Pressure BioSciences (OTCQB: PBIO), a leader in the development and sale of broadly enabling, pressure-based instruments, consumables, and specialty process development and production services to the worldwide nutraceuticals, cosmetics, biotherapeutics and food/beverage industries, announced that its largest shareholder has exchanged more than $10 million of senior secured debt into unsecured preferred stock. According to the announcement, the investor exchanged the debt at 38% above-market price in a strong expression of confidence and support for the company. The converted debt is convertible promissory notes, accrued and unpaid interest on all promissory notes issued to the investor since November 2019, plus accrued and unpaid dividends on the company’s Series AA convertible preferred stock purchased by the investor since May 2018. The announcement noted that the $10-plus million of debt represents more than 50% of the total debt currently owed to the Investor by the company and more than 30% of the company’s total outstanding debt held by all investors. “The PBIO team is delighted with the strong recent progress in multiple aspects of our business,” said Pressure BioSciences president and CEO Richard T. Schumacher in the press release. “We are redesigning our production facilities, adding to our team, strengthening our core capabilities, filing additional UltraShear patents, building instrument inventories, and expanding our list of existing and prospective 2023 customers. . . . It has been a long time since I’ve seen and felt such excitement, enthusiasm and confidence in the future of PBIO within our shareholder base. We believe this announced conversion of debt into equity is only the beginning of continued strengthening in our financial position and outlook.”
To view the full press release, visit https://ibn.fm/V0F6V
About Pressure BioSciences Inc.
Pressure BioSciences is a leader in the development and sale of innovative, broadly enabling, pressure-based solutions for the worldwide life sciences and other industries. PBIO’s products are based on the unique properties of both constant (i.e., static) and alternating (i.e., pressure cycling technology, or “PCT”) hydrostatic pressure. PCT is a patented-enabling technology platform that uses alternating cycles of hydrostatic pressure between ambient and ultra-high levels to safely and reproducibly control biomolecular interactions (e.g., cell lysis, biomolecule extraction). The company’s primary focus is the development of PCT-based products for biomarker and target discovery, drug design and development, biotherapeutics characterization and quality control, soil and plant biology, forensics and counter-bioterror applications. Additionally, major new market opportunities have emerged in the use of PBIO’s pressure-based technologies in the following areas: (1) the use of its recently acquired, patented technology from BaroFold Inc. (the “BaroFold” technology) to allow entry into the biopharma contract services sector, and (2) the use of its recently patented, scalable, high-efficiency, pressure-based Ultra Shear Technology (“UST”) platform to (i) create stable nanoemulsions of otherwise immiscible fluids (e.g., oils and water) and to (ii) prepare higher quality, homogenized, extended shelf-life or room-temperature, stable, low-acid liquid foods that cannot be effectively preserved using existing nonthermal technologies. For more information, visit the company website at www.PressureBioSciences.com.
NOTE TO INVESTORS: The latest news and updates relating to SYATF are available in the company’s newsroom at http://ibn.fm/PBIO
About InvestorWire
InvestorWire is the wire service that gives you more. From regional releases to global announcements presented in multiple languages, we offer the wire-grade dissemination products you’ll need to ensure that your next press release grabs the attention of your target audience and doesn’t let go. While our competitors look to nickel and dime you with hidden fees and restrictive word limits, InvestorWire keeps things transparent.
As part of its service, InvestorWire provides coverage of noteworthy announcements. To further expand visibility of achievements being made throughout a multitude of sectors, InvestorWire’s syndication partners have extended the digital coverage to include individual broadcasts on financial websites and platforms visited by millions of investors daily.
For more information, please visit https://www.InvestorWire.com
Please see full terms of use and disclaimers on the InvestorBrandNetwork website applicable to all content provided by IBN, wherever published or re-published: http://ibn.fm/Disclaimer
InvestorWire (IW)
8033 Sunset Blvd Suite 1037-IW
Los Angeles, CA 90046
310.299.1717 Office
www.InvestorWire.com
Editor@InvestorWire.com
InvestorWire is part of the InvestorBrandNetwork
