Pressure BioSciences Closes $550,000 First Tranche of $5
Million PIPE Over-Subscription Amount
South Easton, MA -- March 2, 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 closed the first tranche of the
over-subscription amount of its $5 million Private Placement (the
Offering) following the receipt of $550,000 in gross proceeds from
the sixth overall closing of the Offering. This closing increased
the total amount raised in the Offering to $5,560,000.
The initial terms of the Offering limited the amount that could
be raised in the Offering to $6.25 million ($5 million plus a $1.25
million over-subscription amount). The Company recently approved an
increase in the over-subscription amount to $2.5 million, which
increased the capacity of the Offering to a maximum of $7.5
million. Following the sixth closing, $1,940,000 remains available
in the Offering.
Pursuant to the terms of the Offering, 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 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:
In mid-January 2016, SCIEX, a global leader in life science
analytical technologies and a wholly-owned subsidiary of the
Danaher Corporation, announced an exclusive co-marketing agreement
with PBI. Under the agreement, the companies will jointly promote
PBIs PCT-based sample preparation systems and SCIEXs mass
spectrometry equipment, with a focus on improved sample
preparation, a crucial step performed by tens of thousands of
research scientists worldwide.
Mr. Schumacher continued: We believe the combination of PBI and
SCIEX technologies could result in superior biological insights and
discoveries in the life sciences industry, and in rapid and
sustainable revenue growth for PBI. It is therefore important to do
everything possible to strongly support the PBI-SCIEX co-marketing
agreement. Consequently, we decided to increase the
over-subscription amount to help ensure that we fulfill our
obligations under the co-marketing agreement, and to enable us to
take full advantage of the opportunities that the co-marketing
agreement and new working relationship with SCIEX will most
certainly offer.
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