MORGANTOWN, W.Va., April 18, 2017 /PRNewswire/ -- Protea Biosciences Group, Inc. (OTCQB: PRGB) ("Protea") released its FY2016 results, reporting total revenue of $2,446,795, an increase of 31% over FY2015 revenue of $1,861,802. The revenue growth came primarily from its core bioanalytical services business, which grew to $1,778,006 in FY2016, an increase of 91% over FY2015 revenue of $929,076. Q4 Revenue was $869,786, an increase of 47% over Q4 2015 Revenue of $590,367.
"We are pleased with our FY2016 results. Over the course of this past year, we have achieved our two key objectives – to establish a solid market position for our core molecular information services business, and to advance our technology to provide new bioanalytical capabilities, particularly in the development of our groundbreaking test for malignant melanoma," stated Steve Turner, Protea Chairman & CEO. He commented, "We expect our positive operating results to continue through 2017 and beyond."
Selling, general and administrative expenses decreased 19% year over year, to $5,631,978 in FY2016, compared to $6,923,228 for FY2015. Research and development expense totaled $602,273 in FY2016, a decrease of 55%, compared to $1,337,883 in 2015.
The loss from operations for the fiscal year ended December 31, 2016 was $5,493,219, compared to a loss from operations of $7,140,143 for 2015. This is a decrease of $1,646,924 or 23% from the prior year.
Net cash used in operations was $4,228,360 in FY2016, compared to $5,564,454 in FY2015, a reduction of 24%.
The Company believes that its growth is driven by its proprietary capabilities to provide molecular information at the cellular level that can be of critical importance to new drug development processes, particularly for biopharmaceuticals. In 2016 the Company launched a number of new service capabilities for the molecular characterization of therapeutic antibodies, including combined proteomic-metabolomic workflows and ultra-high resolution, accurate mass analytics capabilities. In 2017, the Company plans additions to its molecular imaging technology platforms, and continued progress is anticipated from the Company's melanoma diagnostic clinical validation studies now underway.
The Company will host an Investor Call today at 4:30p.m. ET. To participate, please go to the following link and enter your name in the Guest box (no username/password is required). Audio will be through your computer:
About Protea Biosciences Group, Inc.: Protea Biosciences Group, Inc. (OTCQB:PRGB) provides innovative bioanalytical solutions to the pharmaceutical and life science industries by applying the Company's proprietary technology to identify and characterize the proteins, metabolites, lipids and other biologically-active molecules which are the byproducts of all living cells and life forms. Protea is the leader in mass spectrometry imaging services (MSI), providing a revolutionary capability that enables the identification and spatial display of biologically-active molecules in tissue and cells. MSI can be performed without sample preparation, labeling or antibody techniques, thereby integrating for the first time direct identification of molecules with anatomic pathology.
Forward-Looking Statements; This press release may contain statements relating to future results or events, which are forward-looking statements. Words such as "expects", "intends", "plans", "may", "could", "should", "anticipates", "likely", "believes" and words of similar import may identify forward-looking statements. These statements are not historical facts, but instead represent only the Company's belief regarding future events, many of which, by their nature, are inherently uncertain and outside of the Company's control. It is possible that the Company's actual results and financial condition may differ, possibly materially, from the anticipated results and financial condition indicated in these forward-looking statements. Further, information concerning the Company and its business, including factors that potentially could materially affect the Company's business and financial and other results, are contained in the Company's filings with the Securities and Exchange Commission, available at www.sec.gov. All forward-looking statements included in this press release are made only as of the date of this press release, and we do not undertake any obligation to publicly update or correct any forward-looking statements to reflect events or circumstances that subsequently occur or of which we hereafter become aware.
Protea is a registered trademarks of Protea Biosciences Group, Inc.
SOURCE Protea Biosciences Group, Inc.