Pressure BioSciences, Inc. announced its total revenue for 2007. Revenue for the year totaled $645,870, a significant rise compared 2006’s revenue of $210,289. An increase in sales of PCT products and services was primarily attributed to the increase in revenue.
According to Pressure BioSciences, 20 PCT Systems were installed during 2007, which is more than double the 8 that were installed in 2006. An increase in the number of PULSE Tubes and ProteoSolve-LRS Kits sold also contributed to the substantial increase in revenue. In addition, the Company recorded $246,083 of grant revenue during 2007, while no grant revenue was reported during 2006.
As of the year end of 2007, the Company had cash and cash equivalents of about $5.4 million, slightly higher than the approximate $5.3 million reported for December 31, 2006. Edward H. Myles, Senior Vice President of Finance and CFO stated, “During 2007, we effectively financed the continued development and initial commercialization of PCT with proceeds received from the liquidation of our investment in Panacos Pharmaceuticals common stock, the divestiture of Source Scientific LLC, and the sale of 126,750 shares of our common stock in our private placement completed in November 2007.”
He continued, “Our installation of twenty PCT Systems represents a significant increase compared to the prior year. These installations came in the form of sales, leases, and rental agreements. Furthermore, included in our 2007 revenue was the sale of several of our recently launched Barocycler NEP2320 units, which have a price of approximately one half of the Barocycler NEP3229. Consistent with our strategy, we are working to drive our installed base of PCT Sample Preparation Systems so that we can continue to realize increases in our recurring revenue streams from PULSE Tubes, ProteoSolve-LRS Kits, and extended service contracts.”
Richard T. Schumacher, Founder, President, and CEO of Pressure BioSciences, Inc. added, “We are proud of the accomplishments of 2007 and believe that these accomplishments position us well for success in 2008. On the sales and marketing front, we have completed the hiring of seven experienced, US-based, Regional Sales Directors. Through the efforts of our marketing department, we have increased the number of leads in the US by over 2,000, and we expect that our new Regional Sales Directors will contact many of them during 2008. We also are ahead of schedule in building our international distribution network as we now have distribution agreements with three partners covering France, Switzerland, Belgium, Japan, and Korea.”
“On the research and development side of the business, our accomplishments are numerous: in Engineering R&D, we drove the Barocycler NEP2320 from concept to prototype to product launch in less than a year, and in Applications R&D, we drove our ProteoSolve-LRS Kit from discovery to patent filing to scientific meeting presentation to product launch in less than eight months. In addition, in December 2007, we were awarded the prestigious Frost and Sullivan Innovation Research Award for the development of ProteoSolve-LRS,” Mr. Schumacher continued.
In conclusion, Mr. Schumacher stated, “We look to 2008 as the year that all of the ingredients for success may come together. We have revolutionary technology, a newly hired but experienced sales force, product in inventory, and a potential universe of approximately 390,000 scientists worldwide who might benefit from the advantages of the PCT Sample Preparation System. I am very proud of the progress that we’ve made in the three short years since we became Pressure BioSciences, I would like to compliment all of our employees for their hard work and dedication to date, and I would like to thank all of our shareholders for their past and continued support.”
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