Global life sciences company Pressure BioSciences Inc. (OTCQB: PBIO) this morning announced the conversion of an additional $7.24 million of debt into equity, bringing the total amount of debt that has converted into equity over the past four weeks to $13.6 million. “With today’s announced conversion of an additional $7.24M of debt to equity, total loan debt has been reduced from approximately $16.6M to approximately $3.0M, which is a level we believe the Company can manage,” Joseph L. Damasio, VP of finance and CFO of PBIO, stated in the news release. “We are continuing to discuss the Company’s progress with remaining debt holders, and anticipate that several more may follow the lead of the approximate 40+ investors who converted their debt into equity over the past 30 days. We believe such further conversions could reduce the amount of loan debt on our Balance Sheet by an additional 10-15%.”
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About Pressure BioSciences Inc.
Pressure BioSciences, Inc. (OTCQB: PBIO) is a leader in the development and sale of innovative, broadly enabling, pressure-based solutions for the worldwide life sciences industry. Our 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 bio-molecular interactions (e.g., cell lysis, biomolecule extraction). Our primary focus is in the development of PCT-based products for biomarker and target discovery, drug design and development, biotherapeutics characterization and quality control, soil & plant biology, forensics, and counter-bioterror applications. Additionally, major new market opportunities have emerged in the use of our pressure-based technologies in the following areas: (1) the use of our recently acquired PreEMT technology from BaroFold, Inc. to allow entry into the biologics contract research services sector, and (2) the use of our 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 non-thermal technologies. For more information, visit the company’s website at www.PressureBiosciences.com
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