ORLANDO, Fla., Oct. 8, 2007 (PRIME NEWSWIRE) -- RedChip Visibility, a division of RedChip Companies, Inc., announced that it has issued a second quarter 2007 research update on Pressure BioSciences, Inc. (Nasdaq:PBIO).
Joe Blankenship, MBA, RedChip Research Analyst wrote in the report:
"Pressure BioSciences, Inc. (Nasdaq:PBIO) continues on its path to commercialization with its pressure cycling technology ("PCT") used in sample preparation across a broad range of life-sciences applications. For its Q2 2007 results the Company reported the sale of four Barocycler NEP3229 PCT Sample Preparation Systems versus one in the second quarter of 2006. To us, this represents the initiation of commercial sales in quantity. The Company also recorded $65,772 in grant revenue for the quarter ended June 30, 2007, compared to no grant revenue in the comparable quarter of 2006. In total the Company recorded $202,127 in revenue for Q2 2007, some 7.0x the $28,783 realized in Q2 2006. Contributing to this increase was an increase in the number of PULSE Tubes that were sold, revenue from Barocycler NEP3229 instruments under lease, and the recognition of extended service contract revenue.
"The RedChip Initial Report on PBIO was issued on March 12, 2007 with a SPECULATIVE BUY rating and 12-month price target of $6.40 per share. We continue to think that the current market price of the stock at $4.11, and a book value of $3.77 per share, does not adequately value the technology within the Company. As the number of unit sales continues to grow and the potential applications expand, we believe that the market will begin to recognize the profit potential inherent in this Company. We are maintaining our twelve-month price target at $7.00 per share even though we are projecting losses over the next two operating years. When looking at the comps for companies in the space of providing diagnostic tools and supplies, we think our price target is reasonable based on less than 4.0x our estimate of 2008 revenue which is the average price/sales ratio for our sample of comparable companies."
To receive a complimentary copy of the RedChip Visibility Initial Research Report for PBIO, please visit:
http://www.redchip.com/visibility/about.asp?page=requestPBIO_Q2_2007&from=newsPBIO10082007
About RedChip Companies, Inc.
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Disclosures
The analysts contributing to this report do not hold any shares of PBIO. Additionally, the analysts contributing to this report certify that the views expressed herein accurately reflect the analysts' personal views as to the subject securities and issuers. RedChip certifies that no part of the analysts' compensation was, is, or will be, directly or indirectly, related to the specific recommendation or views expressed by the analyst in the report. Additional information on the securities mentioned in this report is available upon request. This report is based on data obtained from sources we believe to be reliable, but is not guaranteed as to accuracy and does not purport to be complete. As such, the report should not be construed as advice designed to meet the particular investment needs of any investor. Any opinions expressed herein are subject to change. Pressure BioSciences, Inc. is a client of RedChip Visibility, a division of RedChip Companies. PBIO paid RedChip Visibility $28,000 for the RedChip Visibility Research Program, which includes this report. RedChip Visibility, a division of RedChip Companies, Inc. has been contracted by Pressure BioSciences, Inc. to increase investor awareness of PBIO to the small-cap equity community. These services may include investor conferences and digital and print distribution of PBIO investor related materials.