MORGANTOWN W.Va., March 31, 2014 (GLOBE NEWSWIRE) -- Protea Biosciences Group, Inc. ("Protea") released its 2013 results today reporting total revenue for the fiscal year ended December 31, 2013 of $1.22 million. This represents a 47% increase over Protea's fiscal year 2012 total revenue and is the first fiscal year that total revenues exceeded $1.0 million. This increase in revenue is the result of sales of the Company's LAESI® instrument platform.
"We are pleased with our 2013 results and the revenue growth that we experienced in 2013," stated Steve Turner, Protea's Chairman & CEO. He added, "We believe this was a significant year for our Company, as we commenced offering molecular information services utilizing our proprietary LAESI technology. Also in 2013, we made significant investments in research and development and commercial development, positioning us for strong future expansion and revenue growth."
Operating expenses for the fiscal year ended December 31, 2013 were $11.5 million (of which $2.1 million was non-cash) compared to operating expenses in 2012 of $9.8 million, and the loss from operations for the fiscal year ended December 31, 2013 totaled $10.3 million, compared to $9.0 million for the fiscal year ended December 31, 2012.
In the fourth quarter of 2013 the Company raised approximately $5.5 million from the sales of its securities.
During 2013, the Company expanded its molecular information services capacity by acquiring new state of the art mass spectrometry imaging instrumentation and by adding scientists on staff with prior experience in Fortune 500 companies and leading academic research institutions. The Company also hired two senior business development professionals to lead the Company's sales efforts and manage the expansion of its sales force.
LAESI ("Laser Ablation Electrospray Ionization") is a molecular information technology platform that enables next generation 2D and 3D Direct Molecular Imaging of cells, bacterial colonies and other biological samples, accomplished without sample pretreatment or preparation. The Company believes that the LAESI technology expands the applications for mass spectrometry in pharmaceutical and life science research markets, by enabling more rapid and comprehensive molecular profiling and imaging of molecules within cells, thereby providing better molecular information.
Protea Biosciences Group, Inc.
Protea is a commercial stage molecular information company, leading in the field of mass spectrometry molecular imaging - the identification and localization of the molecular products of living cells, that is foundational science for all pharmaceutical, medical, and life science research.
Forward-Looking Statements
This press release may contain certain statements relating to future results which are 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 financial results, are contained in the Company's filings with the Securities and Exchange Commission. 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 and LAESI are registered trademarks of Protea Biosciences Group, Inc.