MORGANTOWN, W.Va., Aug. 16, 2016 (GLOBE NEWSWIRE) -- Protea Biosciences Group, Inc. (OTCQB:PRGB) (“Protea”) released its Q2 2016 results today, reporting revenue of $581,764, a 20% increase over revenue reported for the first quarter of 2016, and revenue for the first six months of 2016 of $1,057,102, an increase of 20% over the first six months of 2015.
The loss from operations for the second quarter of 2016 was $1,435,482, a decrease of 9% compared to the first quarter of 2016, and the loss from operations for the first six months of 2016 was $3,001,532, a 24% reduction compared to the first six months of 2015.
“We are pleased to report our results for this year’s second quarter, showing consistent revenue growth and declining loss, trends that we expect to continue,” stated Steve Turner, Protea’s Chairman & CEO. He added, “An important component of our growth has been the expansion of our client base, and the emerging importance for the biopharmaceutical industry of the need for the full molecular characterization of therapeutic antibodies that are in development.”
Selling, general and administrative (“SG&A”) expenses recognized during the second three months of 2016 were $1,388,189 or 15% below the SG&A expenses recorded during the first quarter of 2016. Net cash used in operating activities for the six months ended June 30, 2016 totaled $2,840,691, a 13% reduction in the net cash used in operations in comparison to the first six months of 2015.
During the first half of FY2016, the Company expanded its molecular information services to introduce new capabilities to utilize expanded metabolomics and proteomics databases and analytics, enabling the ability to further characterize both small and large molecules in the same bioanalytical workflows. These capabilities are now available for our clients to obtain more comprehensive molecular information to support their pharmaceutical product development objectives.
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 provides revolutionary capability that enables the identification and spatial display of biologically active molecules in tissue and cells, workflows that can be performed without sample preparation, labeling or antibody techniques, thereby integrating the direct identification of molecules produced by cells with anatomic pathology.
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Protea is a registered trademark of Protea Biosciences Group, Inc.