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Pressure BioSciences, Inc. Reports Record Revenue, Significantly Reduced Operating Loss for the Fourth Quarter of 2008
Date:3/4/2009

n in force from twenty to twelve employees, the implementation of significant cost reduction initiatives, and a realignment of our corporate strategy to focus on key products and application areas with the greatest likelihood for success."

Mr. Schumacher continued: "Amidst the upheaval and uncertainty resulting from these changes, we were still able to complete a license agreement with Battelle Memorial Institute; enter into a collaboration agreement with the J. Craig Venter Institute; sign an initial distribution agreement with Omni International; make significant progress towards the planned Q3 2009 release of our PCT-enhanced Protein Digestion System, including the next generation small and variable volume consumable processing containers; release a new product called the PCT Shredder; and make measurable progress on our equity financing efforts (completed on February 12, 2009). Concomitantly, we were also able to achieve record revenue while significantly reducing our operating loss. All stakeholders of the Company should be extremely proud of the team that we have at PBI, just as I am."

As previously announced, the Company completed a $1.8 million equity financing on February 12, 2009. In connection with the financing, investors purchased units, with each unit consisting of (i) one share of Series A Convertible Preferred Stock (the "Series A Preferred Stock"), (ii) a warrant to purchase 10 shares of Common Stock at an exercise price equal to $2.00 per share with a term expiring 30 months after the date of the closing of the financing, and (iii) a warrant to purchase, at the investor's election to be made within 7 days of the closing, either 10 shares of Common Stock at an exercise price equal to $1.25 per share with a term expiring 15 months after the closing (the "15-Month Common Stock Warrants") or one share of Series A Preferred Stock at an exercise price equal to $12.50 per share with a term expiring 15 months after the c
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SOURCE Pressure BioSciences, Inc.
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