Pressure BioSciences Inc. (NSDQ:PBIO) ended 2009 in fine shape, posting increased revenues and narrower net losses, and began 2010 with a $500,000 boost — with another $1.5 million waiting in the wings.
The Easton, Mass.-based firm reported revenues of $1.2 million for the year ended Dec. 31, 2009, up 46.1 percent compared with $852,000 during 2008. Net losses for the year were $3.3 million, down 33.1 percent compared with $4.9 million during 2008.
Pressure BioScience’s corporate controller, Joseph Damasio Jr., said in prepared remarks that the improved results are partly due to a greatly reduced cash burn. Excluding about $660,000 in non-cash charges, PBIO went through an average of $635,000 per quarter, Damasio said, down 40.4 percent compared with $1.1 million per quarter in 2008.
Pressure BioSciences also said it landed about $500,000 from the second tranche of its Series B fundraising round, taking its total B-round raise to roughly $1.7 million.
And there’s more — potentially $1.5 million more — in the offing from the exercise of warrants issued in a February 2009 private placement, CEO Richard Schumacher told MassDevice. Investors have until April 27 to exercise the warrants.
"If all investors exercise their warrants, the company has the potential to receive a total of approximately $1.5 million dollars over the next month," Schumacher told us. "About $250,000 is already in from voluntary exercises, so about $1.25 million can still come in by April 27th."
Pressure BioSciences ended last year with about $1.6 million in cash and equivalents, nearly double the $868,000 it had at the end of the prior year. Schumacher said in prepared remarks that the company is in discussions "with several companies" about inking marketing, sales and distribution deals and that the company believes an agreement with one or more partners is likely this year.