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Pressure BioSciences pays off its convertible variable debt

The repayment eliminates the threat of shareholder dilution.
Pressure BioSciences pays off its convertible variable debt
Funds raised have been used to increase marketing spend

Pressure BioSciences (OTCQB:PBIO) has paid off all of its outstanding variable convertible debt after the fourth round of a US$5mln funding pulled in US$730,000.

Pressure, which provides technology for the preparation stage of lab testing in life science research, has now raised US$4.76mln, with one more offering likely to meet the US$5mln target.

The additional funds mean Pressure has been able to eliminate all convertible debt, which was one of the major objectives of the funding, said Richard Schumacher, chief executive, 

After fees, the fourth round netted the company US $657,000.

"With the funds raised to date, we have successfully completed the number one goal of the offering: the elimination of 100% of the company's variable rate (floorless) convertible debt,” said Schumacher.

“Since the initial close of the offering in July 2015, we have paid off approximately US$2.7mln of variable rate loans.

“Although we have never allowed any of this debt to convert under the terms of the loans, I am certain it is very comforting to all stakeholders in PBI to know that all of these loans are now completely paid off."

Schumacher added: "Funds received in the offering have also been used for important and timely operating activities.

“Specifically, we have begun to expand our marketing and sales areas while concomitantly increasing our manufacturing and other operating capabilities."

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