Investor
Contacts:
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Richard
T. Schumacher, President & CEO
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Pressure
BioSciences, Inc.
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R.
Wayne Fritzsche, Chairman
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(508)
230-1828 (T)
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Joseph
L. Damasio, Jr., Controller
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·
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Presentations
by scientists from the FDA (improved quality control measures for swine
and seasonal flu vaccine), Thermo Fisher Corporation/University of
Montreal (enhanced biomarker discovery), Target Discovery (detection of an
ovarian cancer marker), Harvard School of Public Health (improved
detection of membrane proteins), the University of New Hampshire (improved
detection of bacteria), The University of North Texas (improved forensics
testing), the University of California – Davis (improved digestion of
proteins), and the Barnett Institute of Northeastern University (enhanced
analysis of glycoprotein-based drugs and drug
candidates).
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|
·
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The
announcement of a strategic product licensing, manufacturing,
co-marketing, and collaborative research and development agreement with
Target Discovery, Inc.
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·
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The
March close on the sale of approximately $500,000 of units in an
“above-market” financing
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·
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The
award of five additional PCT
patents
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·
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A
100% exercise of February 2009 Series A warrants, netting over $1.2
million to PBI in April
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·
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The
announcement of an all day Symposium on May 21st
at the Harvard Medical School on the Applications of Ultra-high
Pressure in Biotechnology. The Symposium is being
co-hosted by the Laboratory for Innovative Translational Technologies
(HC-LITT) and the Central Laboratory (HCCL) of Harvard Catalyst |The Harvard
Clinical and Translational Science Center (Harvard CTSC), and the
Proteomics Resource at Harvard School of Public Health
(HPR)
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Consolidated Statements of
Operations
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||||||||
(Unaudited)
|
For
the Three Months Ended
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|||||||
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March 31,
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|||||||
2010
|
2009
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|||||||
REVENUE:
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||||||||
PCT Products,
services, other
|
$ | 189,150 | $ | 222,142 | ||||
Grant
revenue
|
101,663 | 84,620 | ||||||
Total
revenue
|
290,813 | 306,762 | ||||||
COSTS AND
EXPENSES:
|
||||||||
Cost of PCT
products and services
|
87,103 | 140,243 | ||||||
Research and
development
|
294,141 | 307,224 | ||||||
Selling and
marketing
|
282,578 | 278,416 | ||||||
General and
administrative
|
538,422 | 430,790 | ||||||
Total operating
costs and expenses
|
1,202,244 | 1,156,673 | ||||||
Operating
loss
|
(911,431 | ) | (849,911 | ) | ||||
Interest
income
|
106 | 2,403 | ||||||
Loss before
income taxes
|
(911,325 | ) | (847,508 | ) | ||||
Income tax
refund
|
- | 623,262 | ||||||
Net
loss
|
(911,325 | ) | (224,246 | ) | ||||
Accrued and
deemed dividends on convertible preferred stock
|
(256,524 | ) | (501,425 | ) | ||||
Net loss
applicable to common shareholders
|
$ | (1,167,849 | ) | $ | (725,671 | ) | ||
Net loss per
share attributable to common stockholders - basic and
diluted
|
$ | (0.49 | ) | $ | (0.33 | ) | ||
Weighted average
common stock shares outstanding used in the basic and diluted net loss per
share calculation
|
2,394,311 | 2,195,283 |
Consolidated Balance
Sheets
|
||||||||
(Unaudited)
|
March 31,
|
December
31,
|
||||||
ASSETS
|
2010
|
2009
|
||||||
CURRENT
ASSETS
|
||||||||
Cash and cash
equivalents
|
$ | 1,617,714 | $ | 1,609,778 | ||||
Restricted
cash
|
20,012 | 20,012 | ||||||
Accounts
receivable, net of allowances of $17,020 at March 31, 2010 and $8,400 at
December 31, 2009
|
217,991 | 203,211 | ||||||
Inventories
|
576,133 | 638,350 | ||||||
Deposits
|
344,747 | 182,010 | ||||||
Prepaid income
taxes
|
1,442 | 3,176 | ||||||
Prepaid expenses
and other current assets
|
95,981 | 86,563 | ||||||
Total current
assets
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2,874,020 | 2,743,100 | ||||||
PROPERTY AND EQUIPMENT,
NET
|
241,702 | 249,465 | ||||||
OTHER
ASSETS
|
||||||||
Intangible
assets, net
|
218,868 | 231,026 | ||||||
TOTAL
ASSETS
|
$ | 3,334,590 | $ | 3,223,591 | ||||
LIABILITIES
AND STOCKHOLDERS' EQUITY
|
||||||||
CURRENT
LIABILITIES
|
||||||||
Accounts
payable
|
$ | 426,413 | $ | 148,087 | ||||
Accrued employee
compensation
|
153,327 | 105,824 | ||||||
Accrued
professional fees and other
|
217,733 | 271,926 | ||||||
Deferred
revenue
|
5,266 | 8,058 | ||||||
Total current
liabilities
|
802,739 | 533,895 | ||||||
LONG TERM
LIABILITIES
|
||||||||
Deferred
revenue
|
986 | 1,609 | ||||||
TOTAL
LIABILITIES
|
803,725 | 535,504 | ||||||
COMMITMENTS AND
CONTINGENCIES
|
||||||||
STOCKHOLDERS'
EQUITY
|
||||||||
Series A
convertible preferred stock, $.01 par value; 313,960 designated
shares; 174,440 shares
issued and outstanding on March 31, 2010 and 152,213 shares on December 31, 2009
(Liquidation value of
$2,006,060)
|
1,745 | 1,523 | ||||||
Series B
convertible preferred stock, $.01 par value; 279,256 designated
shares; 88,711 shares
issued and outstanding on March 31, 2010 and 62,039 shares on December 31, 2009
(Liquidation value of
$1,667,767)
|
887 | 620 | ||||||
Common stock,
$.01 par value; 20,000,000 shares authorized; 2,394,311 shares issued and
outstanding on March 31, 2010 and 2,328,426 shares issued and outstanding on
December 31, 2009
|
23,943 | 23,284 | ||||||
Warrants to
acquire preferred stock and common stock
|
1,452,878 | 1,352,165 | ||||||
Additional
paid-in capital
|
10,153,875 | 9,297,115 | ||||||
Accumulated
deficit
|
(9,102,463 | ) | (7,986,620 | ) | ||||
Total
stockholders' equity
|
2,530,865 | 2,688,087 | ||||||
TOTAL LIABILITIES
AND STOCKHOLDERS' EQUITY
|
$ | 3,334,590 | $ | 3,223,591 |