Sign up Australia
Proactive Investors - Run By Investors For Investors

Pressure Biosciences share offering over-subscribed

The fund-raising process was a roaring success and enabled the company to, among other things, eliminate all variable-rate debt
The company raised $5,101,049 in cash from the total offering

All five board members of Pressure BioSciences Inc (OTCMKTS:PBIO) put their hands in their pockets to support the pressure cycling technology (PCT) specialist's fund-raising.

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:

  1. the elimination of all variable-rate debt;

  2. 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;

  3. 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);

  4. 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;

  5. 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.

View full PBIO profile View Profile

Pressure BioSciences Inc Timeline

Related Articles

picture of addict
November 16 2017
To build the UK's first £1bn, self-sustainable biotech is the aim for chief executive Clive Dix
scientist looking through microscope
April 12 2018
Kumaraguru Raja sees “multiple catalysts” in the year ahead which could put a rocket under the share price
June 07 2018
Ventripoint received key FDA approval to sell the device with the four-chamber heart analysis last month

No investment advice

The information on this Site is of a general nature only. It does not take your specific needs or circumstances into consideration, so you should look at your own financial position, objectives and requirements and seek financial advice before making any financial decisions. You acknowledge and understand that neither the Company, its related bodies corporate, the information providers or their affiliates will advise you personally about the nature, potential value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter. You should read our FSG and any other relevant disclosure documents and if necessary seek persona advice prior to making any investment decision.

You understand and agree that no Content (as defined below) published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person.

You understand that in certain circumstances the Company, its related bodies corporate, the information providers or their affiliates may have received, or be entitled to receive, financial or other consideration in connection with promoting, and providing information about, certain entities on the Site and in communications otherwise provided to you.

You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate. From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

Before you act on any general advice we provide, please consider whether it is appropriate for your personal circumstances.

© Proactive Investors 2018

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use