Richard Schumacher, president and chief executive of Pressure BioSciences Inc. (OTCQB:PBIO), is extremely enthusiastic about the first contract the group has signed to sell its PreEMT platform and expects more deals to follow.
The Pre-EMT platform – which uses high pressure to help drug companies develop protein-based therapeutics – is being contracted out to an international biopharma company that intends to use it to improve the quality of a key protein drug. The platform is one is the assets Pressure Biosciences acquired as part of its acquisition of all the assets of BaroFold Inc. last December.
“In our wildest dreams, we didn’t think we’d be securing such an important contract so soon after the acquisition,” Schumacher noted in an interview held as part of the “Stock Day” podcast. “We view this as both significant and exciting and believe that additional contracts will soon be secured.”
In addition to the recent contract reached with the biopharma company, two other protein-based biotherapeutic companies have approached Pressure Biosciences in the last several weeks to ask about potential collaborations with similar studies.
PreEMT technology improves the quality of manufacturing biopharma products and decreases manufacturing costs by as much as US$2mln to US$10mln per year for each commercial biologic drug.
Hundreds of labs already utilize Pressure Bioscience's pressure-based systems – which take advantage of pressure cycling technology – to extract proteins from all types of cells, whether it be plant, animal or human and whether the cells are normal or cancerous.
Pressure Biosciences has developed three new lab instruments that will be released within the next year and Schumacher is bullish about the company’s outlook for the year. “We are very excited about the potential of 2018 – we see this year shaping up well,” he said on the “Stock Day” podcast.
Pressure Biosciences shares closed up 5.7% to US$3.70 on Wednesday.