NEW YORK (GenomeWeb) – Pressure Biosciences said today that is has completed the fourth closing of its $5 million private placement.
With the closing the company raised an additional $730,000, bring the total amount raised in the offering to nearly $4.8 million. It will issue senior secured debentures with a fixed conversion price of $.28 per restricted common share and common stock purchase warrants exercisable into a total of 1,303,571 shares of restricted stock at an exercise price of $.40 per share.
Pressure Biosciences used the proceeds, which amounted to $675,000 after fees, to eliminate all of its variable rate convertible debt.
The company said it plans one or more additional closings in the future.