Wednesday, February 18, 2009

Pressure Biosciences nets $1.8M in private placement

By Mass High Tech staff

Pressure Biosciences Inc. completed a private placement that brought the company $1.8 million from the sale of 156,980 units of equity.

The South Easton-based company reported a unit price of $11.50, which included one share of non-voting Series A Convertible Preferred Stock; a purchase warrant for the option of 10 shares at $1.25 each or one share of Series A Convertible Preferred Stock at $12.50 each, expiring 15 months from closing; and a purchase warrant for 10 shares of Pressure Biosciences common stock at $2 each, expiring 30 months from closing.

The company’s goals for the year include a focus on large mass spectrometry and pressure cycling technology, including biomarkers, tissue pathology and counter-bioterror markets, according to a statement by Richard Schumacher, president and CEO of the company.

In December, Pressure Biosciences (Nasdaq: PBIO) announced restructuring steps, including a 40 percent reduction in work force, closing of a research facility in Rockville, Md., and widespread cost reductions.

Pressure Biosciences develops bench-top instruments that use pressure cycling technology (PCT). PCT uses varying degrees of very high pressure — equivalent to the deepest parts of the ocean — and low pressure to get cells to do what science wants them to. The firm has integrated the technology into a series of the company’s bench-top products, called Barocyclers.