Pressure BioSciences, Inc. Announces Restructuring, Significant Cost Reduction Initiatives, and Sharp...( SOUTH EASTON Mass. Dec. 1 /- Pressure...),Health

SOUTH EASTON, Mass., Dec. 1 /PRNewswire-FirstCall/ -- Pressure BioSciences, Inc. (Nasdaq: PBIO) ("PBI" or the "Company") today announced a comprehensive restructuring program designed to significantly reduce costs, centralize core operations, and refocus the Company's business strategy in specific areas where the Company's products have found significant market acceptance. The restructuring program includes:

-- a reduction in personnel of eight full-time employees (40% of the workforce)

-- a shutdown of the Company's R&D facility in Rockville, MD

-- a consolidation of the Company's R&D activities in Massachusetts

-- additional cost reductions across all departments

-- a continuation of the cost reductions implemented in July 2008

-- other operational changes designed to increase the efficiency of the Company's operations

The restructuring plan was designed to retain key personnel needed to achieve both immediate and long term objectives. It became effective on November 26th. The Company expects to record estimated restructuring charges of approximately $65,000 in the fourth quarter of 2008 related to employee terminations (including severance and fringe benefits) and costs related to the shutdown of the Rockville, MD facility. The Company granted terminated employees non-qualified stock options to purchase a total of 60,000 shares of common stock in return for their agreement to provide consulting services from December 2008 to December 2009. The options will vest over the 12 months from the date of grant.

The Company believes that the restructuring program will significantly decrease its cash burn, from current levels of just under $1 million per quarter to an average of just under $600,000 per quarter during 2009. The Company believes that t
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