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Pressure BioSciences Receives $903K from Warrant Reset Agreements

NEW YORK (GenomeWeb) – Pressure BioSciences said in a regulatory filing on Tuesday that it closed a series of warrant reset agreements with 30 warrant holders to reprice their common stock purchase warrants. As a result of these agreements, the firm received $903,000.

In a filing with the US Securities and Exchange Commission, Pressure Bio said it agreed to reduce the exercise price to $.25 per share in consideration of the warrant holders exercising their outstanding warrants by or before Dec. 23. Also, for each warrant exercised, the warrant holder received a new warrant to purchase the same number of warrant shares as exercised at an exercise price of $.40 per share.

Pressure Bio said it issued new warrants for approximately 3.6 million warrant shares and has asked its transfer agent to issue the same amount of shares of its common stock to the investors.

The company plans to use proceeds for sales and marketing, applications and product development, debt repayment, general working capital and corporate purposes, and the expenses of the transaction, it said.

As of Sept. 30, Pressure Bio had $98,216 in cash and cash equivalents.