NEW YORK (GenomeWeb News) – Pressure BioSciences today announced the US Department of Defense has awarded it a $649,498 grant to develop a platform for processing pathogenic organisms.
The system to be developed under the Small Business Innovation Research Phase II grant will be based on Pressure Bio's pressure cycling technology. According to Richard Schumacher, president and CEO of the company, the grant covers "a substantial portion of the remaining development costs of an entirely new PCT-based instrument and consumables system … that we believe will fill an existing need for a fully automated high-throughput PCT-based system in the life sciences sample preparation market."
He estimated that market at $6 billion.
As part of the grant, Pressure Bio will work with scientists from the US Army Medical Research Institute of Infectious Diseases and the University of Texas Medical Branch to develop the system.
Last month, the company announced it received a $160,978 grant from the National Institutes of Health to develop a system for processing and preserving tissue samples.
It also has received several loans from investors as well as from Schumacher as the company tries to stay afloat. Last week, Pressure Bio was warned by Nasdaq of possible delisting because the company did not fulfill a requirement calling for at least $2.5 million in shareholders' equity. It also faces possible delisting for failure to meet a requirement of a minimum $1 bid price on its stock for at least 30 business days.