SOUTH EASTON, Mass., April 13, 2011 (GLOBE NEWSWIRE) -- Pressure BioSciences, Inc. (Nasdaq:PBIO) ("PBI" or the "Company") today announced that it has received gross proceeds of $825,720 from the sale of 55,048 units to 10 accredited investors, including the Company's CEO and President, in the first tranche of the Company's $6.0 million Series C private placement. Each unit was priced at $15.00 (a common share equivalent of $1.50) and consists of (i) one share of non-voting Series C Convertible Preferred Stock, and (ii) one warrant to purchase 10 shares of Common Stock at an exercise price of $2.38 per share, expiring in April 2014. Each share of non-voting Series C Convertible Preferred Stock is convertible into ten shares of the Company's Common Stock. The closing bid of PBI Common Stock as reported on the NASDAQ Capital Market at the close of business on Thursday, April 7, 2011, the day before the first tranche closing, was $1.12 per common share.
