SOUTH EASTON, Mass., Jan. 21, 2015 /PRNewswire/ -- Pressure BioSciences, Inc. (OTCQB: PBIO) ("PBI" or the "Company") (http://www.pressurebiosciences.com), a leader in the design, development and sale of pressure-based instruments and consumables for the biological research market worldwide, today provided an update on two recent equity transactions totaling $1,166,000.
On December 23, 2014, the Company closed a series of warrant reset agreements with 30 warrant holders. In consideration for the warrant holders exercising their outstanding warrants, the Company agreed to reduce the exercise price to $0.25 per warrant share. In addition, for each warrant exercised, the warrant holders received a new warrant to purchase the same number of warrant shares as exercised, at an exercise price of $0.40 per share. Neither the restricted stock received from the exercised warrant nor the shares underlying the new warrant will be registered for sale pursuant to a registration statement. All of the Company's officers and board members participated in the transaction. The Company received $903,000 at the close.
On November 12, 2014, the Company sold an aggregate of 1,052 units at $250 per unit to various accredited individuals. This was the fifth and final tranche of a $3.3 million private placement. Each unit consists of (i) one share of Series K Convertible Preferred Stock, convertible into 1,000 shares of the Company's common stock and (ii) a warrant to purchase 500 shares of common stock at an exercise price equal to $0.3125 per share, with a term expiring on November 12, 2017. Neither the restricted stock received from the conversion of the Series K Preferred Stock nor the shares underlying the warrant will be registered for sale pursuant to a registration statement. All of the Company's Board members participated in the transaction. The Company received $263,000 at the close.
Mr. Richard T. Schumacher, President and CEO of PBI, said: "The funds raised during 2014 were critical in helping the Company accomplish several significant goals, including (a) the final manufacture of the long-anticipated "high-throughput" instrument (the Barozyme HT48) and its subsequent placement in the laboratories of three "key opinion leaders" for a thorough, independent evaluation; (b) the final manufacture and release of a first-in-kind "ultra high pressure" (up to 100,000 psi) instrument; (c) the final manufacture and release of the patent-pending micro-Pestle consumable, with the unique ability to release sufficient proteins for downstream mass spectrometry analysis from fine needle biopsy samples ("gold standard" mass spec analysis has not been readily available from such important samples previously); (d) new collaborative programs with world-renown genomics, proteomics, and lipidomics key opinion leaders; (e) significant growth in our Barozyme HT48, HUB880, and micro-Pestle inventory in preparation for the expected 2015 sales push, and (f) strong double-digit product revenue growth."
Mr. Schumacher continued: "With the successes of 2014 leading the way, we believe that 2015 offers PBI more potential for growth than any prior year. To gain access to this potential, however, we believe we will need to significantly increase the strengths and capabilities of our marketing, sales, and operations departments. As a first step in accomplishing this goal, we recently hired several part-time personnel in these areas. The second step, which we are committed to completing in the next several months, is to hire at least one experienced, full-time person in each of our marketing, sales, and operations areas. We believe these added, internal strengths will help us achieve the growth and success that we believe is waiting for us in 2015."
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, 2013, 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 and CEO (508) 230-1828 (T)
Nathan P. Lawrence, VP of Marketing and Sales (508) 230-1829 (F)
SOURCE Pressure BioSciences, Inc.