NEW YORK (GenomeWeb News) – Pressure BioSciences has raised $500,000 in the second tranche of its $2.5 million Series B private placement.
The South Easton, Mass.-based firm sold units at $18.80 each. The units 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 $28.80 per share, expiring on Aug. 11, 2011.
Each share of non-voting Series B Convertible Preferred Stock is convertible into 10 shares of Pressure Bio common stock.
In November, Pressure Bio raised $1.1 million through the first tranche of the private placement.
"The funds from this financing will continue to support our on-going efforts to drive the installed base of our Pressure Cycling Technology products, to finish the development of PCT-dependent consumables and instrumentation for several specific markets where we believe that we have clear advantages over the competition, and to support our growing list of customers in their efforts to publish and present strong, supportive data on PCT," Pressure BioSciences Chairman R. Wayne Fritzsche said in a statement.
In Wednesday afternoon trade on the Nasdaq, shares of Pressure BioSciences were unchanged at $1.81.