Pressure BioSciences Inc (OTCQB:PBIO) has signed a two-year worldwide co-marketing and distribution agreement with Illinois-based medical instruments maker ISS.
One of the products ISS makes is a spectrophotometer - an instrument used in drug discovery and development - the pressure for which is usually generated by an “archaic” hand-cranking mechanism.
As it name suggests, Pressure Bio manufactures automated pressure generators which can increase and decrease pressure “like a light switch”.
‘If you buy this, you should buy this too’
The two companies have been in talks for a little while about bringing their two systems together and after Wednesday's tie-up they will actively look to market each other’s devices.
“We are going to sell our equipment...to customers that reach out to us and we will then let [the customers] know that they can talk directly to [ISS] about buying the spectrophotometer from them,” said PBIO President and chief executive Richard Schumacher in a conference call.
“If [ISS] gets requests coming in they will either shuttle them to us or sell the pressure cell and the spectrophotometer and then send [the customer details] to us to sell the pressure generating equipment.”
Pressure’s VP marketing and sales, Nate Lawrence, added: “The unique combination of PBI’s high pressure generators and ISS’s high pressure optical cell system is expected to greatly benefit scientists in academic institutions, industry and governments who study biological samples and processes at the molecular level.”
Tie-up should increase sales
PBIO’s Hub 440 and the more powerful Hub 880 sell for between US$30,000-US$50,000 each.
The company don’t sell many of these units at the moment, Schumacher said, but both parties are expecting to sell more of their respective systems on the back of the tie-up.
Pressure Bio and ISS will both be at the Biophysical Society in San Francisco this weekend, where both parties will talk about their new partnership.
Shares were flat at US$3.85 on Wednesday.