Pacific Biomarkers, Inc. Reports Third Quarter Operating Results

Pacific Biomarkers, Inc. (OTC.BB:PBMC) ("PBI"), a leading provider of biomarker laboratory services and contract research services, today announced its operating results for the third quarter and first nine months of FY2011.

For the three months ended March 31, 2011 (the third quarter of FY2011), revenue decreased 3% to $2,159,014, compared with $2,233,698 for the third quarter of FY2010. Operating loss totaled $381,538 in the third quarter of FY2011, versus operating loss of $238,047 in the prior-year period. The Company reported a net loss of $430,575, or $0.03 per share, for the three months ended March 31, 2011, compared with a net loss of $393,259, or $0.02 per share, for the three months ended March 31, 2010.

Revenue for the nine months ended March 31, 2011 increased 13% to $7,544,616, compared with $6,648,868 during the corresponding period of the previous fiscal year. An operating loss of $631,790 was recorded in the first nine months of FY2011, versus an operating loss of $758,792 in the same period last year. Net loss for the nine months ended March 31, 2011 totaled $982,156, or $0.06 per share, compared with a net loss of $1,124,038, or $0.06 per share, for the year-earlier period.

For additional information, see Pacific Biomarkers' quarterly report filed with the SEC on Form 10-Q for the fiscal quarter ended March 31, 2011 and its annual report filed with the SEC on Form 10-K for the fiscal year ended June 30, 2010.

About Pacific Biomarkers, Inc. (PBI)
Established in 1989, PBI provides biomarker laboratory services and contract research services to support pharmaceutical and diagnostic manufacturers conducting human clinical trial research. The Company provides expert services in the areas of cardiovascular and musculoskeletal diseases, diabetes, obesity, and nutrition. The PBI laboratory is accredited by the College of American Pathologists, New York State, and the Lipid Standardization Program. PBI's clients include many of the world's largest pharmaceutical, biotech, and diagnostic companies. PBI also provides clinical biomarker services focusing on the emerging field of biomarker assay development and testing. Services include validating and performing custom assays for novel clinical biomarkers, immunogenicity testing, cell-based assays, mass spectrometry, and multiplex testing.

PBI is headquartered in Seattle, Washington, and its common stock trades on the OTC Bulletin Board under the symbol "PBMC".

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
This press release includes forward-looking statements including, but not limited to, the following: growth in revenues and backlog; results of business development activities; financial results; future growth; and the viability and acceptance of its established and new services, including the Company's biomarker services. These forward-looking statements are subject to a number of risks and uncertainties that may cause actual results to differ materially from those described in the forward-looking statements. These risks include, but are not limited to, the following: the Company's ability to enter into contracts for its laboratory testing or biomarker services; client changes or early terminations of studies; variability in backlog; the success of marketing and business development efforts, and competitive factors; the Company's ability to manage growth; and other risks and uncertainties set forth in periodic filings with the U.S. Securities and Exchange Commission (including Form 10-K for the year ended June 30, 2010).

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Source: Marketwire