September 29, 2016 10:45 AM ET

Biotechnology

Company Overview of Protea Biosciences Group, Inc

Company Overview

Protea Biosciences Group, Inc., a molecular information company, develops and commercializes proprietary life science technologies, products, and services to identify the molecules that are produced by living cells and various life forms. The company provides molecular information services for the identification of small and large molecules; and services in the areas of mass spectrometry imaging (MSI), proteomics, metabolomics, lipidomics, and bioinformatics. It also offers laser ablation electrospray ionization, a bioanalytical instrument platform that enables the identification of proteins, lipids, and metabolites in tissue, cells, and biofluids, such as serum and urine. It primarily serve...

1311 Pineview Drive

Suite 501

Morgantown, WV 26505

United States

Founded in 2001

35 Employees

Phone:

304-292-2226

Fax:

304-292-7101

Key Executives for Protea Biosciences Group, Inc

Chairman, Chief Executive Officer and President
Age: 70
Total Annual Compensation: $240.0K
Chief Financial Officer
Age: 62
Total Annual Compensation: $145.6K
Chief Science Officer and Vice President of Research & Development
Age: 41
Total Annual Compensation: $186.0K
Consultant
Age: 47
Total Annual Compensation: $210.0K
Compensation as of Fiscal Year 2015.

Protea Biosciences Group, Inc Key Developments

Greg Kilby to Resign as Vice President and Chief Operating Officer of the Company Effective September 15, 2016

On September 4, 2016, Greg Kilby, the Vice President and Chief Operating Officer of the Protea Biosciences Group Inc. advised the Company that he intended to resign effective September 15, 2016 for personal and health reasons, but agreed to provide ongoing consulting services to the Company.

Protea Biosciences Group, Inc. Enters into a Note Purchase Agreement

On September 8, 2016, Protea Biosciences Group Inc. entered into a Note Purchase Agreement with an “accredited investor”, pursuant to which the Lender purchased a 10% original issue discount secured promissory note of the Company in the principal face amount of $720,000 due October 15, 2016 for aggregate purchase price of $650,000. The principal balance of $720,000 on the Note bears interest at a rate of 10% per annum, payable on the October 15, 2016 Maturity Date. The Company used 100% of the proceeds from the Note Offering toward repayment of a $655,000 face amount note issued by the Company to St. George Investment LLC that was originally due on September 4, 2016. The Company’s obligations to repay and otherwise perform its obligations under the $720,000 Note are secured by a continuing first priority lien and security interest in the accounts receivable and inventory of the Company and its subsidiary, Protea Biosciences Inc. pursuant to the terms of a Security Agreement among the Company, the Subsidiary, and the Lender and include the specific assets now owned or hereafter acquired of the Company and the Subsidiary listed on the Exhibit 1 to the Security Agreement. The Subsidiary also provided the Lender with a full recourse guaranty for the prompt performance of all obligations of the Company, pursuant to the terms of a guaranty agreement.

Protea Biosciences Group, Inc Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2016

Protea Biosciences Group Inc. reported earnings results for the second quarter and six months ended June 30, 2016. For the quarter, the company reported revenue of $581,764, a 20% increase over revenue reported for the first quarter of 2016, 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. For the six months, revenue was $1,057,102, an increase of 20% over the first six months of 2015. The loss from operations was $3,001,532, a 24% reduction compared to the first six months of 2015. Net cash used in operating activities totaled $2,840,691, a 13% reduction in the net cash used in operations in comparison to the first six months of 2015.

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Recent Private Companies Transactions

Type
Date
Target
Private Placement
September 8, 2016
--
Private Placement
May 20, 2016
--
Private Placement
March 4, 2016
--
 

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