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Pressure BioSciences Closes Additional $769K in PIPE Financing; Final Close Brings Total Raised to Over $6.3 Million, Substantially Above Company's Goal of $5 Million
Apr. 07, 2016 09:52AM PST
Medical Device InvestingPressure BioSciences, Inc. (OTCQB: PBIO) (“PBI” and the “Company”), a leader in the development and sale of broadly enabling, pressure cycling technology (“PCT”)-based sample preparation solutions to the worldwide life sciences industry, today announced the receipt of $769,667 in the final close of its $5 Million PIPE Financing (the “Offering”). This final closing increased the …
Pressure BioSciences, Inc. (OTCQB: PBIO) (“PBI” and the “Company”), a leader in the development and sale of broadly enabling, pressure cycling technology (“PCT”)-based sample preparation solutions to the worldwide life sciences industry, today announced the receipt of $769,667 in the final close of its $5 Million PIPE Financing (the “Offering”). This final closing increased the total raised in the Offering to $6,329,667, an amount substantially above the Company’s goal of $5 Million. The Company netted $719,049 in cash from the final close and $5,101,049 in cash from the total Offering.
According to the news:
Pursuant to the terms of the Offering, the Company issued to the investors, 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. The Company is under no obligation to file a registration statement to register the shares underlying the Debentures and Warrants.
Mr. Richard T. Schumacher, President and CEO of PBI, commented:
With cash from the Offering, we accomplished a number of key goals during the latter half of 2015 and the first three months of 2016. These include (i) the elimination of all variable-rate debt; (ii) the development of the new Barocycler NEP2320 Extreme, designed specifically for use in mass spectrometry sample preparation, including PCT-SWATH; (iii) the support of new marketing initiatives to potential customers worldwide (which have already begun to show positive results through increased requests for instrument/consumable information and quotations); (iv) 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, and (v) the ability to strongly support the recently announced co-marketing agreement with SCIEX, a leader in life sciences analytical technologies worldwide.