As of June 30, 2007, the Company had cash and cash equivalents of approximately $6.8 million, as compared to approximately $5.3 million on December 31, 2006. Edward H. Myles, Senior Vice President of Finance and CFO, commented: "During the second quarter of 2007, we completed two transactions that strengthened our balance sheet, namely: (1) the liquidation of all our remaining shares in Panacos Pharmaceuticals common stock, and (2) the full divestiture of Source Scientific, LLC. These transactions resulted in the receipt of approximately $3.0 million of cash during the quarter. This cash will be used to support a number of important Company activities, including various research and development programs and our previously announced PCT product line commercialization plan."
Richard T. Schumacher, Founder, President, and CEO of Pressure
BioSciences, Inc. said: "In addition to improving our balance sheet through
the Source and Panacos transactions, other notable achievements of our
second quarter included: (1) record revenue driven by the sale of four PCT
Sample Preparation Systems; (2) the release of the Barocycler NEP2320 as
both a demonstration unit and commercial product; (3) approval to CE Mark
the Barocycler NEP3229; (4) the develo
|SOURCE Pressure BioSciences, Inc.|
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