Skip to main content
Premium Trial:

Request an Annual Quote

Pressure BioSciences Aims to Raise $5M to Regain Compliance with Nasdaq Listing Requirements

Premium

This article was originally posted on June 14.

Pressure BioSciences said today it has received a notice from Nasdaq granting it an extension until Oct. 3 to regain compliance with the exchange's minimum stockholder equity requirement of $2.5 million.

According to a plan submitted by PBI to Nasdaq on May 23, to regain compliance and remain above the requirement for the foreseeable future, the company will need to raise at least $5 million in additional equity capital. The company was first notified it had fallen out of compliance on April 6.

On April 13, PBI announced it had raised $825,720 in gross proceeds from the sale of 55,048 units to 10 accredited investors including president and CEO Richard Schumacher, in the first tranche of its $6 million Series C private placement.

This tranche "took months longer than expected to close," Schumacher noted in a statement accompanying the raise, estimating that proceeds from the round would "enable [the company] to fund existing operations to approximately June 30, 2011."

The Scan

Support for Moderna Booster

An FDA advisory committee supports authorizing a booster for Moderna's SARS-CoV-2 vaccine, CNN reports.

Testing at UK Lab Suspended

SARS-CoV-2 testing at a UK lab has been suspended following a number of false negative results.

J&J CSO to Step Down

The Wall Street Journal reports that Paul Stoffels will be stepping down as chief scientific officer at Johnson & Johnson by the end of the year.

Science Papers Present Proteo-Genomic Map of Human Health, Brain Tumor Target, Tool to Infer CNVs

In Science this week: gene-protein-disease map, epigenomic and transcriptomic approach highlights potential therapeutic target for gliomas, and more