SOUTH EASTON, Mass., May 1 Pressure BioSciences,Inc. (Nasdaq: PBIO) ("PBI") today announced that total revenue for the firstquarter of 2008 was $132,376 compared to $131,621 for the comparable period inthe prior year. Revenue from the sale of PCT products and services was$81,473 for the three months ended March 31, 2008 as compared to $37,943 forthe prior year period. During the first quarter of 2008, we completed theinstallation of seven PCT Sample Preparation Systems ("PCT Systems"), ascompared to one in the first quarter of 2007. Also contributing to theincrease in revenue was an increase in the number of PULSE Tubes andProteoSolve-lrs kits sold. The Company also recorded $50,903 of grant revenueduring the first quarter of 2008 as compared to $93,678 in the same period inthe prior year. This decrease in grant revenue was due to a shift inresources from grant related activities to other research and developmentprojects.
Edward H. Myles, Senior Vice President of Finance and CFO commented:"During the first quarter of 2008, we completed the installation of seven PCTSample Preparation Systems. Four of these installations were under lease andrental agreements; therefore, the revenue will be recognized over the life ofeach respective agreement. The remaining three installations were outrightsales of our PCT Systems."
Mr. Myles continued: "As noted previously, our stated commercializationstrategy is centered upon increasing the installed base of PCT SamplePreparation Systems so that we can continue to realize increases in ourrecurring revenue streams from PULSE Tubes, ProteoSolve-lrs kits, and extendedservice contracts. During the first quarter of 2008, we saw an increase insales of our PULSE Tubes and ProteoSolve products. We believe this is anindication that scientists who have adopted our technology are using PCT toaddress their sample preparation needs for a greater portion of theirexperiments."
Richard T. Schumacher, Founder, President, and CEO of Pressure BioSciences,Inc. said: "The number of installations during the first quarter of 2008 wasessentially flat when compared to Q3 and Q4 of 2007. However, we are veryencouraged by the feedback that we are receiving from the field and from thedata being generated in our laboratories and in the laboratories of ourcollaborators. We are also encouraged by the increase in consumable PCTproducts sales."
Mr. Schumacher continued: "The number of calls we have received related toour PCT product line has continued to increase, as has the number of requestsfor PCT System quotations for grant submissions. We have made measurableprogress on our 2008 goals related to the development of a new PCT instrument,a new PCT consumable, and a new ProteoSolve kit. Our sales team is benefitingtremendously from the leadership of our newly hired (February 25, 2008) VicePresident of Sales, Mr. Matthew Potter. We look to the remainder of 2008 withenthusiasm as we believe our achievements in the first quarter of 2008position us well to accomplish our 2008 commercialization goals of convertingresearch scientists who are excited about our technology intorevenue-generating customers and active supporters of the PCT SamplePreparation System."
About Pressure BioSciences, Inc.
Pressure BioSciences, Inc. (PBI) is a publicly-traded company focused onthe development of a novel, enabling technology called pressure cyclingtechnology (PCT). PCT uses cycles of hydrostatic pressure between ambient andultra-high levels (up to 35,000 psi and greater) to control bio-molecularinteractions. PBI currently holds 13 US and 6 foreign patents coveringmultiple applications of PCT in the life sciences field, including in suchareas as genomic and proteomic sample preparation, pathogen inactivation, thecontrol of chemical reactions, immunodiagnostics, and protein purification.
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