SOUTH EASTON, Mass., Nov. 18, 2009 (GLOBE NEWSWIRE) -- Pressure BioSciences, Inc. (Nasdaq:PBIO) (“PBI” or the “Company”) today announced that it has closed on the sale of approximately $1.16 million of units in the first tranche of a $2.5 million 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 $23.80 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 as reported on the NASDAQ Capital Market as of the close of business on Tuesday, November 17, 2009 was $1.43 per common share.
