MORGANTOWN, W. Va., May 16, 2016 (GLOBE NEWSWIRE) -- 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.
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Protea is a registered trademark of Protea Biosciences Group, Inc.