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Protea Biosciences Group, Inc.. (5/16/16). "Press Release: Protea Announces First Quarter 2016 Results. Revenue Increases 22% over Q1 2015". Morgantown, WV.
|Organisation||Protea Biosciences Group Inc.|
|Group||Protea Biosciences (Group)|
|Product||mass spectrometry imaging (MSI) (MALDI imaging)|
|Person||Turner, Stephen (Steve) (Protea Biosciences 201002 CEO)|
Protea Biosciences Group, Inc. (OTCQB:PRGB) (“Protea”) released its Q1 2016 results today, reporting revenue of $475,338, a 22% increase over the revenue reported for the first quarter of 2015. Revenue increases were posted for all business lines.
The loss from operations for the first quarter 2016 was $1,566,051, a decrease of 27% compared to a loss from operations of $2,144,529 for the first quarter of 2015.
“We are pleased to report these results for our first quarter 2016, demonstrating continued revenue growth and declining loss, trends that we expect to continue through 2016,” stated Steve Turner, Protea Chairman & CEO. He added, “An important component of our growth is our providing new bioanalytical workflows for improved therapeutic antibody characterization. We are seeing strong growth in proteomic and metabolomic as well as the biotherapeutic sectors, and our client base continues to expand.”
Selling, general and administrative (“SG&A”) expenses recognized during the first three months of 2016 were $1,604,404 or 20% less than the SG&A expenses recorded during the comparable period in 2015. Research and Development expenses (“R&D”) for the first three months of 2016 were $232,608, a decrease of 39% from the same period in 2015.
Net cash used in operating activities for the three months ended March 31, 2016 totaled $1,296,505, a decrease of $140,683 or a 10% reduction in the net cash used in operations for the three months ended March 31, 2015.
During the first quarter of 2016 the Company received cost reimbursement for its ongoing participation in the Defense Advanced Research Projects Agency (“DARPA”) initiative, known as the Rapid Threat Assessment Program. The Company collaborates with The George Washington University, SRI International and GE Global Research, with the goal of developing new tools and methods to reduce the time required to define the mechanism of action of a threat agent, drug, or chemical on living cells.
About Protea Biosciences Group, Inc.:
Protea Biosciences Group, Inc. (OTCQB:PRGB) provides innovative bioanalytical solutions to the pharmaceutical and life science industries by applying the Company's proprietary technology to identify and characterize the proteins, metabolites, lipids and other biologically-active molecules which are the byproducts of all living cells and life forms. Protea is the leader in mass spectrometry imaging services (MSI), providing a revolutionary capability that enables the identification and spatial display of biologically active molecules in tissue and cells. MSI can be performed without sample preparation, labeling or antibody techniques, thereby integrating the direct identification of molecules produced by cells with anatomic pathology.
This press release may contain statements relating to future results or events, which are forward-looking statements. Words such as "expects", "intends", "plans", "may", "could", "should", "anticipates", "likely", "believes" and words of similar import may identify forward-looking statements. These statements are not historical facts, but instead represent only the Company's belief regarding future events, many of which, by their nature, are inherently uncertain and outside of the Company's control. It is possible that the Company's actual results and financial condition may differ, possibly materially, from the anticipated results and financial condition indicated in these forward-looking statements. Further, information concerning the Company and its business, including factors that potentially could materially affect the Company's business and financial and other results, are contained in the Company's filings with the Securities and Exchange Commission, available at www.sec.gov. All forward-looking statements included in this press release are made only as of the date of this press release, and we do not undertake any obligation to publicly update or correct any forward-looking statements to reflect events or circumstances that subsequently occur or of which we hereafter become aware.
Protea is a registered trademark of Protea Biosciences Group, Inc.
For more Information:
Protea Biosciences Group, Inc., 1311 Pineview Dr., Morgantown, WV 26505 USA
Phone: 304.292.2226 Fax: 304.606.3049
Record changed: 2016-07-04
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