MORGANTOWN W. Va., April 27, 2015 (GLOBE NEWSWIRE) -- Protea Biosciences Group, Inc. (OTCQB:PRGB) (“Protea”) announced today that it has closed on total gross proceeds of $7,415,551 million from the private placement offering of preferred stock and 3-year warrants to existing and new accredited investors, which included the conversion of $2,146,977 of existing loans from shareholders. (The preferred stock has subsequently converted into common stock.) The Company will use the proceeds to provide working capital for general corporate purposes, including the ongoing expansion of bioanalytical services and core technology development.
“We are pleased to announce the completion of our private placement which included both existing and new shareholders,” stated Steve Turner, Protea’s Chairman and CEO. He added, “Protea is advancing its business through several channels, including the expansion of its bioanalytical services and the anticipated acquisition of vivoPharm Pty. Ltd.”
Laidlaw & Company (UK) Ltd., a London and New York based FINRA registered broker-dealer, was the exclusive placement agent for the private placement.
About Protea Biosciences Group, Inc.
Protea Biosciences Group, Inc. (OTCQB:PRGB) is a molecular information company providing innovative bioanalytical solutions to the pharmaceutical, agricultural and life science industries. “Molecular information” refers to the generation and bioinformatic processing of very large data sets, obtained by applying the Company’s technology to identify and characterize the proteins, metabolites, lipids and other biomolecules which are the byproducts of all living cells and life forms. Protea has developed a new, fully automated, molecular information technology platform, known as “LAESI” (Laser Ablation Electrospray Ionization) that enables the direct analysis of molecules without the need for sample preparation.
Forward-Looking Statements: This press release may contain statements relating to future results or events, which are forward-looking statements. Words such as “expects,” “intends,” “plans,” “may,” “could,” “should,” “anticipates,” “likely,” “believes” and words of similar import may identify forward-looking statements. These statements are not historical facts, but instead represent only the Company’s belief regarding future events, many of which, by their nature, are inherently uncertain and outside of the Company’s control. It is possible that the Company’s actual results and financial condition may differ, possibly materially, from the anticipated results and financial condition indicated in these forward-looking statements. Further, information concerning the Company and its business, including factors that potentially could materially affect the Company’s business and financial and other results, are contained in the Company’s filings with the Securities and Exchange Commission, available at www.sec.gov. All forward-looking statements included in this press release are made only as of the date of this press release, and we do not undertake any obligation to publicly update or correct any forward-looking statements to reflect events or circumstances that subsequently occur or of which we hereafter become aware.
Protea and LAESI are registered trademarks of Protea Biosciences Group, Inc.
CONTACT: Protea Biosciences Group, Inc. 955 Hartman Run Road Morgantown, WV 26505 USA Phone: +1.304.292.2226 Fax: +1.304.292.7101 steve.oloughlin@proteabio.com https://proteabio.com/investors
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