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Pressure BioSciences Inc. completed an $800,000 private placement of 971,867 restricted common stock shares and 485,937 warrants to buy restricted common stock.
The South Easton-based developer of life sciences sample preparation systems had the backing of seven investors with the offering, which included company CEO and president Richard Schumacher, board chairman Wayne Fritzche and two investors from its November offering.
The company plans to use proceeds from the offering to support commercialization of its Pressure Cycling Technology platform, which uses rapid cycles of hydrostatic pressure between ambient and ultra high levels to control biomolecular interactions. The company has said it can be used in broad applications, including genomics, proteomics, drug discovery and development, process purification, pathogen inactivation, immunodiagnostics, and DNA sequencing.
Pressure BioSciences (Nasdaq: PBIO) won a Small Business Innovation Research (SBIR) II grant worth almost $650,000 from the U.S. Department of Defense in October. That grant was expected to help fund the development of an automated, high-throughput, high-pressure system, including instruments and consumables, for safe and accurate processing of pathogenic organisms such as viruses and bacteria.
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