- Measurable success achieved in Q3 2020 in key financial, operational, and technical projects
- Revenue increases reported in products and services offerings; balance sheet improved with significant reduction in variable-rate debt
- Q3 total revenue exceeded Q1 and Q2 total revenue combined
- Company reported receipt of 12 pre-orders for the innovative BaroShear K45, which is on track to be released in mid-2021
- Alliance with Leica Microsystems over PBI’s proprietary pressure cycling technology (“PCT”) platform has the potential to accelerate cancer R&D and subsequent drug development using an innovative tumor processing workflow
Pressure BioSciences (OTCQB: PBIO) is a leader in the development, marketing, and sale of proprietary pressure-based instruments, consumables, services, and platform solutions to the worldwide life sciences and other industries. Last week, the Company recently reported its third-quarter financial results and provided a business update, including initial expectations for 2021 (https://ibn.fm/sfRbm).
The Q3 2020 Form 10-Q financial report underlines that measurable progress was seen in three important areas: key operational and technical projects; revenue increases in the Company’s products and services offerings; and important structuring improvements in the reduction of arduous, variable-rate convertible debt.
According to Pressure BioSciences CEO and President Richard T. Schumacher, the Company achieved impressive results in Q3 compared to the previous two quarters of 2020, which were both negatively impacted by business interruptions caused by COVID-19. The Q3 results have shown a remarkable recovery, with revenue exceeding Q1 and Q2 2020 combined. “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) 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,” Schumacher added.
The Company has restructured debt and improved its investment-grade profile. Going into 2020, the Company had approximately $5.4 million in expensive, variable-rate convertible debt. As of the end of September, this had been reduced to $1.7 million through the combination of cash and conversion into common stock at the above-market price of $2.50. The Company also carried a Merchant Cash Advance balance totaling approximately $1.1 million, which was paid down to $0 during the Quarter.
Providing other updates and plans for 2021, the Form 10-Q report also mentioned that Pressure BioSciences is on track to launch its innovative BaroShear K45 Nanoemulsification System by mid-2021. Purchase orders for the 12 BaroShear K45 systems the Company plans to manufacture in early 2021 have already been received ahead of the planned mid-2021 commercial release. This novel and proprietary system, based on the Company’s Ultra Shear Technology(TM) (“UST”) patented platform, is designed to revolutionize the processing of immiscible liquid, turning them into water-soluble nanoemulsions.
The BaroShear K-45 system was created to revolutionize the processing of immiscible liquids – usually processed into macro/micro emulsions – into high quality, highly profitable nanoemulsions. Emulsions are mixtures of two or more liquids (e.g., oils in water) that typically cannot be blended into each other without the addition of chemicals called emulsifiers (e.g., surfactants). Emulsions are used in thousands of products in everyday use, including food, medical products, pharmaceuticals, nutraceuticals, cosmetics, industrial lubricants, and even cannabis oil extracts (e.g., CBD). Scientific data indicate that improved absorption, higher bioavailability, greater stability, lower surfactant levels, and other advantages (such as more reliable dosing control) are better achieved with high quality nanoemulsions.
The Company was recently awarded the first United States patent for its proprietary Ultra Shear Technology Platform, as well as a patent for its best-selling and pressure-based consumable device, the PCT MicroPestle. Two UST patents had been previously awarded in China for the UST platform.
The report also highlighted some of the Company’s recent collaborations. Earlier this year, Pressure BioSciences and RedShiftBio expressed the potential of combining their proprietary technologies to produce a new tool for the development and production of biotherapeutics. The Company also signed a worldwide, co-marketing alliance with Leica Microsystems, which integrates its Pressure Cycling Technology (“PCT”) with RedShiftBio’s laser microdissection platform. Together, both companies believe the platform provides the potential to accelerate cancer R&D using an innovative and proprietary tumor processing workflow.
These encouraging results and developments, in addition to the Company’s success in developing and preparing its technologies for numerous and diverse large market opportunities worldwide, are positioning Pressure BioSciences for a strong start in 2021 and setting the Company on a path to achieve major revenue growth and profitability next year, according to Chairman of the Board Jeffrey N. Peterson.
For more information, visit the company’s website at www.PressureBioSciences.com.
NOTE TO INVESTORS: The latest news and updates relating to PBIO are available in the company’s newsroom at http://ibn.fm/PBIO
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