DURHAM, N.C., April 29, 2024 (GLOBE NEWSWIRE) -- Scorpius Holdings, Inc (NYSE American: SCPX) (‘Scorpius" or "the Company"), an integrated contract development and manufacturing organization providing state-of-the-art large molecule contract development and manufacturing organization ("CDMO"), today provided strategic, financial, and operational updates for the year ended December 31, 2023. Jeff Wolf, CEO of Scorpius Holdings, Inc., stated, "We are executing our plan to augment sales and drive revenue, as evidenced by the $4.8 million of revenue from continuing operations that we reported in the fourth quarter of 2023. This represents a 570% increase from the third quarter of 2023, and a 226% increase compared to revenue for the first nine months of the year. To date, Scorpius's successful business development efforts have resulted in the recording of more than $20 million of contract bookings. We believe our bookings, coupled with the strong interest in our microbial and mammalian capabilities and promising pipeline of new opportunities, positions us well for significant growth in 2024 and beyond." "As the large molecule drug substance CDMO market is projected to grow from $10 billion in 2023 to $21 billion by 20301, there is a substantial need for enhanced industry capacity. With our scalable business model and the rising demand for our large molecule CDMO services, we believe that we are well-positioned to capture a meaningful share of this market. Moreover, we expect Scorpius' growth to accelerate in 2024 and remain optimistic about becoming cash flow positive by early 2025. With the completion of our facility and divestiture of our research and non-core assets, we substantially reduced our operating expenses in the fourth quarter of 2023. As a result, we believe the future for Scorpius could not be brighter as our 60,000+ sq. ft. campus provides us sufficient capacity to grow our business with minimal additional capex requirements, which we believe is the key to maximizing profits and returns for our shareholders," concluded Mr. Wolf. 2023 Financial Results For the year ended December 31, 2023, the Company recognized $6.6 million of contract revenue, $0.3 million of National Institutes of Health grant revenue, and $0.1 million of royalty revenue from continuing operations. For the year ended December 31, 2022, revenue consisted of $0.1 million of contract revenue and $0.3 million of CPRIT grant revenue from continuing operations. The revenue ...