EXTREME and begin the commercialisation phase for this computer-driven, new pressure-generating instrument during the second quarter, as well as secure a strategic marketing and distribution partner for the Barozyme HT48 high throughput system and for the NMR and EPR PCT-based sample preparation systems.
The near-term goals accompanied the company reporting its first quarter earnings results which saw products and services revenue increases 26% year-on-year to $510,478 and sales of Instruments and Consumables rise to $454,350 from $359,364.
Pressure BioSciences develops, markets, and sells proprietary laboratory instrumentation and associated consumables to the estimated $6bn life sciences sample preparation market.
The company recorded a net loss of $5.95mln in the three months to March 31, from $2mln in the same period a year ago.
"We believe the market for our pressure-based products (instruments and consumables) is large, diverse, and growing. In order to successfully increase and expand our penetration into this market, it is essential that we continue to increase market exposure and acceptance of our novel PCT-based product line," said Richard T. Schumacher, President and CEO of PBI.
"We believe the major operational accomplishments of the 2016 first quarter – especially the co-marketing agreement with SCIEX and the development of the new Barocycler 2320EXTREME – will play key roles in increasing our visibility, acceptance, and success in penetrating this market, which will subsequently help PBI achieve rapid and dramatic growth in the near future," he added.