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 Election
of
Gregory G. Freitag, Esq. to the Company’s Board of Directors
South
Easton, MA, July 29, 2010 – Pressure BioSciences, Inc. (NASDAQ: PBIO) (“PBI” and
the “Company”) today announced that Mr. Gregory G. Freitag, Esq. has been
unanimously elected to the Company’s Board of Directors, effective Tuesday, July
27, 2010. The Board of Directors increased the number of directors
from six to seven with Mr. Freitag filling the newly created additional Class
III position. Mr. Freitag’s term of office will expire at the 2011
annual meeting of shareholders.
R. Wayne
Fritzsche, Chairman of the Board, said: “We are excited and pleased to have Greg
join the PBI Board of Directors. He is a seasoned life sciences
veteran, whose capabilities and experiences we believe will be invaluable to
PBI. Specifically, Greg’s market knowledge and business development
background, in both emerging and mature companies, should help immensely as we
navigate through critical aspects of our growth strategy.”
Mr.
Freitag said: “I am pleased to join the Company at a time when I believe it is
taking the next significant step in its evolution. As a technology
platform, pressure cycling technology (PCT) has shown market acceptance,
versatility, and an enabling capability, resulting in an expanding base of
business. The work of the Company’s skilled team and committed
customers is providing a number of novel applications that are expected to
result in both focused products and new business pursuits.”
Mr.
Freitag concluded: “I believe that my life science market knowledge and
extensive business development and legal experience can help maximize the many
opportunities that we have before us. I look forward to working with
my colleagues at PBI as we build and navigate the exciting road
ahead.”
Mr.
Freitag JD, CPA, is CEO, CFO, and a Director of LecTec Corporation (OTCBB:
LECT), an intellectual property licensing and holding company. He is
also CEO of EmployRx, Inc. (providing services to self-insured employers) and
works for FreiMc LLC (providing strategic guidance and business development
services). Prior to these positions, Mr. Freitag worked in business
development at both Pfizer Health Solutions and at Guidant Corporation,
co-founded and was CEO of HTS Biosystems (a biotechnology tools company), and
was COO, CFO, and general counsel of Quantech, Ltd (a public point-of-care
company). Mr. Freitag began his career practicing corporate law in
Minnesota.
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 and market acceptance of the Company’s pressure cycling technology
(PCT), and the value of Mr. Freiberg’s market knowledge and business development
background to the growth and development of the Company. 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 continued market penetration, and due to unexpected increases in the
costs of doing business, the Company’s operating costs may be higher than
expected. 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