Pressure BioSciences, Inc. Reports Second Quarter 2013 Financial Results Total Revenue Up 10% ? Consumable Sales Up 17% ? Products Gross Profit Margin Increases to 57%

Investor Conference Call Slated for Thursday, August 15 at 11:00 AM EDT

SOUTH EASTON, Mass., Aug. 15, 2013 /PRNewswire/ -- Pressure BioSciences, Inc. (OTCQB: PBIO) ("PBI" or the "Company") today announced financial results for the three and six-month periods ended June 30, 2013 and provided a business update.

Total revenue for the second quarter of 2013 was $357,736 compared to $324,908 for the same period in 2012, a 10% increase.  Revenue from the sale of pressure cycling technology ("PCT") products and services was $196,522 for the second quarter of 2013 compared to $224,384 for the same period in 2012, a 12% decrease. This decrease was off-set by a concomitant 60% increase in grant revenue in the second quarter of 2013 compared to the same period in the prior year, i.e., $161,214 vs. $100,524, respectively.  Sales of PCT-based consumables generated revenue of $26,034 for the three months ended June 30, 2013 compared to $22,255 for the same period in 2012, an increase of 17%.

Operating loss for the second quarter of 2013 increased to $858,026, from $682,790 for the same period in 2012.  Contributing to this increase in operating loss were quarter over quarter increases in legal, audit, patent, and investor relations expenses.

Total revenue for the six months ended June 30, 2013 was $728,474 compared to $630,569 for the same period in 2012, a 15% increase.  Revenue from the sale of PCT products and services was $418,092 for the six months ended June 30, 2012 compared to $389,156 for the same period in 2012, a 7% increase.  Sales of PCT-based consumables generated revenue of $53,258 for the six months ended June 30, 2012 compared to $38,876 for the same period in 2012, an increase of 37%.

Operating loss for the six months ended June 30, 2013 was $1,583,049 compared to $1,647,372 for the same period in 2012.

Loss per common share – basic and diluted – was $0.10 for the second quarter of 2013 compared to $0.11 for the same period in 2012.  Loss per common share – basic and diluted – was $0.22 for the six months ended June 30, 2013 compared to $0.21 for the same six month period of 2012. 

Richard T. Schumacher, President and CEO of PBI, commented: "On June 4th, we announced a core technology breakthrough, a game-changing achievement that we believe has the potential to significantly increase our ability to secure financing, and to accelerate growth in our product line, installed base, sales reach, strategic partnerships, and overall revenue stream.  Over the past few months, we also reported other noteworthy achievements, including: (i) the development by a Harvard-led research team of a novel, non-invasive, PCT-enhanced method for lipid analysis using fecal material, (ii) the presentation by UCLA scientists of an advanced, pressure-based method offering new insights into protein structure and function for use in biomarker discovery and rational drug design, (iii) the closing of our Series J Private Placement at a total investment level that was slightly over our goal of $2.0 million, and (iv) initiation of equity research coverage on PBI by Merriman Capital, Inc."

Mr. Schumacher continued: "We followed a very successful first quarter with what we believe was an even more successful second quarter. That said we believe the best is yet to come.  We believe that the successes of the past, especially the achievements in 2013, will result in continued revenue increases; in the development of our first multi-well, high throughput PCT System; and in the formation of new, commercially-viable strategic partnerships. This is an exciting time to be a stakeholder in PBI."

Conrad F. Mir, Chief Financial Officer of PBI, said: "We are encouraged by our financial results for the second quarter of 2013.  Our concerted efforts resulted in an increase in revenue and a noticeable advancement in product development.  We strongly feel that this quarter's positive results bolster our commitment to completing the development of the sound financial roadmap outlined to investors at the beginning of the year."

Conference Call Announcement

The Company will host a teleconference to discuss its Second Quarter 2013 financial results and to provide a business update today, August 15, 2013 at 11:00 a.m. EDT. Anyone interested may listen to the teleconference either by telephone (live) or through a replay on the Company's website. The teleconference information is provided below:

Date: Thursday, August 15, 2013
Time: 11:00 a.m. Eastern Daylight Time (EDT)

To attend this teleconference via telephone:
Dial-in: (800) 875-3456 (U.S.); (800) 648-0973 (Canada); (302) 607-2001 (International)
Passcode: VS42105

For those unable to participate in the live teleconference, a replay will be available approximately one hour after the call and will be accessible through the Company's website for 30 days.

About Pressure BioSciences, Inc.

Pressure BioSciences, Inc. ("PBI") (OTCQB: PBIO) is focused on the development, marketing, and sale of proprietary laboratory instrumentation and associated consumables based on Pressure Cycling Technology ("PCT").  PCT is a patented, enabling technology platform with multiple applications in the estimated $6 billion life sciences sample preparation market.  PCT uses cycles of hydrostatic pressure between ambient and ultra-high levels to control bio-molecular interactions.  PBI currently focuses its efforts on the development and sale of PCT-enhanced sample preparation systems (instruments and consumables) for mass spectrometry, biomarker discovery, bio-therapeutics characterization, vaccine development, soil and plant biology, forensics, histology, and counter-bioterror applications.

Forward Looking Statements

Statements contained in this press release regarding the Company's intentions, hopes, beliefs, expectations, or predictions of the future are "forward-looking'' statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward looking statements include the estimated size of the life sciences sample preparation market; the potential applications of the Company's PCT System; that the core technology breakthrough announced on June 4, 2013 was a game-changing achievement that has the potential to significantly increase the Company's ability to secure financing and increase growth in many of the Company's areas; statements related to the financial and operating results of the 2013 second quarter, and the Company's expectations for a continued increase in revenue, development of a multi-well, high throughput, PCT-based system, and formation of commercially-viable strategic partnerships; that we have made significant progress in our goal to develop and implement a sound financial roadmap for PBI, and that we will successfully complete such a plan; and that these successes will result in a stronger Company and will have a positive effect on the value of PBI for all shareholders. These statements are based upon the Company's current expectations, forecasts, and assumptions that are subject to risks, uncertainties, and other factors that could cause actual outcomes and results to differ materially from those indicated by these forward-looking statements. These risks, uncertainties, and other factors include, but are not limited to: the Company's financial results for the quarter ended June 30, 2013 may not necessarily be indicative of future results as future revenues may not meet expectations due to the possible failure of the Company's products to achieve commercial acceptance, changes in customer's needs and technological innovations, expenses may be higher than anticipated due to unforeseen costs or cost increases, and the Company may not secure sufficient capital to implement its plans; possible difficulties or delays in the implementation of the Company's strategies that may adversely affect the Company's continued commercialization of PCT; the Company may not be successful in selling its PCT product line because scientists may not perceive the advantages of PCT over other sample preparation methods; that other researchers may not be able to replicate the data the Company previously reported or see the advantages of using the Company's PCT platform in previously reported studies; and if actual operating costs are higher than anticipated, or revenues from product sales are less than anticipated, the Company may need additional capital beyond September 2013. Further, given the uncertainty in the capital markets and the current status of the Company's product development and commercialization activities, there can be no assurance that the Company will secure the additional capital necessary to fund its operations beyond September 2013 on acceptable terms, if at all.  These statements are based upon the Company's current expectations, forecasts, and assumptions that are subject to risks, uncertainties, and other factors that could cause actual outcomes and results to differ materially from those indicated by these forward-looking statements. These risks, uncertainties, and other factors include, but are not limited to, the risks and uncertainties discussed under the heading "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2012, and other reports filed by the Company from time to time with the SEC. The Company undertakes no obligation to update any of the information included in this release, except as otherwise required by law.

For more information about PBI and this press release, please click on the following website link: 

http://www.pressurebiosciences.com
Please visit us on: Facebook, LinkedIn, and Twitter. 

Investor Contacts:


Richard T. Schumacher, President & CEO, Pressure BioSciences, Inc.

(508) 230-1828 (T)

Conrad F. Mir, Chief Financial Officer, Pressure BioSciences, Inc.

(973) 798-8882 (T)

Timothy J. Connor, Managing Director, Benchmark Advisory

(858) 568-7059 (T)

 


PRESSURE BIOSCIENCES, INC. AND SUBSIDIARY

CONDENSED CONSOLIDATED BALANCE SHEETS




June 30,


December 31,


ASSETS

2013


2012


(Unaudited)


(Audited)

CURRENT ASSETS





Cash and cash equivalents

$113,663


$1,461


Accounts receivable

314,157


216,265


Inventories, net of $50,000 reserve at June 30, 2013 and December 31, 2012

866,639


923,362


Prepaid income taxes

7,381


7,381


Prepaid expenses and other current assets

53,380


83,435


Total current assets

1,355,220


1,231,904

PROPERTY AND EQUIPMENT, NET

15,710


30,282


Deposits

-


6,472


Intangible assets, net

60,814


85,130

TOTAL ASSETS

$1,431,744


$1,353,788







LIABILITIES AND STOCKHOLDERS' DEFICIT




CURRENT LIABILITIES





Accounts payable

$1,083,249


$1,199,846


Accrued employee compensation

128,506


119,338


Accrued professional fees and other

429,018


267,936


Deferred revenue

19,352


46,466


Promissory note

75,000


75,000


Dividend liability

-


60,000


Related party debt

26,697


98,675


Convertible debt, net of debt discount of $436,171 and $0, respectively

93,949


863,004


Conversion option liability

497,501


-


Warrant derivative liability

284,876


160,812


Total current liabilities

2,638,148


2,891,077

LONG TERM LIABILITIES





Convertible debt – long term

12,384


-


Deferred revenue

-


2,487

TOTAL LIABILITIES

2,650,532


2,893,564

COMMITMENTS AND CONTINGENCIES




STOCKHOLDERS' DEFICIT





Series D convertible preferred stock, $.01 par value; 850 shares authorized; 300 shares issued and outstanding on June 30, 2013 and on December 31, 2012

3


3


Series G convertible preferred stock, $.01 par value; 240,000 shares authorized; 145,320 shares issued and outstanding on June 30, 2013 and on December 31, 2012

1,453


1,453


Series H convertible preferred stock, $.01 par value; 10,000 shares authorized; 10,000 shares and 0 shares issued and outstanding on June 30, 2013 and on December 31, 2012, respectively

100


-


Series J convertible preferred stock, $.01 par value; 6,250 shares authorized; 5,087.5 shares and 0 shares issued and outstanding on June 30, 2013 and on December 31, 2012

51


-


Common stock, $.01 par value; 50,000,000 shares authorized; 11,449,267 and 12,149,267 shares issued and outstanding on June 30, 2013 and on December 31, 2012

114,493


121,493


Warrants to acquire preferred stock and common stock

3,901,306


3,015,996


Additional paid-in capital

17,951,348


15,940,818


Accumulated deficit

(23,187,542)


(20,619,539)


Total stockholders' deficit

(1,218,788)


(1,539,776)

TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT

$1,431,744


$1,353,788

 

PRESSURE BIOSCIENCES, INC. AND SUBSIDIARY


CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS


(UNAUDITED)















For the Three Months Ended


For the Six Months Ended



June 30,


June 30,



2013


2012


2013


2012










Revenue:










PCT products, services, other


$196,522


$224,384


$418,092


$389,156


Grant revenue


161,214


100,524


310,382


241,413



Total revenue


357,736


324,908


728,474


630,569












Costs and expenses:










Cost of PCT products and services


83,829


109,203


188,373


187,397


Research and development


260,408


256,307


506,866


527,918


Selling and marketing


188,392


168,173


382,292


406,265


General and administrative


683,133


474,015


1,233,992


1,156,361



Total operating costs and expenses


1,215,762


1,007,698


2,311,523


2,277,941














Operating loss


(858,026)


(682,790)


(1,583,049)


(1,647,372)












Other (expense) income:










Interest (expense) income


(63,110)


(4,214)


(72,013)


(60,527)


Other (expense)


(208,709)


-


(208,709)


-


Change in fair value of derivative liability


63,804


177,312


18,359


135,300



Total other (expense) income


(208,015)


173,098


(262,363)


74,773












Net loss


(1,066,041)


(509,692)


(1,845,410)


(1,572,599)

Accrued and deemed dividends on convertible preferred stock


(107,871)


(579,974)


(722,592)


(604,388)

Net loss applicable to common shareholders


$(1,173,912)


$(1,089,666)


$(2,568,002)


$(2,176,987)












Net loss per share attributable to common stockholders - basic and diluted


$(0.10)


$(0.11)


$(0.22)


$(0.21)












Weighted average common stock shares outstanding used in the basic and diluted net loss per share calculation


11,521,794


10,197,850


11,883,797


10,352,461












SOURCE Pressure BioSciences, Inc.



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