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Pressure BioSciences, Inc. Announces Restructuring, Significant Cost Reduction Initiatives, and Sharpened Focus
Date:12/1/2008

e believe that this sharpened strategic focus will give us the greatest opportunity to successfully reach our short and long-term business goals, including: a significant increase in the installed base of PCT Systems, consistent revenue growth, strategic alliances with one or more marketing and distribution partners, strong presence in the mass spectrometry market, continued market acceptance of PCT through the publication and presentation of data by acknowledged scientific leaders, increased shareholder value, and profitability."

As disclosed in its most recently filed Quarterly Report on Form 10-Q, the Company is seeking to raise additional capital through equity financing under terms consistent with shareholder approval obtained on September 25, 2008. As a result of the restructuring announced today, the Company believes that an investment of approximately $2 million will be needed to fund its restructured operations through the second quarter of 2010. The Company believes that these additional cash resources will allow it sufficient time to make measured progress on its business goals, as delineated by Mr. Fritzsche above, and that this progress will result in increased shareholder value.

Mr. Richard T. Schumacher, President and CEO, commented: "Independent researchers from Amgen, Pacific Northwest National Labs, NYU, Harvard School of Public Health, and the Commonwealth of Virginia Labs have recently presented data indicating that PCT offers major advantages to mass spectrometry laboratories, including a significant reduction in protein processing time from hours to minutes, often with a substantial increase in the quality of the results. These data have been replicated by other organizations in the US, China, and Japan. With these reported advantages in such a large and growing market, and with a developing relationship with several important players in this area, we believe this a pivotal oppo
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SOURCE Pressure BioSciences, Inc.
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