Pressure BioSciences Closes $1.1M in Tranche of Private Placement
New York Private Placement: Pressure BioSciences has closed the sale of $1.16 million of units in the first tranche of its $2.5 million private placement via private placement offering.
Each unit was priced at $18.80 and consisted of one share of non-voting Series B convertible preferred stock, and one warrant to purchase a share of Series B convertible preferred stock at an exercise price of $23.80 per share, expiring on Aug. 11, 2011.
The South Easton, Mass.-based firm said that it would use the proceeds to support sales efforts for its pressure cycling technology products. It plans to add a full-time sales director, a full-time applications scientist, and several part-time support personnel.
Pressure Bio’s shares closed at $1.66 per share in Wednesday trade on the Nasdaq.
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