Skip to main content
Premium Trial:

Request an Annual Quote

Pressure BioScience Files to Raise up to $8M as Cash Dwindles

NEW YORK (GenomeWeb News) – Pressure BioSciences on Monday filed a preliminary registration form with the US Securities and Exchange Commission to raise up to $8 million.

The company said in its Form S-1 that it will be offering units with each unit consisting of one Series E convertible preferred share, convertible into an undisclosed number of shares of Pressure Bio's common stock; one Class A warrant to purchase a certain number of shares of its stock for every share of common stock underlying the Series E preferred share included in the unit; and one Class B warrant to buy an undisclosed number of the firm's stock for every share of stock underlying the Series E preferred share included in the unit.

The units are expected to be priced at $1,000 each.

Pressure Bio needs to raise funds because as of Dec. 2 it held cash of only $443,000. Based on its current projections that would only be sufficient to fund its operations until February 2012, it said in the filing.

The South Easton, Mass.-based firm did not cite the net proceeds it anticipates from the offering, but said that it intends to use it to commercialize its products, to fund R&D, and to fund general working capital. It added that net proceeds will also go toward repaying up to $412,000 in principal amount outstanding under convertible promissory notes.

The $412,000 is the company's outstanding indebtedness as of Dec. 2, with $200,000 due on Feb. 3, 2012, $100,000 due on March 7, 2012, and $112,000 due on March 29, 2012.

Last month, Pressure Bio said that its third-quarter revenues fell 33 percent year over year. It also said that it had entered into definitive agreements to raise $843,000 in a direct offering. In October, it received a $649,498 grant from the US Department of Defense.

Amid the financial difficulties, the company also faces possible delisting from Nasdaq, however, for failing to meet certain listing requirements.

The Scan

US Booster Eligibility Decision

The US CDC director recommends that people at high risk of developing COVID-19 due to their jobs also be eligible for COVID-19 boosters, in addition to those 65 years old and older or with underlying medical conditions.

Arizona Bill Before Judge

The Arizona Daily Star reports that a judge weighing whether a new Arizona law restricting abortion due to genetic conditions is a ban or a restriction.

Additional Genes

Wales is rolling out new genetic testing service for cancer patients, according to BBC News.

Science Papers Examine State of Human Genomic Research, Single-Cell Protein Quantification

In Science this week: a number of editorials and policy reports discuss advances in human genomic research, and more.