MORGANTOWN, W.Va., Nov. 22, 2016 (GLOBE NEWSWIRE) -- Protea Biosciences Group, Inc. (OTCQB:PRGB) ("Protea") released its Third Quarter 2016 results today, reporting revenue of $519,908 for the quarter, and revenue for the first nine months of 2016 of $1,577,010, an increase of 24% over the first nine months of 2015. The loss from operations for the first nine months of 2016 was $4,496,322, a 19% reduction compared to the first nine months of 2015. The net loss for the third quarter of 2016 was $1,494,790 , a decrease of 6% compared to the third quarter of 2015. "Protea continues to report increasing revenue and financial progress, both trends that we expect to continue," stated Steve Turner, Protea's Chairman & CEO. He added, "In particular, we are experiencing increased demand for our molecular information services, for which we now have over 60 academic, biotechnology, and pharmaceutical clients. There is an ever-increasing need for better, more comprehensive molecular information to help guide pharmaceutical discovery and development - this is Protea's core business." For the first nine months of 2016, Selling, General and Administrative ("SG&A") expenses were $4,441,855, a decrease of 16% over the first nine months of 2015. SG&A expenses recognized during the third quarter of 2016 were $1,449,312 or 3% below the SG&A expenses recorded during the third quarter of 2015. Net cash used in operating activities for the nine months ended September 30, 2016 totaled $3,408,885, a 21% reduction in the net cash used in operations in comparison to the first nine months of 2015; net cash used in operations in Q3 of 2016 was $568,194 a reduction of 46% in comparison to the third quarter of 2015. During FY2016, the Company has added new molecular information services capabilities and workflows to expand its metabolomics, proteomics, and biotherapeutic databases and analytics, enabling Protea the ability to further characterize both small and large molecules in the same, integrated bio-analytical workflows. These capabilities are now available for Protea's clients to obtain more comprehensive molecular information to support their pharmaceutical discovery and product development objectives.