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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.

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