Pressure BioSciences Closes Additional $769K in PIPE
Financing; Final Close Brings Total Raised to Over $6.3
Million, Substantially Above Companys Goal of $5 Million
Investors in Final Close Include All Five Board Members
South Easton, MA -- April 7, 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 the receipt of $769,667 in the final
close of its $5 Million PIPE Financing (the Offering). This final
closing increased the total raised in the Offering to $6,329,667,
an amount substantially above the Companys goal of $5 Million. The
Company netted $719,049 in cash from the final close and $5,101,049
in cash from the total Offering.
Pursuant to the terms of the Offering, the Company issued 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:
With cash from the Offering, we accomplished a number of key goals
during the latter half of 2015 and the first three months of 2016.
These include (i) the elimination of all variable-rate debt; (ii)
the development of the new Barocycler NEP2320 Extreme, designed
specifically for use in mass spectrometry sample preparation,
including PCT-SWATH; (iii) the support of new marketing initiatives
to potential customers worldwide (which have already begun to show
positive results through increased requests for
instrument/consumable information and quotations); (iv) the ability
to support multiple scientific collaborators, many of whom are
considered Key Opinion Leaders, whose studies readily highlight the
advantages of the PCT platform to potential customers worldwide,
and (v) the ability to strongly support the recently announced
co-marketing agreement with SCIEX, a leader in life sciences
analytical technologies worldwide.
Mr. Schumacher continued: We are very pleased to have not only
completed the $5 Million financing, but to have completed it with
approximately $1.3 Million in over-subscriptions. We thank all
investors who participated in the Offering for their faith and
trust in the PBI Team and in our patented and enabling pressure
cycling technology (PCT) platform.
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. Garden State Securities,
Inc., a FINRA-registered broker dealer, acted as exclusive
placement agent.
For more information on the Offering, please see the Form 8-K
filed by the Company on July 28, 2015 and on April 6, 2016.
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, 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.
For more information about PBI and this press release, please
click on the following website link:
http://www.pressurebiosciences.com
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Investor Contacts:
Richard T. Schumacher, President & CEO, PBI (508) 230-1828
(T)
Jeffrey N. Peterson, Chairman of the Board (650) 812-8121
(T)