Richard
T. Schumacher, President & CEO
|
Pressure
BioSciences, Inc.
|
R.
Wayne Fritzsche, Chairman
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(508)
230-1828 (T)
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Joseph
L. Damasio, Jr., Controller
|
|
·
|
Initial
equity research coverage by two independent investment research
firms: Zacks Investment Research and TriPoint Global
Research.
|
|
·
|
A
collaboration with the Lawrence Berkeley National Laboratory (LBNL) to
study microbes in oil spills. In August 2010, LBNL scientists
reported on the discovery of a new type of oil-eating bacteria and the
potential for natural microbial clean-up of oil
spills. LBNL scientists use the PCT System as their
sample preparation method of
choice.
|
|
·
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A
front page story on the benefits of PCT in Genetic Engineering and
Biotechnology News (GEN), the most widely read biotechnology publication
in the world.
|
|
·
|
A
special supplement of Expert Review of Proteomics focused entirely on the
May 21st
symposium at Harvard Medical School on 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.
|
|
·
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The
addition of two distinguished members to our Board of Directors, Mr. Alan
Goldberg and Mr. Greg Freitag.”
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Consolidated
Statements of Operations
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||||||||||||||||
(Unaudited)
|
For the Three Months Ended
|
For the Nine Months Ended
|
||||||||||||||
September 30,
|
September 30,
|
|||||||||||||||
2010
|
2009
|
2010
|
2009
|
|||||||||||||
REVENUE:
|
||||||||||||||||
PCT
products, services, other
|
$ | 194,730 | $ | 204,584 | $ | 667,262 | $ | 585,928 | ||||||||
Grant
revenue
|
177,373 | 112,843 | 397,758 | 308,642 | ||||||||||||
Total
revenue
|
372,103 | 317,427 | 1,065,020 | 894,570 | ||||||||||||
COSTS
AND EXPENSES:
|
||||||||||||||||
Cost
of PCT products and services
|
86,285 | 74,093 | 300,360 | 305,156 | ||||||||||||
Research
and development
|
382,054 | 273,286 | 980,338 | 895,556 | ||||||||||||
Selling
and marketing
|
313,412 | 254,022 | 890,265 | 784,902 | ||||||||||||
General
and administrative
|
432,939 | 470,206 | 1,445,742 | 1,328,380 | ||||||||||||
Total
operating costs and expenses
|
1,214,690 | 1,071,607 | 3,616,705 | 3,313,994 | ||||||||||||
Operating
loss
|
(842,587 | ) | (754,180 | ) | (2,551,685 | ) | (2,419,424 | ) | ||||||||
Interest
income
|
438 | 731 | 1,560 | 4,418 | ||||||||||||
Loss
before income taxes
|
(842,149 | ) | (753,449 | ) | (2,550,125 | ) | (2,415,006 | ) | ||||||||
Income
tax benefit
|
244,479 | - | 244,479 | 623,262 | ||||||||||||
Net
loss
|
(597,670 | ) | (753,449 | ) | (2,305,646 | ) | (1,791,744 | ) | ||||||||
Accrued
and deemed dividends on convertible preferred stock
|
(95,205 | ) | (22,504 | ) | (408,767 | ) | (546,187 | ) | ||||||||
Net
loss applicable to common shareholders
|
$ | (692,875 | ) | $ | (775,953 | ) | $ | (2,714,413 | ) | $ | (2,337,931 | ) | ||||
Net
loss per share attributable to common stockholders - basic and
diluted
|
$ | (0.26 | ) | $ | (0.35 | ) | $ | (1.01 | ) | $ | (1.07 | ) | ||||
Weighted
average common stock shares outstanding used in the basic and diluted net
loss per share calculation
|
2,687,853 | 2,195,283 | 2,683,706 | 2,195,283 |
Consolidated
Balance Sheets
|
||||||||
(Unaudited)
|
September 30,
|
December 31,
|
||||||
|
2010
|
2009
|
||||||
ASSETS
|
||||||||
CURRENT
ASSETS
|
||||||||
Cash
and cash equivalents
|
$ | 948,550 | $ | 1,609,778 | ||||
Restricted
cash
|
20,011 | 20,012 | ||||||
Short-term
investments
|
248,000 | - | ||||||
Accounts
receivable, net of allowances of $26,820 at September
|
||||||||
30,
2010 and $8,400 at December 31, 2009
|
194,370 | 203,211 | ||||||
Income
tax receivable
|
244,479 | - | ||||||
Inventories
|
1,132,820 | 638,350 | ||||||
Deposits
|
6,472 | 182,010 | ||||||
Prepaid
income taxes
|
1,442 | 3,176 | ||||||
Prepaid
expenses and other current assets
|
55,884 | 86,563 | ||||||
Total
current assets
|
2,852,028 | 2,743,100 | ||||||
PROPERTY
AND EQUIPMENT, NET
|
223,623 | 249,465 | ||||||
OTHER
ASSETS
|
||||||||
Intangible
assets, net
|
194,552 | 231,026 | ||||||
TOTAL
ASSETS
|
$ | 3,270,203 | $ | 3,223,591 | ||||
LIABILITIES AND STOCKHOLDERS'
EQUITY
|
||||||||
CURRENT
LIABILITIES
|
||||||||
Accounts
payable
|
$ | 323,216 | $ | 148,087 | ||||
Accrued
employee compensation
|
195,879 | 105,824 | ||||||
Accrued
professional fees and other
|
221,625 | 271,926 | ||||||
Deferred
revenue
|
17,519 | 8,058 | ||||||
Total
current liabilities
|
758,239 | 533,895 | ||||||
LONG
TERM LIABILITIES
|
||||||||
Deferred
revenue
|
10,300 | 1,609 | ||||||
TOTAL
LIABILITIES
|
768,539 | 535,504 | ||||||
COMMITMENTS
AND CONTINGENCIES
|
||||||||
STOCKHOLDERS'
EQUITY
|
||||||||
Series
A convertible preferred stock, $.01 par value; 313,960 designated shares;
262,135 shares issued and outstanding on September 30, 2010 and 152,213
shares on December 31, 2009 (Liquidation value of
$3,014,553)
|
2,621 | 1,523 | ||||||
Series
B convertible preferred stock, $.01 par value; 279,256 designated shares;
88,711 shares issued and outstanding on September 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; 2,687,853 shares
issued and outstanding on September 30, 2010 and 2,328,426 shares issued
and outstanding on December 31, 2009
|
26,879 | 23,284 | ||||||
Warrants
to acquire preferred stock and common stock
|
1,132,675 | 1,352,165 | ||||||
Additional
paid-in capital
|
12,022,301 | 9,297,115 | ||||||
Accumulated
deficit
|
(10,683,699 | ) | (7,986,620 | ) | ||||
Total
stockholders' equity
|
2,501,664 | 2,688,087 | ||||||
TOTAL
LIABILITIES AND STOCKHOLDERS' EQUITY
|
$ | 3,270,203 | $ | 3,223,591 |