SOUTH EASTON, Massachusetts, June 11, 2020 /PRNewswire/ -- Pressure BioSciences, Inc. (OTCQB: PBIO) ("PBI" or the "Company"), a leader in the development and sale of broadly enabling, pressure-based instruments, consumables, and platform technology solutions to the worldwide biotechnology, biotherapeutics, cosmeceuticals, nutraceuticals, and food & beverage industries, today announced that its merger partner SkinScience Labs, Inc. has received an initial $3.5 million dollar order for its newly developed, premium, dermatological hand sanitizer product. PBI announced plans on April 30, 2020 to acquire SkinScience Labs (SSL Acquisition), parent company of the award-winning Dr. Denese skin care and anti-aging product lines. PBI's rights to acquire SkinScience Labs, Inc. arise through its planned acquisition of Cannaworx, Inc., announced on April 28, 2020 (Cannaworx, Inc. Acquisition).
Adrienne Denese, M.D., Ph.D. (Cornell, Harvard) is an industry leader in scientific skin care breakthrough technologies. As founder of the award-winning Dr. Denese SkinScience® product lines, it has been Dr. Denese's mission in life to help women look and feel younger, and live healthier lives. Her skin care and anti-aging product lines have consistently been top sellers on QVC, generating sales of about $18 million in 2019 and over $500 million since 2003 (https://drdenese.com).
Dr. Denese commented: "Our goal has always been to develop and supply the highest quality of personal care products expected by our very loyal customer base. Over the past few months, shortages of hand sanitizers have been reported by stores all over the US. With SkinScience Labs' nearly two decades of experience in formulation, manufacturing, and distribution, and my expertise and training as a scientist and physician, it became clear that we could become an important new part of the solution. With particular focus on the adverse effects that the high alcohol content in typical hand sanitizers have on skin, we went back to the lab and formulated a premium quality, dermatologically driven hand sanitizer. We recently made the decision to release this very effective, premium product to the market (Hand Sanitizer Launch)."
According to a 2019 report by Radiant Insights, the global hand sanitizer market was estimated to be $2.4 billion in 2017 and is anticipated to reach $5.5 billion by 2024 (Radiant Insights Report).
The merger of SkinScience Labs, Cannaworx, Inc., and Pressure BioSciences is expected to close by June 30, 2020. At that time, the company will change its name to Availa Bio. PBI, Cannaworx, and SkinScience Labs will operate as three separate, highly synergistic divisions under the Availa Bio umbrella. The new parent company will be publicly traded as a QB company on the OTC Marketplace. Availa Bio will be led by Jim Morrison (Availa CEO), former President of L'Oreal, StarShop, and Graham Webb. Mr. Morrison is also renowned for his long history in working with celebrities to launch beauty and personal care lines, including Kylie Jenner, Britney Spears, Christie Brinkley, and Rob Lowe. Mr. Morrison is widely regarded as one of the top brand strategists in the personal care space worldwide.
Mr. Morrison said: "Dr. Adrienne Denese is an accomplished doctor, scientist, businesswoman, and skin care visionary. It therefore came as no surprise that she chose to expand her very popular cosmetics line with the addition of a premium quality hand sanitizer based on her own proprietary formulation. With the high quality and care that Adrienne famously builds into all of her products, combined with her enormously loyal customer base, we believe this very well-timed $3.5 million dollar hand sanitizer order, which we understand is an approximate four month supply for our customer, is just the beginning of a new and very exciting era for Dr. Denese SkinScience."
Mr. Morrison continued: "I have been fortunate during my 30+ years in the personal care space to have gained significant experience launching products and driving sales through a myriad of retail channels worldwide. Since the May 14 announcement that we were entering the multi-billion-dollar hand sanitizer market, I have taken the opportunity to discuss our new, premium grade hand sanitizer product with several large U.S. retail outlets. The reception we received was extremely positive. We are expecting substantial on-going growth in this exciting and innovative new product line."
The Letter of Intent between Cannaworx and SkinScience Labs, and the Letter of Intent between PBI and Cannaworx, Inc. are subject to certain closing conditions, including completion of all due diligence and acquisition financing.
About Pressure BioSciences, Inc.
Pressure BioSciences, Inc. (OTCQB: PBIO) is a leader in the development and sale of innovative, broadly enabling, pressure-based solutions for the worldwide life sciences and other industries. 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 control bio-molecular interactions safely and reproducibly (e.g., cell lysis, biomolecule extraction). Our primary focus is in the development of PCT-based products for biomarker and target discovery, drug design and development, biotherapeutics characterization and quality control, soil & plant biology, forensics, and counter-bioterror applications. Additionally, major new market opportunities have emerged in the use of our pressure-based technologies in the following areas: (1) the use of our recently acquired, patented technology from BaroFold, Inc. (the "BaroFold" technology) to allow entry into the bio-pharma contract services sector, and (2) the use of our recently-patented, scalable, high-efficiency, pressure-based Ultra Shear Technology ("UST") platform to (i) create stable nanoemulsions of otherwise immiscible fluids (e.g., oils and water) and to (ii) prepare higher quality, homogenized, extended shelf-life or room temperature stable low-acid liquid foods that cannot be effectively preserved using existing non-thermal technologies.
Forward Looking Statements
This press release contains forward-looking statements. These statements relate to future events or our future financial performance and involve known and unknown risks, uncertainties and other factors that may cause our or our industry's actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed, implied or inferred by these forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "could," "would," "expects," "plans," "intends," "anticipates," "believes," estimates," "predicts," "projects," "potential" or "continue" or the negative of such terms and other comparable terminology. These statements are only predictions based on our current expectations and projections about future events. You should not place undue reliance on these statements. In evaluating these statements, you should specifically consider various factors. Actual events or results may differ materially. These and other factors may cause our actual results to differ materially from any forward-looking statement. 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, 2019, 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.
For more information about PBI and this press release, please click on the following website link: http://www.pressurebiosciences.com
Richard T. Schumacher, President and CEO
(508) 230-1828 (T)
Kenneth F. Micciche, Director – UST Program
(508) 230-1829 (F)
SOURCE Pressure BioSciences, Inc.