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Wednesday, 28 November 2012
Pressure BioSciences says Ironridge converts final series E preferred stock into common shares
Pressure BioSciences (OTCQB: PBIO) has announced that Ironridge BioPharma has converted its remaining 200 shares of the company's series E convertible preferred stock into common stock.
These funds have allowed Pressure BioSciences to implement its new sales and marketing strategy, which led to a record third quarter, CEO Richard Schumacher tells Proactive Investors.
Following this conversion, all 500 shares of series E preferred stock purchased by Ironridge in the $500,000 registered direct offering with the company in April have been converted.
The total number of shares of common stock issued to Ironridge was roughly 1.1 million.
“We greatly appreciate the investment made by Ironridge this past April. The funds received were used in part to support the new marketing and sales program that we introduced earlier this year," added Schumacher in a statement.
"We believe this program played an important role in helping us achieve record PCT Products revenue in the third quarter of 2012, and will also play an important role in our anticipated future revenue growth.
"We also appreciate Ironridge’s open dialogue and support, as their cooperation helped ensure a smooth and mutually beneficial transaction.”
Earlier this week, Pressure BioSciences (OTCQB:PBIO) inked a two-way strategic marketing, selling and distribution agreement with UK-based biomedical product provider Constant Systems, with the deal to expand Pressure's international reach into 12 additional countries.
The life sciences company's pressure cycling technology (PCT) platform 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.
Its PCT products can be used for mass spectrometry, biomarker discovery, bio-therapeutics, vaccine development, forensics, and counter-bioterror applications, among other applications.
Under the agreement, US-based Pressure BioSciences now has non-exclusive rights to market, sell and distribute Constant Systems' high pressure cell disruption equipment and consumables, which are used particularly for the extraction of proteins, in the US, Canada and Mexico.
Meanwhile, Constant gets the rights to market, sell, and distribute Pressure BioSciences' patented PCT-based instruments and consumables in England, Scotland, Wales, Ireland, Spain, Portugal, Italy, Norway, Sweden, Finland, Denmark, and Singapore.
The parties have also started discussions on the possibility of expanding the agreement to include cooperative research, development, and manufacturing in the near future.
Last week, Pressure BioSciences announced its quarterly results, posting a 40 per cent increase in revenues for its third quarter, as revenue from PCT products and services was $297,867 in the latest period, up 37 per cent year-over-year.
The company said it installed eight PCT sample preparation systems in the latest period, while sales of PCT-based consumables generated sales of around $28,000 - a rise of 33 per cent.