NEW YORK (GenomeWeb News) – Pressure BioSciences today said that it expects to file for a refund of taxes paid for the 2004 calendar year, which would provide the company with $623,000 in the first quarter of 2009.
The South Easton, Mass.-based firm said that under the recently enacted American Recovery and Reinvestment Act, small businesses are eligible to claim the five-year carry back of 2008 net operating losses. Pressure Bio said that it expects to for the refund within the next 90 days.
The company noted that it recently completed a private placement that brought in net proceeds of around $1.8 million. With the extra funds from the tax refund, pressure Bio said that its total stockholders' equity as of Feb. 28, is more than $3.5 million.
"Because of the additional funds that will soon be available to us through the ARRA NOL provision, we have recently re-hired two former employees who were released last November as part of the company's announced restructuring plan, one of whom is full time and the other is part time," Pressure Bio President and CEO Richard Schumacher said in a statement. "These two employees fill vacant but extremely important positions; having them back will help ensure that we meet, or perhaps even beat, our June 30th PCT-enhanced [Protein Digestion System] product release date.''
In December, Pressure Bio undertook a restructuring program, which included cutting eight staffers and closing its R&D facility in Rockville, Md.