Pressure BioSciences (OTCMKTS:PBIO), the pressure cycling technology company, has exceeded its US$5mln private investment in public equity (PIPE) goal.
The company announced the passing of the milestone following the receipt of $255,000 in gross proceeds from the fifth closing of its $5 million private placement. This closing increased the total amount raised in the offering to $5,010,000, which is actually more than the offering was supposed to raise, so the company increased the capacity of the PIPE to a maximum of US$6.25mln.
"The vast majority of funds raised to date have been used to eliminate 100% of the company's variable rate (floorless) convertible debt. With our significantly improved balance sheet now in hand, all funds received from the over-subscription amount will be used to support operating activities,” said Richard Schumacher, president and chief executive officer of Pressure BioSciences.
“With ramping sales, new and further improved product offerings, the planned expansion of our sales and marketing capabilities, and the expected announcement of a world-class, formidable, multi-national co-marketing partner, we believe we will achieve operational and financial growth levels in 2016 that will surpass any previous year, including our record shattering 2015 performance," Schumacher added.