Monday, June 11, 2018 7:57:37 PM
Authorized Shares - 750,000,000
Outstanding Shares - 8,034,210
Restricted - 6,691,493
Unrestricted (float) - 1,342,717
Market Cap 3,214
52-Wk Range
0.0003 - 7.00
Protea Biosciences Group, Inc. is an molecular information company that has developed a revolutionary platform technology that enables the direct analysis, mapping and display of biologically active molecules in living cells and tissue samples. The technology platform offers new, unprecedented capabilities useful to the pharmaceutical, diagnostic, clinical research, agricultural and life science industries. “Molecular information” refers to the generation and bioinformatic processing of very large data sets, known as “big data,” obtained by applying the Company’s technology to identify and characterize the proteins, metabolites, lipids and other molecules which are the biologically active molecular products of all living cells and life forms.
Our technology is used to improve pharmaceutical development and life science research productivity and outcomes, and to extend and add value to other technologies that are used in research and development, such as three-dimensional tissue models, biomarker discovery, synthetic biologicals and mass spectrometry. In particular, the Company believes that its ability to rapidly provide comprehensive molecular image-based datasets addresses a universal need of the pharmaceutical, diagnostic and clinical research and life science industries.
The Company’s commercial development is centered on three lines of business:
Molecular information services – We believe that we are the commercial leader in providing multi-modal Mass Spectrometry Imaging (“MSI”), combining Laser Ablation Electrospray Ionization (“LAESI®”), Matrix Assisted Laser Desorption Ionization (“MALDI”) and optical microscopy. Our proprietary services enable the identification and quantitation of both small molecules (e.g., lipids and metabolites) and large molecules (e.g., proteins) and our services portfolio, inclusive of MSI, proteomics, metabolomics, lipidomics and bioinformatics is unique in the industry. Our clients include major pharmaceutical, chemical and biotechnology companies
LAESI® instrument platform – We offer our proprietary LAESI® DP-1000 instrument, software and bioanalytical consumables to corporate and academic research laboratories
Molecular diagnostics and clinical research – We apply our multi-modal MSI technologies and workflows in partnership with top-tier medical research institutions to co-develop new molecular diagnostic tests that the company believes can be used to improve the diagnosis and prognosis of cancer and provide requisite information useful in predicting the outcome of cancer treatment. Our current test development programs target the differential diagnosis and prognosis of malignant melanoma and the molecular profiling of subpopulations of cells in lung adenocarcinoma.
MORGANTOWN, W. Va, Aug. 8, 2017 /PRNewswire/ -- Protea Biosciences Group, Inc. (OTCQB: PRGB) ("Protea") announced today that it had entered into a Collaboration Research Agreement with the Vaccine and Immunotherapy Center (VIC), Division of the Massachusetts General Hospital (MGH) and Harvard Medical School. The goal is to co-develop a new diagnostic methodology that will provide cancer cell molecular profiles, including the distribution of drugs within cancer cells and molecular response indicators, to improve patient treatment and outcomes.
In April 2016, we entered into an exclusive license agreement for technology with Yale University related to the differential diagnosis of melanoma, specifically designated as a "Method of Differentiating Benign Melanocytic Nevi from Malignant Melanoma." The technology was co-invented by Dr. Rossitza Lazova, of the Department of Dermatology at Yale School of Medicine, and Dr. Erin Seeley, our Principal Investigator. Under the terms of the license agreement, we have been granted the exclusive worldwide rights to commercialize the technology.
On November 30, 2017, the Board of Directors (the “Board”) of the Company determined that it will be required to file a voluntary petition for reorganization under Chapter 11 (“Chapter 11”) of Title 11 of the United States Code (the “Bankruptcy Code”) in the United States Bankruptcy Court of West Virginia (the “Court”). The Company chose to seek bankruptcy protection after due consideration and upon the advice and recommendations of the Company’s chief restructuring officer, Compass Advisory Partners, LLC (the “CRO”).
As previously reported, the Company engaged the CRO on October 23, 2017 to evaluate and assess the Company’s financial outlook and to evaluate short-term options for new debt or equity financing. Following its review, the CRO recommended that the Company file for Chapter 11 bankruptcy protection. The Company intends to file the Chapter 11 Case on Friday, December 1, 2017. Following the filing, the Company will continue to operate its business at a reduced level as a “debtor-in-possession” under the jurisdiction of the Court and in accordance with the applicable provisions of the Bankruptcy Code and orders of the Court.
The Chief Restructuring Officer in charge here is very legit. Background is heavy in turning around real companies suffering from mismanagement. Info below.
http://www.proteabio.com/index.html
https://www.linkedin.com/company/protea-biosciences
https://www.facebook.com/proteabio
https://twitter.com/proteabio
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