Pressure BioSciences Inc (OTCMKTS:PBIO) posted first-quarter results Thursday that showed substantial new revenue generated from its Ultra Shear Technology platform and just launched Biopharma contract services business.
The commercial launch of the BioPharma contract services business follows Pressure BioSciences’ acquisition of BaroFold Inc's assets, which included patents and equipment linked to Barofold's high pressure-based protein disaggregation and refolding platform.
The company’s Pressure Cycling Technology and BaroFold platform technologies can help companies produce new and improved protein-based therapeutic drugs, a market that is expected to reach $240 billion dollars by 2023.
READ: Pressure BioSciences showcases abilities of Ultra Shear Technology platform to improve CBD oil
For the quarter ended March 2019, the South Easton, Massachusetts-based company clocked total revenue of $510,000. The new BioPharma and Ultra Shear Technology platform contract services contributed nearly $238,000, whereas there was no services revenue in the same period a year ago.
“We believe strongly that the deliberate shift in our sales strategy and new emergent contract services area will both result in increased revenue growth through the current fiscal year," said Pressure BioSciences CEO Richard T Schumacher said in a statement. "We are moving quickly with new business leadership under Dr Bradford Young and are actively recruiting sales representatives to fill out our team.”
Schumacher said the quarter marked a “shift in the focus” of the company’s sales strategy from academics and opinion leaders to more “lucrative and efficient” long-term growth relationships with biopharmaceutical companies.
New growth areas
“We are increasing our strategic focus and resources on our two new growth areas: contract services related to the BaroFold and UST platforms,” said Schumacher.
Operating loss for the first quarter increased by 26% to $1,397,000 compared to $1,108,000 for the corresponding period a year ago.
"We placed a large amount of effort and focus on our new Biopharma and UST contract services with very encouraging results,” said Dr Bradford Young, chief commercial officer at Pressure BioSciences. “We will continue to emphasize these key strategic growth initiatives going forward.”
Young said the markets for the company’s proprietary technology platforms are “very large” and will continue to grow.
UST platform technology
“We anticipate that the growing use of these new services will also support increased sales of our Pressure Cycling Technology instruments and consumables," said Young.
The company recently demonstrated the ability of its proprietary UST platform to create water-soluble CBD Oil that disperses instantly when infused into soft drinks, sports drinks, and beer for quick absorption.
Pressure BioSciences already holds two patents for Ultra Sheer Technology, which applies high-pressure levels greater than 20,000 pounds per square inch. The advanced technology allows companies to extend the life of milk, and healthier drinks and juices, by reducing heat exposure in the preservation process through a combined application of elevated pressure and controlled times and temperatures.
Ultra Sheer Technology also utilizes high pressure to create intense, momentary liquid shearing forces at controlled temperatures that result in affordable and scalable homogenization of liquids, creams and gels. The technology creates nano-scale emulsion mixtures of otherwise immiscible fluids like oils in water that results in stable homogenized products called nanoemulsions. As a result, the technology has wide potential uses in the pharmaceutical, industrial ink, retail and cosmetics industry.
Contact Uttara Choudhury at [email protected]