SOUTH EASTON, Mass., April 7, 2016 /PRNewswire/ -- Pressure BioSciences, Inc. (OTCQB: PBIO) ("PBI" and the "Company"), a leader in the development and sale of broadly enabling, pressure cycling technology ("PCT")-based sample preparation solutions to the worldwide life sciences industry, today announced the receipt of $769,667 in the final close of its $5 Million PIPE Financing (the "Offering"). This final closing increased the total raised in the Offering to $6,329,667, an amount substantially above the Company's goal of $5 Million. The Company netted $719,049 in cash from the final close and $5,101,049 in cash from the total Offering.
Pursuant to the terms of the Offering, the Company issued to the investors, senior secured convertible debentures with a fixed conversion price of $0.28 per restricted common share, and common stock purchase warrants exercisable into shares of restricted common stock at an exercise price of $0.40 per share. The Company is under no obligation to file a registration statement to register the shares underlying the Debentures and Warrants.
Mr. Richard T. Schumacher, President and CEO of PBI, commented: "With cash from the Offering, we accomplished a number of key goals during the latter half of 2015 and the first three months of 2016. These include (i) the elimination of all variable-rate debt; (ii) the development of the new Barocycler NEP2320 Extreme, designed specifically for use in mass spectrometry sample preparation, including PCT-SWATH; (iii) the support of new marketing initiatives to potential customers worldwide (which have already begun to show positive results through increased requests for instrument/consumable information and quotations); (iv) the ability to support multiple scientific collaborators, many of whom are considered Key Opinion Leaders, whose studies readily highlight the advantages of the PCT platform to potential customers worldwide, and (v) the ability to strongly support the recently announced co-marketing agreement with SCIEX, a leader in life sciences analytical technologies worldwide."
Mr. Schumacher continued: "We are very pleased to have not only completed the $5 Million financing, but to have completed it with approximately $1.3 Million in over-subscriptions. We thank all investors who participated in the Offering for their faith and trust in the PBI Team and in our patented and enabling pressure cycling technology ("PCT") platform."
This press release is not an offer to sell or a solicitation of offers to participate in the Offering. The units, including the shares underlying the Debentures 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. Garden State Securities, Inc., a FINRA-registered broker dealer, acted as exclusive placement agent.
For more information on the Offering, please see the Form 8-K filed by the Company on July 28, 2015 and on April 6, 2016.
About Pressure BioSciences, Inc.
Pressure BioSciences, Inc. ("PBI") (OTCQB: PBIO) develops, markets, and sells proprietary laboratory instrumentation and associated consumables to the estimated $6 billion life sciences sample preparation market. Our products are based on the unique properties of both constant (i.e., static) and alternating (i.e., pressure cycling technology, or PCT) hydrostatic pressure. PCT is a patented enabling technology platform that uses alternating cycles of hydrostatic pressure between ambient and ultra-high levels to safely and reproducibly control bio-molecular interactions. To date, we have installed over 250 PCT systems in approximately 160 sites worldwide. There are over 100 publications citing the advantages of the PCT platform over competitive methods, many from key opinion leaders. Our primary application development and sales efforts are in the biomarker discovery and forensics areas. Customers also use our products in other areas, such as drug discovery & design, bio-therapeutics characterization, soil & plant biology, vaccine development, histology, and forensic applications.
Forward Looking Statements
Statements contained in this press release regarding PBI'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. 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, the risks and uncertainties discussed under the heading "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2015 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.
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Richard T. Schumacher, President & CEO, PBI (508) 230-1828 (T)
Jeffrey N. Peterson, Chairman of the Board (650) 812-8121 (T)
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SOURCE Pressure BioSciences, Inc.