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Pressure BioSciences, Inc. Reports Second Quarter 2008 Financial Results and Provides Business Update

SOUTH EASTON, Mass., Aug. 14 /PRNewswire-FirstCall/ -- Pressure BioSciences, Inc. (Nasdaq: PBIO) ("PBI" and the "Company") today announced that total revenue for the second quarter of 2008 was $120,184 compared to $202,127 for the comparable period in the prior year. Revenue from the sale of PCT products and services was $117,698 for the three months ended June 30, 2008 as compared to $136,355 for the prior year period. During the second quarter of 2008, we completed the installation of seven Barocycler instruments at customer locations, as compared to four in the same period of 2007. This decrease in revenue, despite an increase in the number of installations, was primarily due to a shift in the type of instrument installed: three of the seven installations in the second quarter of 2008 were the less expensive NEP2320, whereas all four installations in the second quarter of 2007 were the more expensive NEP3229. Also contributing to the decrease in revenue, despite an increase in the number of installations, was the fact that two of our seven installations in the second quarter of 2008 were completed under short-term rental agreements. These agreements have a minimal impact on current period revenue but provide a revenue stream over the course of the respective agreements in the form of monthly rental payments and purchases of our consumable products.

Edward H. Myles, Senior Vice President of Finance and CFO, said: "Although the seven installations of Pressure Cycling Technology ("PCT") Sample Preparation Systems ("PCT Systems") in the second quarter of 2008 were significantly higher than the four PCT Systems installed in the same period in 2007, we had hoped to have installed more. That being said, we are very encouraged by the fact that we have already recorded nine installations in Q3 through August 14th. Furthermore, we expect to install at least five more PCT Systems before the end of the third quarter. Based on the number of high potential ("Type A") leads in our sales pipeline, we now expect to install 40 or more PCT Sample Preparation Systems during 2008, as compared to the 20 that we installed during 2007."

Mr. Myles continued: "In addition to continuing the expansion of our installed base of PCT Systems, we have also implemented a number of cost reduction initiatives, including the delay of certain research and development projects, reduction in travel and meeting attendance for all personnel, continued reduction in investor relations activities, decreases in the base salary of most of our employees and all of our executive officers, decrease in annual cash compensation for all outside Board members, and a reduction in our workforce that included the re-alignment of our domestic sales force from seven full time sales directors to three. We ended the second quarter with approximately $2.8 million in cash and cash equivalents. We believe that this amount of cash, together with the cost reduction measures, will allow us to reach a manageable balance between the need to conserve our cash resources and the need to support our short-term commercialization plans. We have also engaged Emerging Growth Equities of King of Prussia, PA to help us raise additional capital to fund our further development and commercialization of PCT."

During the past four months, the Company has reported successes and measurable progress in a number of important areas. These include, but are not limited to:

-- The award of a $850,000 NIH SBIR Phase II Grant for the development of a new PCT-dependent system for improved biomarker discovery, diagnostics, and drug discovery

-- Presentations by independent researchers at key scientific conferences citing the use of PCT for improving the detection, speed, and quality of protein analysis

-- The market release by the Company of several new and important PCT-based products and applications, including the use of PCT to significantly enhance (hours to minutes) the important trypsin digestion phase required prior to protein identification by mass spectrometry

Richard T. Schumacher, Founder, President, and CEO of Pressure BioSciences, Inc. commented: "It has been said that gaining market acceptance for any new, cutting-edge technology always takes longer and is far more difficult than one would ever expect. PCT has been no exception. Although we believe that in many cases PCT offers greater safety, speed, reproducibility, convenience, and quality than other sample preparation methods, it has been difficult, thus far, to generate the level of interest we believe this technology will ultimately gain. However, I am pleased to report that interest in PCT and the PCT Sample Preparation System has grown steadily over the past two months. During this period, we have received significantly more requests for product information and on-site demonstrations, and have added significantly more Type A leads to our sales pipeline, than during any other comparable two month period since we initiated our commercialization plans in early 2007. This increased interest in our PCT product line has already manifested itself in record installations for a quarter, and we are not even halfway through August. This is certainly an exciting time for all stakeholders in Pressure BioSciences."

About Pressure BioSciences, Inc.

Pressure BioSciences, Inc. (PBI) is a publicly-traded company focused on the development, and commercialization, of a novel, enabling technology called pressure cycling technology (PCT). PCT uses cycles of hydrostatic pressure between ambient and ultra-high levels (up to 35,000 psi and greater) to control bio-molecular interactions. PBI currently holds 13 US and 6 foreign patents covering multiple applications of PCT in the life sciences field, including in such areas as genomic and proteomic sample preparation, pathogen inactivation, the control of chemical reactions, immunodiagnostics, and protein purification.

Financial Teleconference and Web-cast

As announced on August 8, 2008, the Company will host a teleconference at 4:30 p.m. ET on Thursday, August 14, 2008 to discuss its second quarter 2008 financial results and to provide a business update.

To attend this teleconference via web-cast, please go to the Company's website:
To attend this teleconference via telephone, please dial:

(877) 719-9795

Participant code: 4491004

For those unable to participate in the live teleconference, a replay will be available approximately one hour after the call ends through September 15, 2008, and will be accessible through the Company's website.

Forward Looking Statements

Statements contained in this press release regarding the Company's intentions, hopes, beliefs, expectations, or predictions of the future are "forward-looking'' statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward looking statements include statements regarding the Company's expectations for installations in 2008, the anticipated growth of commercial interest in the Company's PCT Sample Preparation System and consumables product line, the expectation that sales leads will result in additional installations, the anticipated benefits and results of the Company's sales force efforts, and beliefs regarding the validation of the Company's technology due to the Company's sales of PCT Systems and consumables. These statements are based upon the Company's current expectations, forecasts, and assumptions that are subject to risks, uncertainties, and other factors that could cause actual outcomes and results to differ materially from those indicated by these forward-looking statements. These risks, uncertainties, and other factors include, but are not limited to: possible difficulties or delays in the implementation of the Company's strategies that may adversely affect the Company's continued commercialization of its PCT Sample Preparation System; changes in customers needs and technological innovations; if the Company's expenses are higher than anticipated or if the Company's revenues do not increase, the Company may not have sufficient cash to support its planned activities into 2009; the Company, with the assistance of EGE, may be unable to obtain financing on acceptable terms due to financial market conditions or the perception of potential investors of the Company's growth potential; the Company's re-aligned sales force may not be successful in selling the Company's PCT product line because scientists may not perceive the advantages of PCT over other sample preparation methods; the Company may not be able to install 14 PCT Systems in the third quarter of 2008, and a total of 40 or more before the end of 2008; the increased interest in PCT and the PCT System that the Company has seen recently may not continue; and the Company may be unable to develop new PCT- related products perceived by potential customers as having advantages over current technologies and techniques. Additional risks and uncertainties that could cause actual results to differ materially from those indicated by these forward-looking statements are discussed under the heading "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2007, and other reports filed by the Company from time to time with the SEC. The Company undertakes no obligation to update any of the information included in this release, except as otherwise required by law.
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Consolidated Statements of Operations

For the Three Months For the Six Months

Ended Ended

June 30, June 30,

2008 2007 2008 2007


PCT Products, services,

other $117,698 $136,355 $199,171 $174,297

Grant revenue 2,486 65,772 53,389 159,451

Total revenue 120,184 202,127 252,560 333,748


Cost of PCT products and

services 88,434 57,629 136,883 89,282

Research and development 461,672 538,015 952,603 999,547

Selling and marketing 521,606 350,823 984,767 607,354

General and administrative 635,672 624,462 1,136,920 1,105,544

Total operating costs

and expenses 1,707,384 1,570,929 3,211,173 2,801,727

Operating loss from

continuing operations(1,587,200) (1,368,802) (2,958,613) (2,467,979)


Realized gain on securities

available for sale - 1,301,247 - 2,028,720

Interest income 16,549 80,482 46,857 152,084

Total other income 16,549 1,381,729 46,857 2,180,804

(Loss) income from

continuing operations

before income taxes (1,570,651) 12,927 (2,911,756) (287,175)

Income tax benefit

from continuing

operations - 3,516 - 44,035

(Loss) income from

continuing operations(1,570,651) 16,443 (2,911,756) (243,140)


Gain on sale of net assets

related to discontinued

operations (net of

income tax of $218,060) - 1,534,476 - 1,155,973

Net (loss) income $(1,570,651) $1,550,919 $(2,911,756) $912,833

(Loss) income per share

from continuing

operations - basic $(0.72) $0.01 $(1.33) $(0.12)

Income per share from

discontinued operations

- basic - 0.74 - 0.56

Net (loss) income per

share - basic $(0.72) $0.75 $(1.33) $0.44

(Loss) income per share

from continuing operations

- diluted $(0.72) $0.01 $(1.33) $(0.12)

Income per share from

discontinued operations -

diluted - 0.67 - 0.56

Net (loss) income per share

- diluted $(0.72) $0.68 $(1.33) $0.44

Weighted average number of

shares used to calculate

(loss) income per share

- basic 2,193,598 2,065,425 2,192,883 2,065,425

Weighted average number of

shares used to calculate

(loss) income per share

- diluted 2,193,598 2,296,930 2,192,883 2,065,425

Consolidated Balance Sheets

June 30, December 31,

ASSETS 2008 2007


Cash and cash equivalents $2,835,771 $5,424,486

Accounts receivable 122,958 118,471

Inventories 676,516 172,548

Deposits 15,472 553,483

Prepaid income taxes 58,463 56,863

Income tax receivable 249,541 249,541

Prepaid expenses and other current assets 217,977 94,783

Total current assets 4,176,698 6,670,175



Intangible assets, net 303,974 328,290

TOTAL ASSETS $4,789,598 $7,256,262



Accounts payable $244,722 $152,729

Accrued employee compensation 326,966 377,190

Accrued professional fees and other

expenses 213,868 186,840

Income taxes payable 6,745 4,519

Deferred revenue 10,681 15,075

Total current liabilities 802,982 736,353


Deferred revenue 5,486 6,767

TOTAL LIABILITIES 808,468 743,120



Preferred stock; 1,000,000 shares

authorized; 0 outstanding - -

Common stock, $.01 par value;

20,000,000 shares authorized;

2,195,283 shares issued and

outstanding on June 30, 2008 and

2,192,175 shares issued and

outstanding on December 31, 2007

21,953 21,922

Additional paid-in capital 6,664,329 6,284,616

Retained (deficit) earnings (2,705,152) 206,604

Total stockholders' equity 3,981,130 6,513,142


STOCKHOLDERS' EQUITY $4,789,598 $7,256,262

Investor Contacts:

Richard T. Schumacher, President & CEO

Edward H. Myles, Senior Vice President of Finance & CFO

Pressure BioSciences, Inc.

(T) 508-230-1828

SOURCE Pressure BioSciences, Inc.
Copyright©2008 PR Newswire.
All rights reserved

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