WEST BRIDGEWATER, Mass.--(BUSINESS WIRE)--Dec. 8, 2005--Pressure BioSciences, Inc. (NASDAQ: PBIO - News) today announced that it has signed a one year distribution agreement with Veritas Corporation of Tokyo, Japan. Under the terms of the Agreement, Veritas will have exclusive distribution rights to all PBI products in Japan until December 31, 2006, including the recently released Barocycler NEP3229 Bench Top model. The Agreement also contains a provision to extend the Expiration Date for an additional three years with the consent of both companies.
As part of the Distribution Agreement, Veritas has agreed to purchase two Bench Top Barocycler NEP3229 units. One unit was shipped on November 29th; the second unit is expected to be shipped by mid-December. Veritas will use both instruments for demonstration, training, and instructional purposes.
Veritas expects to unveil the Barocycler NEP3229 at the Annual Meeting of the Molecular Biology Society of Japan, to be held in Fukuoka Japan from December 7-10, 2005. A special luncheon presentation has been arranged for December 9th, at which representatives of both Pressure BioSciences and Veritas will present the capabilities and advantages of the Pressure Cycling Technology (PCT)-based Barocycler NEP3229 Sample Preparation System (PCT SPS) to an invited group of between 200 - 400 scientists and other healthcare professionals from throughout Japan.
Mr. Shinsaku Iida, President of Veritas Corporation, commented: “As a seasoned distributor of a number of biotechnology products in Japan, including capital equipment, reagents, and kits to support research in the fields of genomics, proteomics, and metabolomics, we believe we are the perfect partner for Pressure BioSciences and their PCT product line. In Japan, as in the rest of the world, there is a real need for better sample preparation methods that will allow for the safe, rapid, and reproducible extraction of biomolecules from a variety of biomaterials. We are very impressed with PBI’s PCT SPS, believe that it is the best system available for sample preparation, and believe that we will be very successful in placing multiple instruments in the Japanese market.”
Mr. Jose Q. Lanuza, Director of Sales for PBI, said: “I have worked with Mr. Iida and many of his staff at Veritas for nearly five years prior to my joining PBI. Over this time, they have proven to be very successful in meeting sales goals with every product line that I have given them to represent. I have every bit of confidence that they will be equally successful in their representation of our PCT-based Sample Preparation System.”
About Pressure BioSciences, Inc.
Following the sale of substantially all the assets and selected liabilities of its BBI Diagnostics and BBI Biotech Divisions to SeraCare Life Sciences, Inc. on September 14, 2004, Boston Biomedica, Inc. changed its name to Pressure BioSciences, Inc (PBI). PBI is a publicly traded, early-stage company focused on the development of a novel technology called Pressure Cycling Technology (PCT). PCT uses cycles of hydrostatic pressure between ambient and ultra-high levels (up to 35,000 psi and greater) to control bio-molecular interactions. PBI currently holds 13 US and 4 foreign patents covering multiple applications of PCT in the life sciences field, including in such areas as genomic and proteomic sample preparation, pathogen inactivation, control of enzymes, immunodiagnostics, and protein purification.
Forward Looking Statements
Statements contained in this press release regarding the Company’s intentions, hopes, beliefs, expectations or predictions of the future are “forward-looking’’ statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to the anticipated benefits of the Bench Top PCT SPS, the expectation that Veritas will be successful in selling PBI’s PCT-based products in Japan, the expected uses by Japanese customers of the Bench Top PCT SPS, and the expected benefits of the Bench Top PCT SPS. These statements are based upon the Company’s current expectations, forecasts, and assumptions that are subject to risks, uncertainties, and other factors that could cause actual outcomes and results to differ materially from those indicated by these forward-looking statements. These risks, uncertainties, and other factors include, but are not limited to: Veritas’ ability to successfully sell PCT-based products in Japan; fluctuations in the Company’s financial and operating results, which could adversely affect the Company’s cash flow; uncertainties inherent in the development of new products, including the Company’s new Bench Top PCT instrument, including technical risks, cost overruns, and manufacturing and other delays; the risk that newly introduced products may contain undetected errors or defects or otherwise not perform as anticipated; the risk that the Company’s products will not achieve market acceptance; the risk that the Company will not be able to increase demand or sales for its products; the risk that the Company will not receive any or all of the remaining funds held in escrow in connection with the SeraCare transaction; the risk that the Company will face adverse changes in the Company’s liquidity and capital resources; the risk that the Company will be unable to attract and retain qualified personnel; declines in the market price of the Company’s common stock; declines in the market price of Panacos Pharmaceuticals common stock; the risk that the Company’s shares of Panacos Pharmaceuticals common stock held in escrow may not be released to the Company in September 2006; the risk that loans from the Company may not be repaid; changes in the capital markets; competition; general and industry-specific economic conditions; and the other risks and uncertainties discussed under the heading “Risk Factors” in the Company’s Annual Report on Form 10-KSB for the year ended December 31, 2004 and other reports filed by the Company from time to time with the SEC. The Company undertakes no obligation to update any of the information included in this release, except as otherwise required by law. Visit us at our website http://www.pressurebiosciences.com
Contact: Investor Contacts: Pressure BioSciences, Inc. Richard T. Schumacher, President & CEO R. Wayne Fritzsche, Chairman 508-580-1818 (T)
-------------------------------------------------------------------------------- Source: Pressure BioSciences, Inc.
