Richard
T. Schumacher, President & CEO
|
Pressure
BioSciences, Inc.
|
R.
Wayne Fritzsche, Chairman
|
(508)
230-1828 (T)
|
|
·
|
We
added two distinguished members to our Board of Directors (Mr. Alan
Goldberg and Mr. Greg Freitag) who together offer many years of experience
helping small public companies
grow.
|
|
·
|
Exercise
of the February 2009 Series A Warrants, netting over $1.2 million to PBI
in Q2 2010
|
|
·
|
A
symposium on May 21st
at Harvard Medical School on the Applications of Ultra-high
Pressure in Biotechnology. The Symposium, co-hosted by
several Harvard groups, included presentations on the advantages of PCT by
14 scientists from prestigious laboratories in North
America.
|
|
·
|
A
highlight of PCT in the August issues of two leading biotechnology
publications with worldwide readership and
importance.”
|
Consolidated
Statements of Operations
|
||||||||||||||||
(Unaudited)
|
For
the Three Months Ended
|
For
the Six Months Ended
|
||||||||||||||
June
30,
|
June
30,
|
|||||||||||||||
2010
|
2009
|
2010
|
2009
|
|||||||||||||
REVENUE:
|
||||||||||||||||
PCT Products, services,
other
|
$ | 283,382 | $ | 159,202 | $ | 472,532 | $ | 381,344 | ||||||||
Grant
revenue
|
118,722 | 111,179 | 220,385 | 195,799 | ||||||||||||
Total
revenue
|
402,104 | 270,381 | 692,917 | 577,143 | ||||||||||||
COSTS
AND EXPENSES:
|
||||||||||||||||
Cost of PCT products and
services
|
126,972 | 90,820 | 214,075 | 231,063 | ||||||||||||
Research and
development
|
304,143 | 315,046 | 598,284 | 622,270 | ||||||||||||
Selling and
marketing
|
294,275 | 252,464 | 576,853 | 530,880 | ||||||||||||
General and
administrative
|
474,381 | 427,384 | 1,012,803 | 858,174 | ||||||||||||
Total operating costs and
expenses
|
1,199,771 | 1,085,714 | 2,402,015 | 2,242,387 | ||||||||||||
Operating
loss
|
(797,667 | ) | (815,333 | ) | (1,709,098 | ) | (1,665,244 | ) | ||||||||
Interest
income
|
1,016 | 1,284 | 1,122 | 3,687 | ||||||||||||
Loss before income
taxes
|
(796,651 | ) | (814,049 | ) | (1,707,976 | ) | (1,661,557 | ) | ||||||||
Income tax
refund
|
- | - | - | 623,262 | ||||||||||||
Net loss
|
(796,651 | ) | (814,049 | ) | (1,707,976 | ) | (1,038,295 | ) | ||||||||
Accrued and deemed dividends on
convertible preferred stock
|
(127,839 | ) | (33,880 | ) | (384,363 | ) | (523,683 | ) | ||||||||
Net loss applicable to common
shareholders
|
$ | (924,490 | ) | $ | (847,929 | ) | $ | (2,092,339 | ) | $ | (1,561,978 | ) | ||||
Net loss per share attributable to
common stockholders - basic and diluted
|
$ | (0.35 | ) | $ | (0.39 | ) | $ | (0.80 | ) | $ | (0.71 | ) | ||||
Weighted average common stock
shares outstanding used in the basic
|
||||||||||||||||
and diluted net loss per share
calculation
|
2,621,291 | 2,195,283 | 2,615,557 | 2,195,283 |
Consolidated
Balance Sheets
|
||||||||
(Unaudited)
|
June
30,
|
December
31,
|
||||||
ASSETS
|
2010
|
2009
|
||||||
CURRENT
ASSETS
|
||||||||
Cash and cash
equivalents
|
$ | 1,677,354 | $ | 1,609,778 | ||||
Restricted
cash
|
20,012 | 20,012 | ||||||
Short-term
investments
|
248,000 | - | ||||||
Accounts receivable, net of
allowances of $26,820 at June 30, 2010
|
||||||||
and $8,400 at December 31,
2009
|
274,909 | 203,211 | ||||||
Inventories
|
830,233 | 638,350 | ||||||
Deposits
|
189,250 | 182,010 | ||||||
Prepaid income
taxes
|
1,442 | 3,176 | ||||||
Prepaid expenses and other current
assets
|
71,271 | 86,563 | ||||||
Total current
assets
|
3,312,471 | 2,743,100 | ||||||
PROPERTY
AND EQUIPMENT, NET
|
222,425 | 249,465 | ||||||
OTHER
ASSETS
|
||||||||
Intangible assets,
net
|
206,710 | 231,026 | ||||||
TOTAL
ASSETS
|
$ | 3,741,606 | $ | 3,223,591 | ||||
LIABILITIES
AND STOCKHOLDERS' EQUITY
|
||||||||
CURRENT
LIABILITIES
|
||||||||
Accounts
payable
|
$ | 355,565 | $ | 148,087 | ||||
Accrued employee
compensation
|
131,433 | 105,824 | ||||||
Accrued professional fees and
other
|
176,331 | 271,926 | ||||||
Deferred
revenue
|
19,649 | 8,058 | ||||||
Total current
liabilities
|
682,978 | 533,895 | ||||||
LONG
TERM LIABILITIES
|
||||||||
Deferred
revenue
|
11,510 | 1,609 | ||||||
TOTAL
LIABILITIES
|
694,488 | 535,504 | ||||||
COMMITMENTS
AND CONTINGENCIES
|
||||||||
STOCKHOLDERS'
EQUITY
|
||||||||
Series A convertible preferred
stock, $.01 par value; 313,960 designated shares;
|
||||||||
266,492 shares issued and
outstanding on June 30, 2010 and 152,213 shares on
|
||||||||
December 31, 2009 (Liquidation
value of $3,064,658)
|
2,665 | 1,523 | ||||||
Series B convertible preferred
stock, $.01 par value; 279,256 designated shares;
|
||||||||
88,711 shares issued and
outstanding on June 30, 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; 2,621,824 shares
|
||||||||
issued and outstanding on June 30,
2010 and 2,328,426 shares issued and
|
||||||||
outstanding on December 31,
2009
|
26,218 | 23,284 | ||||||
Warrants to acquire preferred
stock and common stock
|
1,132,675 | 1,352,165 | ||||||
Additional paid-in
capital
|
11,911,626 | 9,297,115 | ||||||
Accumulated
deficit
|
(10,026,953 | ) | (7,986,620 | ) | ||||
Total stockholders'
equity
|
3,047,118 | 2,688,087 | ||||||
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY
|
$ | 3,741,606 | $ | 3,223,591 |