SOUTH EASTON, Mass., March 24, 2010 (GLOBE NEWSWIRE) -- Pressure BioSciences, Inc. (Nasdaq:PBIO) (“PBI” or the “Company”) today announced that it has closed on the sale of approximately $500,000 of units in the second tranche of the Company’s $2.5 million Series B private placement. Each unit was priced at $18.80 and consists of (i) one share of non-voting Series B Convertible Preferred Stock, and (ii) one warrant to purchase a share of Series B Convertible Preferred Stock at an exercise price of $28.80 per share, expiring on August 11, 2011. Each share of non-voting Series B Convertible Preferred Stock is convertible into ten shares of the Company’s common stock. The closing bid of PBI common stock reported on the NASDAQ Capital Market as of the close of business on Wednesday, March 17, 2010, the day before the second tranche closing, was $1.75 per common share. This brings the total amount received to date in the Series B private placement to approximately $1.66 million.
