FOR
IMMEDIATE RELEASE
|
|
Investor
Contacts:
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Richard
T. Schumacher, President & CEO
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Pressure
BioSciences, Inc.
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R.
Wayne Fritzsche, Chairman
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(508)
230-1828 (T)
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Pressure
BioSciences, Inc. Announces the Exercise of 100% of the
Company’s
Remaining 15-Month Preferred Stock Purchase Warrants:
Company
Receives an Additional $1,229,650
South
Easton, MA, April 28, 2010 – Pressure BioSciences, Inc. (NASDAQ: PBIO) (“PBI” or
the “Company”) today announced that it has received $1,229,650 from the exercise
of 98,372 15-Month Preferred Stock Purchase Warrants (the “15-Month
Warrants”). The exercises represent 100% of all outstanding and
unexercised 15-Month Warrants that could be exercised after the March 30, 2010
Warrant call, and that were not held by affiliates of the Company (as defined in
the 15-Month Warrants).
On March
30, 2010, PBI exercised its right to call all outstanding and unexercised
15-Month Warrants to purchase shares of the Company’s Series A Convertible
Preferred Stock, par value $0.01 per share (the “Preferred
Stock”). Each 15-Month Warrant was exercisable for Preferred Stock at
an exercise price of $12.50 per share. The 15-Month Warrants were
issued on February 12, 2009 in connection with the private placement described
in the Current Report on Form 8-K filed by the Company with the Securities and
Exchange Commission on February 18, 2009.
The cash
proceeds of $1,229,650 were in addition to the $241,625 the Company had
previously received from the voluntary exercise of 15-Month Warrants between
November 2009 and March 30, 2010. Consequently, the total cash
proceeds received by the Company from the exercise of all of the 15-Month
Warrants were $1,471,275.
R. Wayne
Fritzsche, Chairman of the Board of PBI, said: “Fifteen months ago, during
devastating economic times, 35 individuals (the “Series A Investors”)
demonstrated their strong faith and confidence in Pressure BioSciences and
invested at a very tenuous time in our Company’s history. Through
diligent, smart, and focused efforts, our staff responded with significant
achievements in revenue growth, instrument installations, operating loss
decreases, and the continuing acceptance of our powerful proprietary platform
(pressure cycling technology, or “PCT”) by major research laboratories in the
US.”
Mr.
Fritzsche continued: “We appreciate the strong support of our Series A
Investors. We believe the 100% exercise of their 15-Month Warrants is
a clear statement that they recognize the achievements made by their Company
over the past five quarters and that they remain confident in the Company’s
future. But we are also aware that our recent achievements, as
exciting and fulfilling as they have been, are a beginning and not an end, and
that we must continue to drive the installed base of PCT users, while
concomitantly increasing the number of consumables sold and the number of PCT
publications and presentations in well respected journals and
meetings.”
Richard
T. Schumacher, President and CEO of PBI, commented: “Our successes over the past
15 months have been numerous and very gratifying, and have set the stage for
what we believe will be even greater achievements in 2010 and the years
beyond. A number of these successes will be highlighted in the
“Applications of Ultra-high Pressure in Biotechnology” Symposium, scheduled as
an all-day event on May 21st in the
Rotunda Room of the New Research Building, Harvard Medical
School. Approximately 15 scientists from well-known laboratories
throughout the US are scheduled to present on multiple applications of cycled,
ultra-high pressure, and on its potential to solve difficult and complex
problems that can be bottlenecks or even barriers to important new discoveries.
We are looking forward to the scientific community discussing the significance
of ultra-high pressure in biotechnology - the response to date on this Symposium
has been overwhelming. This is a very exciting time to be a
stakeholder in PBI.”
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. Such forward looking statements include statements regarding the
significant achievements in PBI’s revenue growth, instrument installations,
operating loss decreases, and the continuing acceptance of PCT by major research
laboratories in the U.S.; the Company’s belief that the exercise of the 15-Month
Warrants was a clear statement that the Series A Investors recognize the
achievements made by their Company over the past five quarters and of their
confidence in the future of the Company; that the Company may continue to
increase the number of PCT users, consumables sold, and the number of papers and
publications on PCT; that the successes of 2009 have set the stage for even
greater successes in 2010 and beyond; that cycled ultra-high pressure can solve
difficult and complex problems that can be bottlenecks or even barriers to
important new discoveries; and the expected importance of the upcoming Symposium
on the applications of ultra-high pressure in biotechnology. 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;
due to potential, unforeseen technological and scientific difficulties, PCT may
not assist in solving problems that currently impede new discoveries; 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 middle 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, 2009, 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