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Pressure Bio to Raise $843K in Direct Offering

NEW YORK (GenomeWeb News) – Pressure BioSciences today said that it has entered into definitive agreements with certain investors for a registered direct offering of 843 units priced at $1,000 per unit.

Each unit sold will consist of one share of Series D convertible preferred stock, which is convertible into approximately 1,539 shares of common stock; and a Series F warrant to purchase approximately 614 shares of common stock at an exercise price of $.81 per share, exercisable for five years from the initial exercise date, which is six months after the date of issuance.

Proceeds from the offering will be used to support Pressure Bio's commercialization strategy, which includes expansion of its internal sales and marketing team, its non-US distribution network, and strategic partnerships.

The firm expects to close the offering on Friday.

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