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Print Edition StoriesWednesday, November 18, 2009
Pressure BioSciences closes $1.2M tranche
By Mass High Tech staff
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Pressure BioSciences Inc. has sold about $1.16 million in stock and warrants, as a first tranche of a $2.5 million private placement.
The $1.16 million unit consists of one share of non-voting Series B convertible preferred stock and one warrant to buy a share of Series B convertible preferred stock at $23.80 per share, with each share of convertible stock equivalent to 10 shares of the company’s common stock.
South Easton-based Pressure Biosciences (Nasdaq: PBIO) develops bench-top instruments that use pressure cycling technology (PCT), which is based on varying degrees of very high pressure 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.
The company reported in February that it had completed a $1.8 million private placement from the sale of 156,980 units of equity.
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