FOR
IMMEDIATE RELEASE
Investor
Contacts:
|
|
Richard
T. Schumacher, President & CEO
|
Pressure
BioSciences, Inc.
|
R.
Wayne Fritzsche, Chairman
|
(508)
230-1828 (T)
|
Pressure
BioSciences, Inc. Announces the Receipt of Approximately $500,000
From
the Second Tranche of a Private Placement
South
Easton, MA, March 24, 2010 – Pressure BioSciences, Inc. (NASDAQ: PBIO) (“PBI” or
the “Company”) today announced that it has closed on the sale of approximately
$500,000 of units in the second tranche of the Company’s $2.5 million Series B
private placement. Each unit was priced at $18.80 and consists of (i)
one share of non-voting Series B Convertible Preferred Stock, and (ii) one
warrant to purchase a share of Series B Convertible Preferred Stock at an
exercise price of $28.80 per share, expiring on
August 11, 2011. Each share of non-voting Series B
Convertible Preferred Stock is convertible into ten shares of the Company’s
common stock. The closing bid of PBI common stock reported on the
NASDAQ Capital Market as of the close of business on Wednesday, March 17, 2010,
the day before the second tranche closing, was $1.75 per common
share. This brings the total amount received to date in the Series B
private placement to approximately $1.66 million.
The units
were issued in a private placement without registration under the Securities Act
of 1933, as amended (the “Securities Act”), in reliance upon the exemption from
registration set forth in Rule 506 of Regulation D promulgated under the
Securities Act. In connection with the private placement, the Company
is paying a cash finder’s fee plus warrants to purchase shares of Series B
Convertible Preferred Stock, expiring August 11, 2012.
Mr. R.
Wayne Fritzsche, Chairman of the PBI Board of Directors commented: “The funds
from this financing will continue to support our on-going efforts to drive the
installed base of our Pressure Cycling Technology (“PCT”) products, to finish
the development of PCT-dependent consumables and instrumentation for several
specific markets where we believe that we have clear advantages over the
competition, and to support our growing list of customers in their efforts to
publish and present strong, supportive data on PCT. ”
This
press release is not an offer to sell or a solicitation of offers to buy units,
Series B Convertible Preferred Stock, or warrants. The units, shares of Series B
Convertible Preferred Stock, 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
requirements.
About
Pressure BioSciences, Inc.
Pressure
BioSciences, Inc. (PBI) is a publicly traded company focused on the development
of a novel, enabling technology called Pressure Cycling Technology
(PCT). PCT uses cycles of hydrostatic pressure between ambient and
ultra-high levels (up to 35,000 psi and greater) to control bio-molecular
interactions. PBI currently holds 14 US and 10 foreign patents
covering multiple applications of PCT in the life sciences field, including
genomic and proteomic sample preparation, pathogen inactivation, the control of
chemical reactions, immunodiagnostics, and protein purification. PBI
currently focuses its efforts on the development and sale of PCT-enhanced
enzymatic digestion products designed specifically for the mass spectrometry
marketplace, as well as sample preparation products for biomarker discovery,
soil and plant biology, forensics, histology, and counter-bioterror
applications.
Forward
Looking Statements
Statements
contained in this press release regarding the Company'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. Forward looking statements include statements that the funds raised in the
second tranche of the private placement will allow the Company to continue to
support on-going efforts to increase the sales of PCT-based products; to
continue the development of PCT instrumentation and consumables in specific
areas; to support customers in their efforts to present or publish data; and the
implication that the Company will sell any additional securities in subsequent
closings of the private placement. 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:
possible difficulties or delays in the implementation of the Company's
strategies that may adversely affect the Company's continued commercialization
of its PCT-based product line; changes in customer’s needs and technological
innovations; the Company’s sales force may not be successful in selling the
Company’s PCT product line because scientists may not perceive the advantages of
PCT over other sample preparation methods; that the Company may not be
successful in raising additional funds beyond the second tranche of
approximately $500,000; and if actual operating costs are higher than
anticipated, or revenues from product sales are less than anticipated, the
Company may need additional capital sooner than the beginning of calendar year
2011. Additional risks and uncertainties that could cause actual
results to differ materially from those indicated by these forward-looking
statements are discussed under the heading "Risk Factors" in the Company's
Annual Report on Form 10-K for the year ended December 31, 2008, 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.
Visit us
at our website http://www.pressurebiosciences.com