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Pressure BioSciences makes initial close in $2.5mln funding

Monday, November 14, 2016 13:09
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(Before It's News)

Pressure Biosciences Inc (OTCMKTS:PBIO) on Monday announced the initial close of $610,000 in gross proceeds in a $2.5 mln private placement.

A leader in the development and sale of broadly enabling, pressure-based sample preparation solutions to the worldwide life sciences industry, led by their patented pressure cycling technology platform, the company said that three accredited investors participated in the financing.

All investments were made in cash and were received into escrow between August 29 and November 10. One or more additional closes in the financing are expected to occur in the near future.

The company issued 1,525,000 shares of restricted common stock at $0.40 per share and common stock purchase warrants exercisable into a total of 1,525,000 shares of restricted common stock at $0.50 per share.

There are no registration rights with respect to the shares of common stock or the shares underlying the common stock purchase warrants issued. The company received net proceeds of $512,750 after subtracting legal and placement agent fees related to the financing.

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