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Pressure BioSciences, Inc. Reports Second Quarter 2008 Financial Results and Provides Business Update
Date:8/14/2008

ct that we have already recorded nine installations in Q3 through August 14th. Furthermore, we expect to install at least five more PCT Systems before the end of the third quarter. Based on the number of high potential ("Type A") leads in our sales pipeline, we now expect to install 40 or more PCT Sample Preparation Systems during 2008, as compared to the 20 that we installed during 2007."

Mr. Myles continued: "In addition to continuing the expansion of our installed base of PCT Systems, we have also implemented a number of cost reduction initiatives, including the delay of certain research and development projects, reduction in travel and meeting attendance for all personnel, continued reduction in investor relations activities, decreases in the base salary of most of our employees and all of our executive officers, decrease in annual cash compensation for all outside Board members, and a reduction in our workforce that included the re-alignment of our domestic sales force from seven full time sales directors to three. We ended the second quarter with approximately $2.8 million in cash and cash equivalents. We believe that this amount of cash, together with the cost reduction measures, will allow us to reach a manageable balance between the need to conserve our cash resources and the need to support our short-term commercialization plans. We have also engaged Emerging Growth Equities of King of Prussia, PA to help us raise additional capital to fund our further development and commercialization of PCT."

During the past four months, the Company has reported successes and measurable progress in a number of important areas. These include, but are not limited to:

-- The award of a $850,000 NIH SBIR Phase II Grant for the development of a new PCT-dependent system for improved biomarker discovery, diagnostics, and drug discovery

-- Presentations by independent researchers at key scientific conferences citing the use of PCT for improving the de
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SOURCE Pressure BioSciences, Inc.
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