NEW YORK (GenomeWeb News) — Pressure BioSciences today said it has received $1.8 million for selling its Source Scientific subsidiary to two individuals, Richard Henson and Bruce Sargeant.
PBI had originally received $1.2 million, which comprised a repayment of aggregate principal and promissory notes stemming from a 2004 agreement under which Sargeant and Henson bought 70 percent of Source Scientific.
The remaining $580,000 covered the final 30 percent of PBI’s ownership in the company and included an escalating premium of between 10 percent and 50 percent, PBI said.
PBI created Source Scientific when it transferred some of its assets into an LLC as part of an effort to begin divesting from the lab-instruments business.
The company said that Source Scientific has “entered into a new, working relationship” with the German contract manufacturing company BIT Analytical Instruments.
PBI’s senior vice president and CFO Edward Myles said the company plans to use the cash to support commercialization costs associated with its PCT, or pressure cycling technology.