- High-pressure lab equipment maker reports ninth consecutive quarter of revenue growth (Y/Y)
- About 92 percent of debenture debt converted to preferred stock, with aim of uplisting to national stock exchange
- Patented technologies continue to drive optimism for company’s products to enhance and improve scientific research
Pressure BioSciences, Inc. (OTCQB: PBIO), the maker of a patented and powerful line of pressure-based scientific laboratory tools, celebrated corporate gains on May 15 with the announcement of first quarter revenue growth and debenture conversion.
The first quarter of 2018 was the ninth consecutive quarter in which the company reported an increase in products and services revenue on a year-over-year basis and the second time during the past year in which the company reported total quarterly revenue of more than $600,000. Sales of the company’s instruments established a new quarterly record, and sales of the instruments’ consumable elements increased by 18 percent following on a 21 percent revenue increase for the final quarter of 2017.
In addition to the revenue achievements, the company reported that, operationally, it was advancing in its relationships with clients as a new cadre of sales directors began working in their assigned geographical areas.
“Perhaps most exciting was the news released just today – that a majority of our 2015/2016 Convertible Debenture Holders have agreed to convert approximately $6.39M of Debentures into Series AA Preferred Stock,” CEO and President Richard T. Schumacher stated in a news release. “This represents about 92% of all 2015/2016 Debenture debt on our balance sheet as of March 31, 2018.”
Schumacher reported that discussions are ongoing with other debt holders about converting their notes into equity, which would give the company a “materially stronger” balance sheet at the end of the second quarter.
“We believe that such a change would have a significant, positive effect on the growth of PBI going forward, and would materially enhance our stated objective of up-listing to a national exchange (NASDAQ, NYSE/Amex) later in 2018,” Schumacher stated.
Pressure BioSciences is focused on the development and sale of instruments and consumables that use high pressures to break open cells in a more efficient, beneficial and reproducible way than today’s standard methods, such as mechanically “beating up” cells amid research aimed at developing medicinal and therapeutic products. The high-pressure products can also be used in counter-terrorism and criminal forensics applications.
The company’s products employ the properties of both constant (static) and alternating (cycling) hydrostatic pressure. The company’s patented pressure cycling technology (PCT) uses alternating cycles between ambient and ultra-high pressures to control biomolecular interactions in a reproducible way that allows for standards compliance reporting to government agencies.
“Because it is so powerful, unique, and enabling, Pressure Cycling Technology (PCT) could play a crucial role for the new generation of discoveries yet to be made. By carefully controlling the breakage of a cell in order to safely and reproducibly release the proteins, lipids, DNA and RNA contained inside the cell, the molecules released have been reported by numerous authors to be of greater quality, which importantly could result in newer, faster, and better discoveries,” Schumacher said in a January interview (http://nnw.fm/O7sOO).
One of Pressure BioSciences’ newest clients is a company using a patented technology platform acquired as part of Pressure BioSciences’ recent purchase of Colorado-based therapeutic drug developer BaroFold, Inc., a company Schumacher described as available at a bargain price after it “ran into some (operational) problems” that he believes Pressure BioSciences can overcome at relatively low cost. The acquisition gave Pressure BioSciences eight new pressure-related patents and extended the potential for the company’s existing patents.
This newly acquired technology platform, called PreEMT, also holds the promise that a protein drug maker might someday decide to use the company’s PreEMT technology platform in the routine manufacture of its drug to make a higher quality therapeutic, which in turn could result in the drug maker paying a hefty royalty license fee to PBI – perhaps in the millions of dollars per year. “The BaroFold technology platform offers a cutting-edge method to increase the quality and reduce the cost of manufacturing protein drugs. We’ve opened up a whole new and exciting business unit for PBI and our shareholders, one that offers the potential to generate millions of dollars in revenue, per year”, Schumacher said earlier this year.
The company also announced a co-marketing and distribution agreement with ISS, Inc., for high-pressure optical cell systems used in some lab processes. The two-year agreement will include replacing the manual pressure generator used in ISS’s product with Pressure BioSciences’ computer-controlled instruments.
For more information, visit the company’s website at www.PressureBioSciences.com
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