Pressure BioSciences Inc. (NSDQ:PBIO) saw revenues nearly double during the second quarter, but net losses increased by 9.0 percent.
The Easton, Mass.-based pressure cycling equipment maker posted a net loss of $925,000, or 35 cents per diluted share, on sales of $402,000 during the three months ended June 30. That compares with net losses of $848,000, or 39 cents per share, on sales of $270,000 during the same period last year.
Corporate controller Joseph Damasio Jr. said Pressure BioSciences’ operating cash burn rose 5 percent during the quarter, largely due to “patent-related expenses incurred in the protection of our PCT platform, investor relations costs, and marketing and sales activities,” according to a press release.
In a separate announcement, PBIO said Zacks Investment research initiated coverage of the company.