The company announced the receipt of $769,667 in the final close of its $5mln private investment in public equity (PIPE) financing .
The final closing increased the total raised in the offering to $6,329,667, comfortably above the company's goal of $5mln. Pressure BioSciences netted $719,049 in cash from the final close and $5,101,049 in cash from the total offering.
Under the terms of the offer, the company issued senior secured convertible debentures with a fixed conversion price of $0.28 per restricted common share, and common stock purchase warrants exercisable into shares of restricted common stock at an exercise price of $0.40 per share.
Richard Schumacher, president and chief executive officer of Pressure BioSciences, said the cash raised had enabled the company to accomplish a number of key goals during the latter half of 2015 and the first three months of 2016. These include:
the elimination of all variable-rate debt;
the development of the new Barocycler NEP2320 Extreme, designed specifically for use in mass spectrometry sample preparation, including AB Sciex's SWATH-MS mass spectrometric system;
the support of new marketing initiatives to potential customers worldwide that have already begun to show positive results through increased requests for instrument/consumable information and quotations);
the ability to support multiple scientific collaborators, many of whom are considered key opinion leaders, whose studies readily highlight the advantages of the PCT platform to potential customers worldwide;
the ability to strongly support the recently announced co-marketing agreement with SCIEX, a leader in life sciences analytical technologies worldwide.
“We are very pleased to have not only completed the $5mln financing, but to have completed it with approximately $1.3mln in over-subscriptions. We thank all investors who participated in the offering for their faith and trust in the PBI Team and in our patented and enabling pressure cycling technology ... platform," Schumacher said.