Thursday, 12 July 2012

Pressure BioSciences extends global sales reach with new distribution deals

Pressure BioSciences (PINK:PBIO)(OTCQB:PBIO) Thursday announced it has entered into distribution agreements with three companies with combined coverage in six new countries.

The company noted that the latest distribution deal brings the total number of countries carrying its pressure cycling technology (PCT) preparation instrument and consumable products to 11.

PCT is an enabling technology platform with multiple applications in the life sciences sample preparation market. Pressure noted that PCT uses rapid and repeating cycles of hydrostatic pressure at controlled temperatures to extract cell components in the preparation of a biological sample, such as DNA and proteins from humans, animals and plants, for further study.

During the first half of 2012, Pressure added four US partners and four international distributors to help the company “aggressively market and sell” its PCT instruments and consumables. Initial orders have already been received from several of the new partners/distributors, the company said.

“We believe that the number of such orders will continue to increase, that products and programs planned for market release during the second half of 2012 will positively impact revenue this year, that the number of PCT applications will continue to grow, that the number of publications and presentations that cite the benefits of PCT in sample preparation will continue to expand, and that the number of research scientists introduced to the advantages of PCT will continue to increase,” said Pressure BioSciences' president and CEO Richard T. Schumacher.

The company also said it believes that its strategy will results in “significantly greater” revenue in 2012 compared to 2011.

In Guangzhou, China, the company entered into a distribution agreement with the Yinzhou Police Equipment & Technology Co. for its PCT product line and for its patent-pending, mechanical homogenization device, the Shredder SG3, and associated consumables.

Pressure said the deal allows Yinzhou to market and sell the products into the forensics marketplace only.

The company said it plans to add “one or more” additional distributors in China for representation outside of the forensics area
during the second half of 2012.

In Vietnam, Cambodia, and Laos, Pressure entered into a distribution agreement with BMN MSI Ltd. for its PCT product line and for the Shredder SG3 homogenization device and associated consumables.

In Australia and New Zealand, the company entered into a distribution agreement with iScience Technology for its PCT product line, and for the Shredder SG3 homogenization device and associated consumables.

All of the distribution agreements with respect to the PCT products are exclusive, while deals for distribution of the Shredder SG3 homogenization device and associated consumables are non-exclusive.

Pressure BioSciences is focused on the development, marketing, and sale of proprietary laboratory instrumentation and associated consumables based on its PCT platform.

Earlier this month, the company announced an agreement with 17 investors for an initial $600,000 tranche of an "above-market" $1.2 million private placement financing.

Proceeds from the financing will be used toward the commercialization of PCT product platform.

Under the agreement announced Tuesday, the initial tranche will consist of the sale of roughly 120,000 units at a price of $5.00 each. The company said roughly $485,000 of the $600,000 initial tranche was received in cash, and $115,000 will be from the conversion of debt.

The seventeen investors in the initial tranche consist of members of the company’s new and old board of directors, all officers of the company, and several existing accredited investors in Pressure BioSciences, it said.

The $600,000 financing was expected to close by July 6, while one or more additional tranches in the private placement is anticipated to close before the end of August.

Since Pressure began commercial operations in the middle of 2007, it has come a long way, releasing a number of PCT-based products geared towards the $6 billion sample preparation market, including three pressure-generating instruments named Barocyclers, a patent-pending sample homogenization device (The Shredder SG3), five types of single-use processing containers and six different, application-specific reagent kits.

In early May, the company announced it signed a strategic co-development, co-marketing, and co-selling agreement with LEAP Technologies.

Under the agreement, the companies intend to develop a next generation sample preparation system by combining Pressure’s PCT platform with LEAP’s proprietary robotics and lab automation equipment.

LEAP Technologies has been providing proprietary robotics and laboratory automation equipment and support for specific applications for over 20 years.

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