Strapped for cash after burning through more than 80 percent of its bank account in 2008, Pressure BioSciences Inc. was forced to cut nearly half of its staff in the fourth quarter.
Company officials at the South Easton lab equipment maker called the three-month period ended Dec. 31, 2008, an “extremely difficult” period, citing mounting cash concerns as the reason for shedding eight of its 20 employees.
In total, Pressure Biosciences, which makes sample preparation equipment for genomic and proteomic research, burned through $4.5 million in cash and equivalents during 2008, ending the year with just under $1 million in the bank. The company’s dwindling coffers, despite its “record revenues,” prompted it to pull the trigger on $1.8 million in equity financing Feb. 18.
Still, despite the upheaval, Pressure Biosciences reported $344,000 in sales during the quarter, compared to $118,000 for the same period a year ago. The stronger sales helped narrow the overall net loss for the quarter to $898,000, compared to $972,000 for the same period in 2007.