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Pressure Biosciences Receives $112K Loan; Amends Other Loan Agreements

NEW YORK (GenomeWeb News) – Pressure BioSciences disclosed after the close of the market yesterday that it has received a loan totaling $112,000 from three investors.

The firm said in a document filed with the US Securities and Exchange Commission that it received the loans from Kenneth Buckley Jr., Robert Nider, and Michael Santilli. The loans were made pursuant to convertible notes that mature on March 29, 2012, but may be extended with mutual consent of the parties involved, at a rate of 20 percent per annum.

The company also issued warrants to the lenders to purchase 131,766 shares of Pressure Bio common stock at $.85 per share, expiring on Sept. 29, 2014.

The latest loan follows another made to the firm from CEO Richard Schumacher last month. He loaned the firm $100,000 and received a warrant to purchase 12,048 shares of the company's stock at an exercise price of $.83 per share. That warrant expires on Sept. 7, 2014.

In the latest filing, Pressure Bio said that the terms of that loan and another earlier loan agreement with Clayton Struve, who provided the firm with $200,000, have been amended. Schumacher and Struve now have the option to convert their loans into shares of unregistered common stock at a conversion price of $1 per share. The amended agreement also extended the maturity date on Struve's loan to Feb. 3, 2012, and Schumacher's loan to March 7, 2012.

Pressure Bio also noted that last week it issued to Schumacher a warrant to purchase 105,882 shares of common stock at an exercise price of $.85 per share, which expires on Sept. 7, 2014. Struve received a warrant to purchase 238,080 shares of common stock at an exercise price of $.85 per share, expiring on Aug. 3, 2014.

In early Thursday trade on the Nasdaq, shares of Pressure Bio were unchanged at $.82.

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