NEW YORK (GenomeWeb) – Pressure BioSciences announced today that it has received gross proceeds of $1.1 million from an additional closing on a $5 million private placement.
Added to the July close of a $2.2 million tranche of the offering, the company has raised about $3.3 million thus far. It said that it expects one or more additional closings in "the near future."
Under the terms of the latest closing, Pressure will issue to the participating investors senior secured convertible debentures with a fixed conversion price of $.28 per restricted common share, as well as common stock purchase warrants exercisable into nearly 2 million shares of restricted common stock at an exercise price of $.40 apiece.
Pressure said it netted about $990,000 through the most recent closing, and will use the funds to expand its marketing and sales capabilities, boost its manufacturing and operational capacities, ready itself for a potential up-listing to a regulated stock exchange, and retire all variable rate convertible debt taken prior to the additional equity being raised.