NEW YORK (GenomeWeb News) – Pressure BioSciences today said that it has raised $1.2 million from the exercise of preferred stock purchase warrants.
The firm said that 98,372 15-month preferred stock purchase warrants were exercised, representing 100 percent of all outstanding and unexercised 15-month warrants that could be exercised after the March 30, 2010 warrant call.
On March 30, Pressure Bio exercised its right to call all outstanding and unexercised 15-month warrants to purchase shares of the company's Series A convertible preferred stock. Each 15-month warrant was exercisable for preferred stock at an exercise price of $12.50 per share.
Pressure Bio said that the proceeds of $1.2 million were in addition to the $241,625 the firm had previously received from the voluntary exercise of 15-month warrants between November 2009 and March 30, 2010.
In Wednesday afternoon trade on the Nasdaq, shares of Pressure Bio were up 4 percent at $1.82.