Pressure Biosciences Inc (OTCMKTS:BIO) has seen momentum building behind its proprietary technology, a new way to open cells for researchers, and is primed for a successful 2017.
Revenues are on the rise and the group’s efforts to bring in new business is delivering.
The company got a major shot in the arm in December as it now sees itself playing a key role in a new cancer research initiative in the United States, following the introduction of new legislation.
Revenue increases 10% for 2016
Growth in products and services sales helped Pressure post a 10% increase in revenue in 2016 – a year, which saw market progress
Total revenue for the year to end December came in at $1.97mln compared to $1.79 mln in the same period of 2015.
Products and services revenue was up 27% to $1.79mln in 2016 versus $1.409mln in 2015.
The operating loss was $3.73mln compared to a loss of $3.56mln in 2015, due primarily to increases in R&D, Sales and Marketing, and IR expenses, off-set to a certain extent by an increase in Total revenue.
The group enters the new year with a stronger balance sheet; a broader product offering; an award-winning, next generation instrument; a larger customer base; and enhanced sales and marketing capability, it said
A major role in a cancer moonshot
In December the company told investors that it expects to play a key role in the US $1.8bn “Cancer Moonshot” initiative after legislation was signed.
Specifically, it is set to benefit from the 21st Century Cures Act which included $1.8bn earmarked specifically for cancer research.
Pressure BioSciences’ technology is already being featured as an essential technology and used by leading researchers participating in the ‘Cancer Moonshot’ and other important research programs.
This program aims to accelerate cancer research and support other avenues that will improve the ability to understand, prevent, detect, treat, and even cure cancer. Its goal is to try and achieve in the next five years what would normally take ten years to complete.
This will be achieved in part by increasing the number of cancer researchers and studies, increasing the sharing of samples and data among these researchers, and by offering cancer researchers access to 21st Century, cutting-edge laboratory tools (instruments, consumables, etc.) that will enhance and improve their research studies.
A CE mark for preparation instrument
In February this year, it achieved a CE Marking for its sample preparation instrument Barocycler 2320EXTREME, giving it the green light to sell the product in Europe.
Chief executive Richard Schumacher said: "Our accomplishments over the past year have set the stage for what we believe will be a very successful 2017."
The group enters the new year with a stronger balance sheet; a broader product offering; an award-winning, next generation instrument; a larger customer base; and enhanced sales and marketing capability."
And it has now welcomed back veteran financial executive Joseph L Damasio back to the company, appointing him vice-president of finance and chief financial officer.
Damasio was employed at Pressure in 2007 as accounting manager, then as controller a year later and as vice president of finance and administration in 2011.
Proprietary technology and winning over opinion leaders
Pressure Biosciences’ proprietary PCT-HD system has in recent years been trialled and adopted by leading scientists.
“We have a unique, patented technology that is now beginning to be appreciated by scientists around the world,” Ric Schumacher, the group’s founder said earlier this year.
Schumacher highlighted that generally the life sciences have moved on significantly in past decades with the focus increasingly upon the intricacies within cells rather than what occurs around the outsides of them.
However, he says the technological approach to actually ‘open’ cells remains relatively crude and are still largely the same as they were in the 1980s (when he was last in the lab in a scientific capacity).
At Pressure BioSciences we’ve developed this new method, never been used before, to open the cell and get “all the good stuff” out.
“Essentially it is like a sponge, we squeeze it out. Where others beat up ‘the sponge’ using mechanical, we put it in a pressure chamber. It is much gentler, it is much more controllable.”
Schumacher points out that, generally speaking, scientists are stubborn people by nature, and convincing them to change their working practices has been one of the biggest challenges for the company.
But, by targeting what he calls ‘key opinion leaders’ in certain specialist fields Schumacher says Pressure Bioscience has started to overcome this hurdle.
“You have to go after the key opinion leaders. The scientists around the world that are recognised as the experts in studying proteins, DNA, RNA and lipids.
“We have to go after them and get them to use the technology with the assumption that once they’ve used it, they’ll realise how much better the system is. That’s what we’ve done."