Pressure BioSciences, Inc. (OTCQB: PBIO), a leader in the development and sale of broadly enabling, pressure-based sample preparation solutions to the worldwide life sciences industry, led by their patented pressure cycling technology platform, today announced the initial close of $610,000 in gross proceeds in a $2.5 Million Private Placement (the "Financing"). Three accredited investors participated in the Financing. All investments were made in cash and were received into escrow between August 29 and November 10, 2016. One or more additional closes in the Financing are expected to occur in the near future.
Pursuant to the Subscription Agreement, the Company issued 1,525,000 shares of restricted common stock at $0.40 per share and Common Stock Purchase Warrants exercisable into a total of 1,525,000 shares of restricted common stock at $0.50 per share. There are no registration rights with respect to the shares of common stock or the shares underlying the Common Stock Purchase Warrants issued in the Financing. The Company received net proceeds of $512,750 after subtracting legal and placement agent fees related to the Financing.
This press release is not an offer to sell or a solicitation of offers to participate in the Financing. The restricted Common Stock and the shares underlying the 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.
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.
