NEW YORK (GenomeWeb News) – Pressure BioSciences has received a $100,000 loan from its CEO, the company disclosed in a document filed with the US Securities and Exchange Commission today.
The loan from Richard Schumacher has a maturity date of Nov. 5 and can be extended by mutual agreement of both parties. It carries an annual interest rate of 20 percent.
In connection with the loan, Pressure Bio issued Schumacher a warrant to purchase 12,048 shares of the company's stock at an exercise price of $.83 per share. The warrant expires on Sept. 7, 2014.
The company also said that on Sept. 2 it issued an aggregate of 124,996 shares of its common stock to its independent directors in payment for all board fees. The number of shares issued was based on $.84 per share, which was the greater of the consolidated bid or the closing price of Pressure Bio's stock on Sept. 1.
Last month, the South Easton, Mass.-based firm said that its second-quarter revenues dropped 53 percent year over year and that it had enough capital to last only until the middle of September. Earlier this week it received a $161,000 SBIR grant from the National Institute of General Medical Sciences.