NEW YORK (GenomeWeb) – Pressure BioSciences said on Thursday that it has engaged investment bank IssuWorks to review strategic and financing alternatives, including the potential spin off of "vertical market applications into new, stand-alone businesses."
In a statement, Pressure Bio CEO Richard Schumacher said that with the help of IssuWorks, "we will immediately begin to look at various … alternatives that we believe have the potential to result in the generation of increased value for all shareholders of" the company.
Pressure Bio develops and sells instruments based on its pressure cycling technology. It recently launched its Barozyme HT48 high-throughput system, which can process 48 samples saimultaneously.
The South Easton, Mass.-based firm reported last month that its revenues for the first quarter were up 9 percent year over year to $404,147. As of March 31, Pressure Bio had $428,537 in cash and cash equivalents.
IssuWorks is being paid in the form of "a modest number of warrants with an exercise price set at a significant premium to the current market price of the stock," IssuWorks Founder, Chairman, and CEO David Weild said.
"The company has over 150 customers, 250 instrument systems in the field, and 100 independent scientific publications on the advantages of their PCT platform," Weild added. "We believe that with additional capital, PBI can transform certain areas of proteomics, lipidomics, and genomics by enabling laboratories to significantly improve their sample preparation, which should lead to higher quality analysis and results, and best of all, to more discovery."
Shares of Pressure Bio were down about 3 percent at $.34 in Friday morning trade on the OTC market.