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Pressure BioSciences, Inc. closes $2mln Line-of-Credit

Thursday, November 3, 2016 14:14
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Pressure Biosciences Inc (OTCMKTS:PBIO) shares rose on Thursday after the company said it has closed a $2 million line-of-credit with an accredited investor.

A leader in the development and sale of broadly enabling constant pressure and pressure cycling technology (“PCT”)-based sample preparation solutions to the large and growing worldwide life sciences industry, Pressure Bio said the investor on Oct 28 bought a Promissory Note worth $2mln payable on the earlier of October 28, 2017 (the maturity date) or on the seventh business day after the closing of a Qualified Offering.

On the same day, the company received its initial $250,000 advance linked to the Note and issued to the Investor a five-year Common Stock Purchase Warrant to purchase 625,000 shares of the Company’s common stock (“Common Stock”) at an exercise price equal to $0.40 per share.

Pressure BioSciences shares closed up 2.3% at $0.29 on Thursday.

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