Pressure BioSciences (OTCQB: PBIO) (“PBI”), a leader in the development and sale of pressure-based instruments, consumables and platform solutions to the worldwide life sciences and other industries, on Tuesday released financial results for the third quarter ended September 30, 2020. In addition, the company provided a business update and offered limited guidance for fiscal year 2021. “We are delighted with the results of the third quarter 2020, particularly in the measurable progress made in three important areas: (i) key operational and technical projects . . . ; (ii) revenue increases in our products and services offerings; and (iii) important restructuring improvements in the reduction of onerous, variable-rate convertible debt,” said Richard T. Schumacher, president and CEO of Pressure BioSciences. “As previously reported, the company’s first and second quarter 2020 results were substantially impacted by business interruptions and/or distractions for PBI clients and prospects. However, third quarter 2020 results demonstrated a dramatic recovery, with Q3 total revenue exceeding the revenue of Q1 and Q2 2020 combined and topping all previous quarterly revenue results since Q4 2018. Similarly, instrument sales in Q3 2020 exceeded instrument sales in Q1 and Q2 2020 combined, and contracted services revenue for our Ultra Shear Technology(TM) (“UST(TM)”) nanoemulsions and BaroFold(TM) biopharmaceutical protein refolding and recovery platforms in Q3 2020 also exceeded revenue for the same services in Q1 and Q2 2020 combined.”
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About Pressure BioSciences Inc.
Pressure BioSciences is a leader in the development and sale of innovative, broadly enabling pressure-based solutions for the worldwide life sciences and other industries. The company’s products are based on the unique properties of both constant (i.e., static) and alternating (i.e., pressure cycling technology, or “PCT”) hydrostatic pressure. PCT is a patented enabling technology platform that uses alternating cycles of hydrostatic pressure between ambient and ultra-high levels to control biomolecular interactions safely and reproducibly (e.g., cell lysis, biomolecule extraction). Pressure BioSciences’ primary focus is in the development of PCT-based products for biomarker and target discovery, drug design and development, biotherapeutics characterization and quality control, soil & plant biology, forensics, and counter-bioterror applications. Additionally, major new market opportunities have emerged in the use of its pressure-based technologies in the following areas: (1) the recently acquired, patented technology from BaroFold Inc. (the “BaroFold” technology) to allow entry into the bio-pharma contract services sector, and (2) recently-patented, scalable, high-efficiency, pressure-based Ultra Shear Technology (“UST”) platform to (i) create stable nanoemulsions of otherwise immiscible fluids (e.g., oils and water) and to (ii) prepare higher quality, homogenized, extended shelf-life or room temperature stable low-acid liquid foods that cannot be effectively preserved using existing non-thermal technologies. For more information about the company, visit www.PressureBioSciences.com.
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