- Equity swap further boosts Pressure BioSciences’ plans to uplist to a major stock exchange later this year
- Latest deal brings total debt-to-equity conversions to over $13.6M in past 30 days
- 2015/2016 debentures, line-of-credit and promissory note, plus various short-term debt, now converted to equity
- Company’s recently acquired Pre-EMT™ platform, allowing for improved protein-based drug development, has significant market potential and adds to a string of technological developments
Pressure BioSciences Inc.’s (OTCQB: PBIO) ambitions to
achieve listing on a major stock exchange this year have taken another major
step forward as yet another group of debt holders have agreed to a
debt-to-equity swap, this time amounting to $7.24 million, representing a
strong message of investor support. The total amount of debt that has been
converted to equity is now over $13.6 million, all in just the past four weeks
(http://ibn.fm/NZQeN).
In a news release, Joseph L. Damasio, the company’s VP of
finance and CFO, said, “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, an amount that we believe is manageable by PBI.
We are continuing to talk to the remaining debt holders and have reason to
believe that several more may follow the lead of the approximate 40+ debt
holders who have converted their debt into equity over the past 30 days. If
they do, we believe the amount of loan debt on our Balance Sheet could decrease
by an additional 10-20%.”
Jeffrey N. Peterson, chairman of the board of directors,
added, “We believe PBI’s recent accomplishments, when combined with the
conversion of the majority of our loan debt into equity, will materially
enhance our stated objective of uplisting to a national exchange (NASDAQ,
NYSE/Amex) later in 2018, which should result in a more stable, attractive, and
valuable company for all shareholders.”
This announcement follows a long list of positive news for
the company, including first quarter revenue growth and the agreement of an
earlier $6.39 million debt-to-equity swap with the company’s 2015/2016
Convertible Debenture Holders, made public on May 18, 2018 (http://ibn.fm/Gyw7s).
Pressure BioSciences develops and produces life sciences
laboratory tools based on its pioneering Pressure Cycling Technology (PCT).
This patented technology is a powerful instrument that enables scientists to
prepare biological samples for use in a wide range of fields, including
biomarker discovery, pathology, forensics and agriculture.
The company’s PCT systems, including instruments and related
consumables, are in use throughout the U.S., Canada, Europe, Australia, Japan
and China, with 300 systems set up in more than 150 labs. The PCT system boasts
a number of advantages over other methods, including better DNA detection and
improved extraction of cell membrane and other proteins.
Pressure BioSciences is also in collaboration with Phasex
Corporation to create water-soluble nanoemulsions, which could have
wide-ranging uses in pharmaceutical research and development, cosmetics, food
production and various industrial applications (http://ibn.fm/LZ8Hm).
Phasex develops separation processes for extracting various
compounds, natural extracts and chemicals using its supercritical fluid
(SCF)-based toll processors. By combining Phasex’s extraction methods and PBI’s
Ultra Shear Technology (UST) – an innovative technique based on the use of
intense shear forces generated by ultra-high pressure – the companies expects
to develop stable nanoemulsions that will be of significant commercial
interest.
Emulsification refers to the process by which liquids that
cannot ordinarily be blended together are held in a mixture, usually with the
addition of another chemical, known as a surfactant or an emulsifier.
Nanoemulsions allow extremely tiny droplets of one liquid to be mixed with
another. Because the droplets are so small, nanoemulsions allow a larger amount
of so-called “hydrophobic” liquids to be mixed with water. When used in
medicine, this could mean that the nanoparticles are more readily absorbed into
the body, resulting in treatments that are more effective. The applications
extend beyond medicine to a number of other industries.
With its Ultra Shear Technology, Pressure BioSciences can
reduce the need to add surfactants while creating nanoemulsions, which should
lead to a purer compound with fewer additives and greater stability.
The company is also optimistic about the market potential of
yet another one of its groundbreaking technologies: the Pre-EMT™ platform,
which helps pharmaceutical companies create protein-based medicines, and it has
already attracted interest from the pharmaceutical industry. Pressure
BioSciences acquired Pre-EMT™ when it recently bought all of the assets of
BaroFold, Inc., the previous owners of the technology.
Since the acquisition, Pressure BioSciences has entered into
a contract with a drug company interested in using Pre-EMT™ to develop
protein-based therapeutics, and more deals are in the pipeline
(http://ibn.fm/LNNpX).
For more information, visit the company’s website at
www.PressureBioSciences.com
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