FOR
IMMEDIATE RELEASE
Investor
Contacts: |
|
Richard T.
Schumacher, President & CEO |
Pressure
BioSciences, Inc. |
R. Wayne Fritzsche,
Chairman |
(508) 230-1828
(T) |
Alan
I. Goldberg, Long-term Pressure BioSciences, Inc.
Investor
and Supporter, Joins the Company’s Board of Directors
South
Easton, MA, July 12, 2010 – Pressure BioSciences, Inc. (NASDAQ: PBIO) (“PBI” and
the “Company”) today announced that Mr. Alan I. Goldberg has been unanimously
elected to fill the open, Class III seat on the Company’s Board of Directors,
effective Monday, July 12, 2010. This seat has been vacant since shareholders
voted to amend the Company’s Articles of Incorporation and to divide the Board
of Directors into three classes.
R. Wayne
Fritzsche, Chairman of the Board, said: “Alan has been a strong supporter of PBI
for years, both as an investor and as an independent ‘sounding
board’. His knowledge of the capital markets, his personal network,
his experiences in assisting small cap companies develop and grow, and his
investment expertise will be invaluable to PBI. We are thrilled to
have Alan join our Board, especially now, as we begin to focus on the
commercialization of several potential “game changing” applications of our novel
and powerful pressure cycling technology (“PCT”) platform.”
Mr.
Goldberg said: “I first invested in PBI in 2007, based on my confidence in the
Company’s management team, their novel and patented PCT technology, and their
ambitious but realistic business plan. Since then, they have released
multiple new products; added many highly-respected and influential academic,
government, biotech, and pharma laboratories to their enviable list of
customers; strategically expanded their IP estate; and significantly increased
revenue while they decreased operating expenses.”
Mr.
Goldberg continued: “At the recent high pressure symposium at Harvard Medical
School, I heard over a dozen independent, internationally-recognized scientists
discuss how they and their colleagues had developed and were beginning to apply
various applications of PCT to their cutting-edge research. These talks, and my
discussions with some of the speakers, re-confirmed my belief that the Company’s
PCT-based products are now ready to fill existing needs in multiple, large and
growing research markets.”
The
Company believes the research market for biological sample preparation is
comprised of approximately 450,000 researchers working in about 80,000 labs
worldwide, almost all of whom perform some level of sample preparation. The
Company will be working very hard to attain at least a 2.5% market share with
its existing products over the next 3-5 years. Based upon expected
pricing and margins for these products, it is possible that if the Company is
successful in achieving such market penetration, this could result in a highly
profitable company with revenue of approximately $32 million in
2015.
Because
of this and other reasons, Mr. Goldberg concluded, “I have added significantly
to my investment over the past 18 months, and have recently urged colleagues,
friends, and family to look carefully at this exciting
opportunity.”
Mr.
Goldberg has a degree in Finance from Northwestern University, and has spent his
entire professional career in the worldwide commodities and finance
communities. He has been a broker, regional manager, and officer of a
national brokerage firm; a long-term member of the Chicago Board of Trade; and
chairman of a large investment fund. He has served on private and
public company boards, and is active in several educational and community
charities.
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 and enzymatic reactions, immunodiagnostics, and protein
purification. PBI currently focuses its efforts in 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 regarding the potential
applications of the Company’s pressure cycling technology (PCT), the achievement
of the Company’s goals and objectives, as well as its belief regarding the size
of the research market for biological sample preparation products; the potential of the
Company’s pressure cycling technology (PCT)-based products to capture
approximately 2.5% of this market, and the estimate that such market share would
result in a highly profitable company with revenue of approximately $32 million
in 2015. 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 PCT; 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; and due to possible competition, the Company’s expected
pricing for its products may be too high to achieve approximately 2.5% market
penetration, and due to unexpected increases in the costs of doing business, the
Company’s operating costs may be higher than expected, each resulting in the
Company’s inability to achieve its revenue and profitability
goals. Further, the Company expects that it will need additional
capital to fund its continuing operations beyond the first quarter of 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