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Pressure BioSciences Closes $1.1M Tranche in Private Placement

NEW YORK (GenomeWeb News) – Pressure BioSciences has closed the sale of $1.16 million of units in the first tranche of its $2.5 million private placement.

Each unit was priced at $18.80 and consisted of one share of non-voting Series B convertible preferred stock, and one warrant to purchase a share of Series B convertible preferred stock at an exercise price of $23.80 per share, expiring on Aug. 11, 2011.

The South Easton, Mass.-based firm said that it would use the proceeds to support sales efforts for its pressure cycling technology products. It plans to add a full-time sales director, a full-time applications scientist, and several part-time support personnel.

"We also plan to finish the development of PCT-dependent consumables and instrumentation for the mass spectrometry, forensics, and biomarker discovery sample preparation markets," R. Wayne Fritzsche, chairman of Pressure Bio's board of directors, said in a statement.

Pressure Bio's shares closed at $1.66 per share in Wednesday trade on the Nasdaq.

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