UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report Pursuant
to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) August 8, 2005
--------------
PRESSURE BIOSCIENCES, INC.
- --------------------------------------------------------------------------------
(Exact Name Of Registrant As Specified In Its Charter)
MASSACHUSETTS
- --------------------------------------------------------------------------------
(State or Other Jurisdiction of Incorporation)
0-21615 04-2652826
- ------------------------ ------------------------------------
(Commission File Number) (I.R.S. Employer Identification No.)
321 Manley Street, West Bridgewater, MA 02379
- ---------------------------------------- ----------
(Address of Principal Executive Offices) (Zip Code)
(508) 580-1818
- --------------------------------------------------------------------------------
(Registrant's Telephone Number, Including Area Code)
N/A
(Former Name or Former Address, if Changed Since Last Report)
- --------------------------------------------------------------------------------
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
Item 2.01 Completion of Acquisition or Disposition of Assets.
On August 9, 2005, Pressure BioSciences, Inc. announced that it had sold 232,792
shares of common stock of VI Technologies, Inc. ("Vitex") in open market
transactions during the period July 19, 2005 through August 3, 2005, for
approximately $1,771,000 in cash proceeds, net of charges and commission.
The shares of Vitex common stock which were sold represent a portion of the
860,982 shares of Vitex common stock the Company received in March 2005 in
connection with the merger between Vitex and Panacos Phamaceuticals, an
antiviral drug discovery and development company. The Company continues to hold
an additional 628,190 shares of Vitex, and may receive an additional 151,938
shares that are being held in escrow until September 2006 to fund any
indemnification claims pursuant to the terms of a merger agreement between Vitex
and Panacos Pharmaceuticals.
In late 1999, the Company founded Panacos Pharmaceuticals based on anti-viral
technology the Company had been developing since 1992. In November 2000, the
Company spun-off a majority of its ownership interest in Panacos Pharmaceuticals
to two venture capital firms and retained a passive ownership interest in
Panacos.
The Company's press release announcing the above-described transactions is
attached hereto as Exhibit 99.1 and is hereby incorporated herein by reference
in its entirety.
Item 9.01 Financial Statements and Exhibits
(b) Pro Forma Financial Information
-------------------------------
PRESSURE BIOSCIENCES INC. CONSOLIDATED ADJUSTMENT ADJUSTMENT PRO FORMA BALANCE
UNAUDITED PRO FORMA CONDENSED CONSOLIDATED PRESSURE BIOSCIENCES TO REFLECT TO REFLECT SHEET ASSUMING
BALANCE SHEET AS OF MARCH 31, 2005 INC. AS REPORTED SALE OF 232,792 EFFECT OF SHARES SOLD AS OF
MARCH 31, 2005 VITX SHARES TAX LIABIITY MARCH 31, 2005
AS OF MARCH 31, 2005 ASSOCIATED WITH
SHARES SOLD
ASSETS (NOTE 1) (NOTE 2)
---------------- ---------------- ---------------- ----------------
CURRENT ASSETS:
Cash and cash equivalents $ 4,761,473 $ 1,771,533 $ -- $ 6,533,006
Restricted cash 101,083 -- $ 101,083
Accounts receivable, net of allowances
of $138,147 71,945 -- $ 71,945
Inventories (net) 308,239 -- $ 308,239
Investment in marketable securities 2,275 $ 2,275
Prepaid expenses and other current assets 3,414 -- $ 3,414
---------------- ---------------- ---------------- ----------------
Total current assets 5,248,429 1,771,533 -- $ 7,019,962
---------------- ---------------- ---------------- ----------------
Property and equipment, net 42,517 -- $ 42,517
---------------- ---------------- ---------------- ----------------
OTHER ASSETS:
Intangible assets, net 462,030 -- $ 462,030
Assets tranferred under contractural
arrangment 1,404,691 $ 1,404,691
Escrow depoist related to sale of assets to
Seracare 1,103,834 $ 1,103,834
Income tax receivable 197,335 $ 197,335
Investments in marketable securuites 3,059,018 (700,515) -- $ 2,358,503
---------------- ---------------- ---------------- ----------------
Total other assets 6,226,908 (700,515) -- $ 5,526,393
---------------- ---------------- ---------------- ----------------
TOTAL ASSETS $ 11,517,854 $ 1,071,018 $ -- $ 12,588,872
================ ================ ================ ================
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable $ 126,986 $ -- $ -- 126,986
Accrued employee compensation 41,851 41,851
Accrued legal / audit 121,994 121,994
Accrued Seracre liabilities 153,269 153,269
Other accrued expenses 102,660 102,660
Income taxes payable 175,011 -- 668,277 843,288
Liabilities related to discontinued
operations 81,747 81,747
---------------- ---------------- ---------------- ----------------
Total current liabilities 803,518 -- 668,277 1,471,795
LONG-TERM LIABILITIES:
Liabilities from discontinued operations 34,000 -- 34,000
Deferred tax liability 951,233 (217,619) -- 733,614
Liabilities tranferred under contractural
arrangment 943,218 -- 943,218
---------------- ---------------- ---------------- ----------------
Total Long Term Liabilities 1,928,451 (217,619) -- 1,710,832
---------------- ---------------- ---------------- ----------------
Total liabilities 2,731,970 (217,619) 668,277 3,182,627
---------------- ---------------- ---------------- ----------------
STOCKHOLDERS' EQUITY:
Common stock, $.01 par value; 20,000,000 shares
authorized, 2,424,189 outstanding at
March 31, 2005 24,241 -- 24,241
Additional paid-in capital 6,027,020 -- 6,027,020
Loan receivable and accrued interest from
Director / CEO (1,152,206) -- (1,152,206)
Accumulated other comprehensive income 2,098,608 (480,581) -- 1,618,027
Retained Earnings 1,788,221 1,769,219 (668,277) 2,889,163
---------------- ---------------- ---------------- ----------------
Total stockholders' equity 8,785,884 1,288,638 (668,277) 9,406,245
---------------- ---------------- ---------------- ----------------
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY $ 11,517,854 $ 1,071,019 $ -- 12,588,872
================ ================ ================ ================
FOOTNOTES:
The pro forma adjustments to the unaudited pro forma condensed consolidated
financial statements assume these transactions occurred on March 31, 2005 as
follows:
1. Adjustment to reflect sale of 232,792 shares of VI Technolgies shares sold at
average price of approximately $7.60 per share net of expenses
2. Establish current tax liability related to the shares sold. Tax basis per
share approximately $0.775.
2
PRESSURE BIOSCIENCES INC. CONSOLIDATED ADJUSTMENT ADJUSTMENT PRO FORMA TOTAL
UNAUDITED PRO FORMA CONDENSED CONSOLIDATED PRESSURE BIOSCIENCES TO REFLECT TO REFLECT ASSUMING
STATEMENTS OF OPERATIONS INC. AS REPORTED SALE OF 232,792 EFFECT OF SHARES SOLD
FOR THE QUARTER ENDED MARCH 31, 2005 MARCH 31, 2005 VITX SHARES TAX LIABIITY AS ADJUSTED
ASSOCIATED WITH
SHARES SOLD
ASSETS (NOTE 1) (NOTE 2)
---------------- ---------------- ---------------- ----------------
REVENUE:
PCT Products, services, other $ 2,630 -- $ -- $ 2,630
Grant Revenues -- -- -- --
---------------- ---------------- ---------------- ----------------
Total revenue 2,630 -- -- 2,630
---------------- ---------------- ---------------- ----------------
COSTS AND EXPENSES:
Cost of PCT products and services 6,521 -- -- 6,521
Research and development 103,028 -- -- 103,028
Selling and marketing 15,260 -- -- 15,260
General and administrative 308,888 -- -- 308,888
---------------- ---------------- ---------------- ----------------
Total operating costs and expenses 433,697 -- -- 433,697
---------------- ---------------- ---------------- ----------------
Operating income (loss) (431,067) -- -- (431,067)
Other operating credits and (charges) net, (235,352) -- (235,352)
Net Interest Expense (income) 78,932 -- -- 78,932
---------------- ---------------- ---------------- ----------------
Loss from continuing operations before
income taxes (587,487) -- -- (587,487)
Realized gain on sale of VI Technolgies
investment (net of expenses) -- 1,769,219 1,769,219
Income tax benefit / (provision) 199,746 (668,277) (468,531)
---------------- ---------------- ---------------- ----------------
Income / (loss) from continuing operations $ (387,741) $ 1,769,219 $ (668,277) 713,201
Discontinued operations :
Income from discontinued operations (net
of income tax benefit of $2,411) $ 4,679 $ -- $ -- $ 4,679
Net loss $ (383,062) $ 1,769,219 $ (668,277) $ 717,880
Loss per share from continuing operations $ (0.08) $ 0.15
basic & diluted
Income per share from discontinued $ 0.00 $ 0.00
operations, basic & diluted
Net loss per share, basic & diluted $ (0.08) $ 0.15
Weighted average number of shares used to
calculate per share (loss) / income 4,649,052 4,649,052
NOTES:
The pro forma adjustments to the unaudited pro forma condensed consolidated
financial statements assume these transactions occurred on January 1, 2005.
1. Reflect sale of 232,792 shares of VI Technolgies shares sold at average price
of approximately $7.60 per share net of expenses.
2. Establish tax liability related to the shares sold. Tax basis per share
approximately $0.775 per share.
3
PRESSURE BIOSCIENCES INC. CONSOLIDATED ADJUSTMENT ADJUSTMENT PRO FORMA
UNAUDITED PRO FORMA CONDENSED CONSOLIDATED PRESSURE TO REFLECT TO REFLECT TOTAL
STATEMENT OF OPERATIONS BIOSCIENCES SALE OF EFFECT OF AS ADJUSTED
FOR THE YEAR ENDED DECEMBER 31, 2004 INC. AS REPORTED 232,792 VITX TAX LIABIITY
DECEMBER 31, 2004 SHARES ASSOCIATED
WITH SHARES
(NOTE 1) SOLD (NOTE 2)
---------------- ---------------- ---------------- ----------------
REVENUE:
Grant Revenues $ 393,306 $ -- -- $ 393,306
PCT Products, services, other 19,310 -- -- 19,310
All Other --
---------------- ---------------- ---------------- ----------------
Total revenue 412,616 -- -- 412,616
---------------- ---------------- ---------------- ----------------
COSTS AND EXPENSES:
Cost of products & services 183,579 -- -- 183,579
Cost of services 388,744 -- -- 388,744
Research and development 419,936 -- -- 419,936
Acquired research and development -- -- --
Selling and marketing 194,612 194,612
General and administrative 1,617,976 -- -- 1,617,976
Stock based compensation --
---------------- ---------------- ---------------- ----------------
Total operating costs and expenses 2,804,847 -- -- 2,804,847
---------------- ---------------- ---------------- ----------------
Operating loss from continuing operations (2,392,231) -- -- (2,392,231)
Other operating credits and (charges) net, (442,611) -- -- (442,611)
Net interest income / (expense) 151,576 1,769,219 1,920,795
---------------- ---------------- ---------------- ----------------
Loss from continuing operations before income taxes (2,683,266) -- (2,683,266)
Realized gain on sale of VI Technologies
investment (net of expenses) 1,769,219 1,769,219
Income tax benefit / (provision) 941,350 $ -- (668,277) 273,073
---------------- ---------------- ---------------- ----------------
Loss from continuing operations (1,741,916) 1,769,219 (668,277) (640,974)
Discontinued operations:
Income / (loss) from discontinued operations
(net of income tax benefit of $58,467) (113,196) (113,196)
Gain on sale of net assets related to
discontinued operations
(net of income taxes of $4,354,809 in 2004) $ 14,567,697 14,567,697
---------------- ---------------- ---------------- ----------------
Net income from discontinued operations 14,454,501 14,454,501
Net income / (loss) $ 12,712,585 $ 1,769,219 $ (668,277) $ 13,813,527
================ ================ ================ ================
Loss per share from continuing operations
basic & diluted $ (0.25) $ (0.09)
Income per share from discontinued
operations, basic & diluted $ 2.11 $ 2.11
Net income / (loss) per share, basic & diluted $ 1.86 $ 2.02
Weighted average number of shares used to
calculate per share income / (loss) per share 6,850,380 6,850,380
NOTES:
The pro forma adjustments to the unaudited pro forma condensed consolidated
financial statements assume these transactions occurred on January 1, 2004.
1. Reflect sale of 232,792 shares of VI Technolgies sold at average price of
approximately $7.60 per share net of expenses.
2. Establish tax liability related to the shares sold. Tax basis per share
approximately $0.775 per share.
(c) Exhibits
--------
Exhibit
Number Exhibit Description
------ -------------------
99.1 Press Release dated August 9, 2005
4
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this Report to be signed on its behalf by the
undersigned, thereunto duly authorized.
Dated: August 10, 2005 PRESSURE BIOSCIENCES, INC.
By: /s/ RICHARD T. SCHUMACHER
------------------------------------------
Richard T. Schumacher, President and Chief
Executive Officer
5
Exhibit Index
-------------
Exhibit
Number Exhibit Description
- ------ -------------------
99.1 Press Release dated August 9, 2005
6