Pressure BioSciences Exceeds $5 Million PIPE Goal and Opens
$1.25 Million Over-Subscription Amount
South Easton, MA -- January 11, 2016 -- InvestorsHub NewsWire --
Pressure BioSciences, Inc. (OTCQB:
PBIO) (PBI and the Company), a leader in the development and
sale of broadly enabling, pressure cycling technology (PCT)-based
sample preparation solutions to the worldwide life sciences
industry, today announced it has exceeded its $5 million PIPE goal
following the receipt of $255,000 in gross proceeds from the fifth
closing of its $5 million Private Placement (the Offering). This
closing increased the total amount raised in the Offering to
$5,010,000.
Since the terms of the Offering limit the amount that can be
raised to $5 million, the Company has approved the opening of the
$1.25 million over-subscription amount, which has increased the
capacity of the PIPE to a maximum of $6.25 million.
Pursuant to the Subscription Agreement, the Company will issue
to the investors, senior secured convertible debentures with a
fixed conversion price of $0.28 per restricted common share, and
common stock purchase warrants exercisable into a total of 455,357
shares of restricted common stock at an exercise price of $0.40 per
share. The Company is under no obligation to file a registration
statement to register the shares underlying the Debentures and
Warrants.
Mr. Richard T. Schumacher, President and CEO of PBI, commented:
The vast majority of funds raised to date have been used to
eliminate 100% of the Companys variable rate (floorless)
convertible debt. With our significantly improved balance sheet now
in hand, all funds received from the over-subscription amount will
be used to support operating activities. With ramping sales, new
and further improved product offerings, the planned expansion of
our sales and marketing capabilities, and the expected announcement
of a world-class, formidable, multi-national co-marketing partner,
we believe we will achieve operational and financial growth levels
in 2016 that will surpass any previous year, including our record
shattering 2015 performance.
This press release is not an offer to sell or a solicitation of
offers to participate in the Offering. The units, including the
shares underlying the Debentures and Warrants, have not been
registered under the Securities Act and may not be sold in the
United States absent registration under the Securities Act or an
applicable exemption from registration.
For more information on the Offering, please see the Form 8-K
filed by the Company on July 28, 2015.
About Pressure BioSciences, Inc.
Pressure BioSciences, Inc. (PBI) (OTCQB:
PBIO) develops, markets, and sells proprietary laboratory
instrumentation and associated consumables to the estimated $6
billion life sciences sample preparation market. Our products are
based on the unique properties of both constant (i.e., static) and
alternating (i.e., pressure cycling technology, or PCT) hydrostatic
pressure. PCT is a patented enabling technology platform that uses
alternating cycles of hydrostatic pressure between ambient and
ultra-high levels to safely and reproducibly control bio-molecular
interactions. To date, we have installed over 250 PCT systems in
approximately 160 sites worldwide. There are over 100 publications
citing the advantages of the PCT platform over competitive methods,
many from key opinion leaders. Our primary application development
and sales efforts are in the biomarker discovery and forensics
areas. Customers also use our products in other areas, such as drug
discovery & design, bio-therapeutics characterization, soil
& plant biology, vaccine development, histology, and forensic
applications.
Forward Looking Statements
Statements contained in this press release regarding PBI's
intentions, hopes, beliefs, expectations, or predictions of the
future are "forward-looking'' statements within the meaning of the
Private Securities Litigation Reform Act of 1995. These statements
are based upon the Company's current expectations, forecasts, and
assumptions that are subject to risks, uncertainties, and other
factors that could cause actual outcomes and results to differ
materially from those indicated by these forward-looking
statements. These risks, uncertainties, and other factors include,
but are not limited to, the risks and uncertainties discussed under
the heading "Risk Factors" in the Company's Annual Report on Form
10-K for the year ended December 31, 2014, in the Companys
Quarterly Report on Form 10-Q for the period ended September 30,
2015, and other reports filed by the Company from time to time with
the SEC. The Company undertakes no obligation to update any of the
information included in this release, except as otherwise required
by law.
Investor Contacts:
Richard T. Schumacher, President & CEO, PBI (508) 230-1828
(T)
Jeffrey N. Peterson, Chairman, PBI (650) 812-8121 (T)
Redwood Investment Group (714) 978-4425 (T)
For more information about PBI and this press release, please
click on the following website link:
http://www.pressurebiosciences.com
Please visit us on Twitter |
LinkedIn | YouTube | Google+
| Facebook