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Pressure BioSciences strengthens in Q2, focuses on sales

Published: 15:28 16 Aug 2016 EDT

Pressure Biosciences improves financial picture
Pressure Biosciences improves financial picture

Pressure BioSciences, Inc. (OTCQB:PBIO) shares rose more than 7% on Tuesday after the company published its second quarter earnings and offered a sales-oriented strategy for its outlook.

Products and services revenue jumped to $474,187 for the quarter ended June 30, increasing 42%, from $333,575 over the same period in 2015. Consumable sales rose 29%, to a record $72,773 from $56,513.

Meanwhile, the company assigned grant personnel mostly to develop the company’s Barocycler 2320EXTREME next-generation instrument system. Pressure BioSciences recently sold Barocycler instruments to a major cancer research center recognized by the White House for its innovative work. The company also assigned grant personnel to additional sales and marketing activities.

Those activities helped partly explain a 24% jump in increased revenue, to over $510,000 in the second quarter. Meanwhile, the company also managed to improve its financial situation overall.

Pressure BioSciences President and CEO Richard Schumacher explained that the company had achieved all of the goals it set.

"Over the past year, our efforts have been primarily focused on strengthening and securing our financial future by eliminating all floorless debt, finding a co-marketing partner who is a global leader in the life sciences, particularly in the field of proteomics, designing then developing the next-generation Barocycler to support the co-marketing and other programs, developing the next-generation consumable products and applications for the PCT platform, and continuing to increase sales of our instrument systems and associated consumables.”

Now the company can start building traction.

"With key opinion leaders now as customers, with global life sciences leader SCIEX as our co-marketing partner, with the new higher-throughput computerized Barocycler 2320EXTREME built and ready for prime-time, and with the PBI Management Team now in place for over 10 years, it is time to turn our main focus from building infrastructure to building a robust and highly effective sales and marketing program,” Schumacher added.

Moving forward, the company is looking to expand sales and marketing initiatives, increase products and services, bring in more grant revenue and improve gross margins and ultimately, work towards an up-list to NASDAQ or the NYSE by the end of 2016.

Despite the more positive outlook overall, the company did note an operating loss for the quarter of over $1mln, with a related loss of net income per common share of $0.04 for basic shares. The loss came from substantial R&D costs from projects such as getting their Barocycler product to integrate with the company’s new ISO-certified contract manufacturer.

Pressure Biosciences shares closed up 7.5%, at $0.43 on Tuesday.

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