NEW YORK (GenomeWeb News) – Pressure BioSciences said after the close of the market Tuesday that it has completed the second tranche of its private placement raising gross proceeds of $275,475.
In the second tranche of the offering, the firm sold 22,038 units to two accredited investors for $12.50 per unit. Each unit consists of one share of Series C convertible preferred stock, which is convertible into 10 shares of common stock, and a warrant to purchase 10 shares of common stock at an exercise price equal to $2.13 per share, which is exercisable until the third anniversary of the date of issuance.
Pressure Bio disclosed in the filing with the US Securities and Exchange Commission that it had entered into an agreement with the investors to lower the price of the units from $15 each to $12.50 each. As a result, the firm issued an additional 11,011 units to investors who participated in the earlier closings on April 8 and April 11.
Pressure Bio has raised total gross proceeds of $1.1 million thus far from the private placement.