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Pressure Biosciences eyes further revenue growth for 2017 after second quarter numbers

However, the operating loss was widened in the three months to end June to $1.204mln
Pressure Biosciences eyes further revenue growth for 2017 after second quarter numbers
The company develops and sells proprietary laboratory instrumentation and associated consumables

Pressure Biosciences Inc (OTCMKTS:PBIO) continues to see quarter-on-quarter growth in total revenue, products and services revenue, and instrument sales, the firm said in its second quarter results.

However, the operating loss was widened in the three months to end June to $1.204mln from $1.060mon in the same period last year - an increase of 14% - largely due to increased sales and marketing expenses.

The company develops and sells proprietary laboratory instrumentation and associated consumables to the sample preparation market.

In April this year. Joseph L. Damasio joined the company as its chief financial officer. He said the second quarter had seen progress in several important areas.

Specifically, the firm, he said,  worked closely with contract manufacturer and raw materials vendors in an effort to reduce the costs of both the parts and assembly of our recently released, next generation Barocycler 2320EXTREME instrument.

The company also upgraded the systems and procedures used to analyze and track inventory, bill-of-materials, and costs-of-goods-sold.

Richard T. Schumacher, President and chief executive, added that it had hired a five-member field sales force.

"We expect all five sales directors to be fully trained and in the field between Labor Day and the end of September 2017," he said, expecting them to impact sales from the third quarter.

"...we made measurable progress on our goal to upgrade the software on our Barocycler 2320EXT to GMP/GLP-compliance, which we believe will open up a significant market opportunity for the 2320EXT in the drug design, development, validation, manufacture, and quality control of biological drugs...," he added

"....we announced for the first time that we have filed a patent for 'ultra-shear technology,' which we believe could address a significant, unmet need in both the biopharma and 'clean label' food areas."

Total revenue in the second quarter was $540,372 compared to $510,963 during the same period in 2016, an increase of 6%, mainly due to higher revenue from grant related activities and instrument sales.

Products and services revenue increased to $480,400, compared to $474,187 last year - an increase of 1%.

Net loss in the quarter was $583,760, compared to an income of $961,829 in the same period of 2016.

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