MORGANTOWN, W.Va., Nov. 22, 2016 (GLOBE NEWSWIRE) -- Protea Biosciences Group, Inc. (OTCQB:PRGB) (“Protea”) released its Third Quarter 2016 results today, reporting revenue of $519,908 for the quarter, and revenue for the first nine months of 2016 of $1,577,010, an increase of 24% over the first nine months of 2015.
The loss from operations for the first nine months of 2016 was $4,496,322, a 19% reduction compared to the first nine months of 2015. The net loss for the third quarter of 2016 was $1,494,790, a decrease of 6% compared to the third quarter of 2015.
“Protea continues to report increasing revenue and financial progress, both trends that we expect to continue,” stated Steve Turner, Protea’s Chairman & CEO. He added, “In particular, we are experiencing increased demand for our molecular information services, for which we now have over 60 academic, biotechnology, and pharmaceutical clients. There is an ever-increasing need for better, more comprehensive molecular information to help guide pharmaceutical discovery and development - this is Protea’s core business.”
For the first nine months of 2016, Selling, General and Administrative (“SG&A”) expenses were $4,441,855, a decrease of 16% over the first nine months of 2015. SG&A expenses recognized during the third quarter of 2016 were $1,449,312 or 3% below the SG&A expenses recorded during the third quarter of 2015. Net cash used in operating activities for the nine months ended September 30, 2016 totaled $3,408,885, a 21% reduction in the net cash used in operations in comparison to the first nine months of 2015; net cash used in operations in Q3 of 2016 was $568,194 a reduction of 46% in comparison to the third quarter of 2015.
During FY2016, the Company has added new molecular information services capabilities and workflows to expand its metabolomics, proteomics, and biotherapeutic databases and analytics, enabling Protea the ability to further characterize both small and large molecules in the same, integrated bio-analytical workflows. These capabilities are now available for Protea’s clients to obtain more comprehensive molecular information to support their pharmaceutical discovery and 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.
Forward-Looking Statements; 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.
Visit our SEC Filings page (https://proteabio.com/investors/SEC+Filings) for our 2016 Q3 10-Q Report.
Protea is a registered trademark of Protea Biosciences Group, Inc.