Protea’s gross revenues up 190% in third quarter

Kathy Mahdoubi | | Health Imaging | Molecular Imaging

Protea Biosciences, a biomedical company based in Morgantown, W. Va, announced yesterday that third quarter financial results amounted to $517,569, the highest revenue on record for the company. However net losses are still steep at more than $4.6 million for the third quarter.

The gross revenue not only signified a 190 percent increase for that quarter over the same period in 2013, but year-to-date gross revenue ending Sept. 30 was logged at more than $1.3 million—up 42 percent from the $939,080 for that period in the previous year.

The net loss of more than $4.6 million is significantly more than this time last year, when just over $2.5 million was reported. This year’s leap in losses included a $2.1 million charge associated with derivative securities liability and a $224,000 operating loss for a sold European drug development subsidiary. Protea officials said that when these are deducted pro forma, the company’s net loss was actually reduced by 9 percent compared to the third quarter 2013.

Company officials remarked that molecular information services and primary instrument platforms, Protea’s two largest sources of revenue, experienced more than 200 percent increases for the third quarter.

"We are pleased with the strong organic growth we are experiencing in our core molecular information services business, where our client base has expanded, and now includes a broad spectrum of companies representing pharma, biotech, global agriculture and academic labs," said Protea CEO and Chairman Steve Turner. “In particular, we are excited by the development of new applications for our proprietary mass spec imaging bioanalytical technology in the fields of cancer cell molecular profiling and 3D micro tissues."

During the third quarter, Protea made ties with Princeton University, which acquired the company’s laser ablation electrospray (LAESI) technology. Protea continued working with InSphero and the U.S. Department of Agriculture is now using LAESI technology for analysis of mycotoxins.

Kathy Mahdoubi

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