Pressure BioSciences reports increased sales in 2012, optimistic about 2013
The decade-old company is known predominantly for its sample preparation and analytical mass spectrometry equipment, which is used in the analysis of small molecules and proteins, including DNA and RNA.
Because Pressure BioSciences' equipment allows for the safe handling of potentially dangerous substances, its technology has applications in forensics, vaccine development and in countering bioterrorism.
In 2012, the biotech reaped major benefits from increasing demand in such technology. In the third quarter, total sales increased 40 percent over the previous year and sales of the company's Pressure Cycling Technology-based products and services increased by 37 percent. In addition, grant revenue increased significantly over the same period and operating costs declined.
Pressure BioSciences recently expanded its product line by entering into a marketing, distribution and sales agreement with Constant Systems. The deal allows Pressure BioSciences to sell Constant Systems' products throughout North America. Constant Systems agreed in turn to sell Pressure BioSciences' products in Europe. The deal is expected to increase the both companies' revenue in the beginning of 2013.
"The two product lines complement each other exceedingly well," Pressure BioSciences CEO and President Richard Schumacher said. "While both the CS and PBI technologies are based on high pressure, each product line has fundamental scientific capabilities that the other does not have.
"PBI's PCT Platform uses certain patented pressure mechanisms to achieve small-scale, molecular level effects. CS's technology uses different, proprietary pressure mechanisms for larger-scale, non-molecular level processing."