SOUTH EASTON, MA--(Marketwire - Nov 15, 2012) - Pressure BioSciences, Inc. (
Total revenue for the third quarter of 2012 was $391,616 compared to $280,422 for the comparable period in 2011, a 40% increase. Revenue from the sale of Pressure Cycling Technology ("PCT") products and services was $297,867 for the third quarter of 2012 compared to $217,734 for the same period in 2011, a 37% increase. Grant revenue in the third quarter of 2012 was $93,749 compared to $62,688 for the same period in the prior year. The Company installed eight PCT Sample Preparation Systems ("PCT Systems") during both quarters. Sales of PCT-based consumables generated revenue of approximately $28,000 for the three months ended September 30, 2012 compared to approximately $21,000 for the same period in 2011, an increase of 33%.
Operating loss for the third quarter of 2012 was $686,520, compared to $745,811 for the same period in 2011, a decrease of approximately 8%. After the exclusion of non-cash charges, operating cash burn for the 2012 third quarter was approximately $507,000 compared to approximately $658,000 for the third quarter of 2011, a decrease of approximately 23%.
Total revenue for the nine months ended September 30, 2012 was $1,022,185 compared to $651,751 for the same period in 2011, a 57% increase. Revenue from the sale of PCT products and services was $687,023 for the nine months ended September 30, 2012 compared to $589,063 for the same period in 2011, a 17% increase. During the first nine months of 2012, the Company installed 23 PCT Systems compared to 25 in the same period of the prior year. Sales of PCT-based consumables generated revenue of approximately $67,000 for the nine months ended September 30, 2012 compared to approximately $60,000 for the same period in 2011, a 12% increase.
Operating loss for the nine months ended September 30, 2012 was $2,333,892 compared to $2,421,707 for the same period in 2011. After the exclusion of non-cash charges, operating cash burn for the nine months ended September 30, 2012 was approximately $1,997,000, compared to approximately $2,150,000 for the same period in 2011.
Loss per common share - basic and diluted - was $0.09 for the third quarter of 2012 compared to $0.15 for the same period in 2011. Loss per common share - basic and diluted - was $0.34 for the nine months ended September 30, 2012 compared to $0.50 for the same nine month period of 2011.
Joseph L. Damasio, Vice President of Finance and Administration, said: "Our financial results continue to improve. We reported record sales of PCT Products in Q3 2012, as well as a 57% increase in total revenue through the third quarter of 2012, compared to the same period in 2011. We also reported that revenue for the first nine months of 2012 exceeded $1,000,000 - a level not reached over all four quarters of 2011. Orders from new distributors, sales of products released over the past year, and an increase in grant billings accounted for the majority of this increase."
Mr. Damasio continued: "We worked hard to increase revenue while reducing our operating loss, with evident success for both. On the financing side, we received approximately $600,000 in short-term loans from five investors during the third quarter, including two members of the Board of Directors. We are very pleased with our financial performance for both the third quarter and the year-to-date period ending September 30, 2012."
Richard T. Schumacher, President and CEO of PBI, commented: "In addition to our strong financial results, we reported a number of operational and technical achievements during the third quarter as well. These included publications and/or presentations on the advantages of our patented Pressure Cycling Technology ("PCT") Platform in the forensic, biological threat, infectious diseases, and contaminated food products areas, as well as in tests used to study the cause, prevention and treatment of disease. In addition, it was recently announced that Cole Parmer, one of the largest and best known distributors of laboratory equipment and consumables worldwide, has become a distributor of the PBI Shredder SG3 System."
Mr. Schumacher continued: "A number of important goals remain for 2012. Among these are eliminating our short-term investor debt; securing at least one additional strategic distribution partner; continuing with revenue increases and cost reductions; and making measurable progress on the development of what we believe are new, game-changing, PCT-based instruments. But most importantly, we need to improve our financial condition. Based on our accomplishments to date, we believe we will achieve success in these areas during the 2012 fourth quarter, and that this success, together with the achievements previously reported, will have a positive effect on the value of PBI for all of our shareholders."
About Pressure BioSciences, Inc.
Pressure BioSciences, Inc. ("PBI") (
Forward Looking Statements
Statements contained in this press release regarding the Company's intentions, hopes, beliefs, expectations, or predictions of the future are "forward-looking'' statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward looking statements include the estimated size of the life sciences sample preparation market; the Company's plans and ability to secure sufficient financing to support working capital needs; statements related to the strong financial and operating results of the third quarter of 2012, and the nine months ended September 30, 2012, and the Company's expectations of its financial results for the fourth quarter of 2012 and for the year ending December 31, 2012; statements regarding our strategic partnerships and the likelihood that they will lead to future sales in 2012 and to the continued growth in revenue from the sale of PCT products generally; statements that the increase in revenues and reduction in costs will continue into the fourth quarter of 2012 and beyond; that we will report success on the remaining goals for 2012, including the future PCT-based instruments, and that these successes will result in a positive effect on the value of PBI for all shareholders; and that these new, future instruments will be "game-changing". These statements are based upon the Company's current expectations, forecasts, and assumptions that are subject to risks, uncertainties, and other factors that could cause actual outcomes and results to differ materially from those indicated by these forward-looking statements. These risks, uncertainties, and other factors include, but are not limited to: the Company's financial results for the quarter and nine months ended September 30, 2012 may not necessarily be indicative of future results as future revenues may not meet expectations due to the possible failure of the Company's products to achieve commercial acceptance, changes in customer's needs and technological innovations, expenses may be higher than anticipated due to unforeseen costs or cost increases, and the Company may not secure sufficient capital to implement its plans; possible difficulties or delays in the implementation of the Company's strategies that may adversely affect the Company's continued commercialization of PCT; and the Company may not be successful in selling its PCT product line because scientists may not perceive the advantages of PCT over other sample preparation methods. Further, the Company will require additional working capital to fund its operations beyond the end of December, 2012 and there can be no assurance that the Company will be successful in obtaining such financing on acceptable terms, if at all. Additional risks and uncertainties that could cause actual results to differ materially from those indicated by these forward-looking statements are discussed under the heading "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2011, and other reports filed by the Company from time to time with the SEC. The Company undertakes no obligation to update any of the information included in this release, except as otherwise required by law.
PBI filed a registration statement (including a prospectus) with the SEC for an offering to which this communication may relate. Before you invest, you should read the prospectus in that registration statement for the offering and other documents PBI has filed with the SEC for more complete information about PBI and the offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov.
Visit us at our website: http://www.pressurebiosciences.com
|Consolidated Statements of Operations|
|For the Three Months Ended||For the Nine Months Ended|
|September 30,||September 30,|
|PCT products, services, other||$||297,867||$||217,734||$||687,023||$||589,063|
|Costs and expenses:|
|Cost of PCT products and services||108,689||93,610||296,086||250,835|
|Research and development||247,717||248,188||775,635||730,962|
|Selling and marketing||164,313||193,975||570,578||740,358|
|General and administrative||557,417||490,460||1,713,778||1,351,303|
|Total operating costs and expenses||1,078,136||1,026,233||3,356,077||3,073,458|
|Other (expense) income:|
|Interest (expense) income||(10,540||)||(39,358||)||(71,067||)||(39,029||)|
|Change in fair value of warrant derivative liability||(98,978||)||223,446||36,322||307,467|
|Total other (loss) income||(109,518||)||184,088||(34,745||)||268,438|
|Accrued and deemed dividends on convertible preferred stock||(129,789||)||(392,123||)||(895,734||)||(939,574||)|
|Net loss applicable to common shareholders||$||(925,827||)||$||(953,846||)||$||(3,264,371||)||$||(3,092,843||)|
|Net loss per share attributable to common stockholders - basic and diluted||$||(0.09||)||$||(0.15||)||$||(0.34||)||$||(0.50||)|
|Weighted average common stock shares outstanding used in the basic and diluted net loss per share calculation||10,872,877||6,253,349||9,598,066||6,228,585|
|Consolidated Balance Sheets|
|September 30,||December 31,|
|Cash and cash equivalents||$||50,289||$||222,775|
|Accounts receivable, net of allowances of $0 at September 30, 2012 and $9,600 at December 31, 2011||294,945||269,237|
|Prepaid income taxes||7,381||4,739|
|Prepaid expenses and other current assets||510,446||143,591|
|Total current assets||1,768,714||1,709,355|
|PROPERTY AND EQUIPMENT, NET||43,257||89,171|
|Intangible assets, net||97,288||133,762|
|LIABILITIES AND STOCKHOLDERS' DEFICIT|
|Accrued employee compensation||131,380||180,437|
|Accrued professional fees and other||295,442||247,738|
|Convertible debt, net of unamortized discount of $0 at September 30, 2012 and $17,088 as of December 31, 2011||-||394,912|
|Make-whole dividend liability||217,638||-|
|Warrant derivative liability||267,566||436,553|
|Total current liabilities||2,642,806||2,336,985|
|LONG TERM LIABILITIES|
|COMMITMENTS AND CONTINGENCIES|
|Series C convertible preferred stock, $.01 par value; 88,098 shares authorized; 0 shares issued and outstanding on September 30, 2012 and 88,098 shares issued and outstanding on December 31, 2011||-||881|
|Series D convertible preferred stock, $.01 par value; 850 shares authorized; 300 shares issued and outstanding on September 30, 2012 and 743 shares issued and outstanding on December 31, 2011 (Liquidation value of $300,000)||3||7|
|Series E convertible preferred stock, $.01 par value; 500 shares authorized; 250 shares issued and outstanding on September 30, 2012 and 0 shares issued and outstanding on December 31, 2011 (Liquidation value of $250,000)||3||-|
|Series G convertible preferred stock, $.01 par value; 240,000 shares authorized; 120,095 shares issued and outstanding on September 30, 2012 and 0 shares issued and outstanding on December 31, 2011 (Liquidation value of $600,000)||1,201||-|
|Common stock, $.01 par value; 20,000,000 shares authorized; 11,189,612 shares issued and outstanding on September 30, 2012 and 6,723,993 shares issued and outstanding on December 31, 2011||111,896||67,240|
|Warrants to acquire preferred stock and common stock||2,932,137||2,203,101|
|Additional paid-in capital||15,741,825||13,823,875|
|Total stockholders' deficit||(730,839||)||(408,336||)|
|TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT||$||1,915,731||$||1,938,760|