Key Developments For Pressure BioSciences, Inc.
Pressure BioSciences, Inc. (PBIO.O) (Consolidated Issue listed on NASDAQ Capital Market)
Pressure BioSciences, Inc. Announces Receipt of Over $1.1 Million From Initial Tranche of Private Placement
Pressure BioSciences, Inc. announced that it has closed on the sale of approximately $1.16 million of units in the first tranche of a $2.5 million private placement. Each unit was priced at $18.80 and consists of one share of non-voting Series B Convertible Preferred Stock, and one warrant to purchase a share of Series B Convertible Preferred Stock at an exercise price of $23.80 per share, expiring on August 11, 2011. Each share of non-voting Series B Convertible Preferred Stock is convertible into ten shares of the Company's common stock. The closing bid of the Company common stock as reported on the NASDAQ Capital Market as of the close of business on November 17, 2009 was $1.43 per common share. The units were issued in a private placement without registration under the Securities Act of 1933, as amended (the Securities Act), in reliance upon the exemption from registration set forth in Rule 506 of Regulation D promulgated under the Securities Act.
Pressure BioSciences, Inc. Reaffirms FY 2009 Earnings Guidance
Pressure BioSciences, Inc. announced that, as previously announced, it expects operating loss to continue to show significant decreases in fiscal 2009.
Pressure BioSciences, Inc. Reaffirms FY 2009 Earnings Outlook
Pressure BioSciences, Inc. reaffirmed that for fiscal 2009, as previously announced, the Company expects its operating loss to continue to decrease.
Pressure BioSciences, Inc. Announces Completion of Private Placement
Pressure BioSciences, Inc. announced that it has received $1.8 million from the sale of 156,980 units in a private placement that closed on February 12, 2009. Each unit was priced at $11.50 and consists of (i) one share of non voting Series A Convertible Preferred Stock, (ii) a warrant to purchase, at the purchaser's election, either 10 shares of the Company's common stock at $1.25 per share, or one share of Series A Convertible Preferred Stock at $12.50 per share, expiring 15 months from the closing , and (iii) a warrant to purchase 10 shares of the Company's common stock at $2.00 per share, expiring 30 months from the closing. Each share of Series A Convertible Preferred Stock is convertible into 10 shares of common stock at a conversion price of $1.15 per common share. The 30 day average closing price of PBI shares of common stock as reported on the NASDAQ Capital Market as of the close of business on February 11, 2009, the day before the closing of the private placement, was $0.82 per share. In connection with the private placement, prior to the closing, the Company received $200,000 from one of its distributors to be held in the private placement escrow account. The distributor requested, and the Company agreed, that the $200,000 be used as payment for anticipated future purchases of the Company's pressure cycling technology (PCT) instrument and consumables products, and not for an investment in the private placement.
Pressure BioSciences, Inc. And Battelle Memorial Institute Sign Exclusive Patent License Agreement
Pressure BioSciences, Inc. announced that it has entered into an exclusive patent license agreement with the Battelle Memorial Institute (Battelle). The licensed technology is described in the patent application filed by Battelle on July 31, 2008 (US serial number 12/183,219). This application includes subject matter related to a method and a system for improving the analysis of protein samples, including through an automated, in line system utilizing pressure and a pre selected agent to obtain a digested sample in a significantly shorter period of time than current methods, while maintaining the integrity of the sample throughout the preparatory process.
