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SOURCE Pressure BioSciences, Inc.
David Weild IV, Former Vice Chairman of the NASDAQ Stock Market and Wall Street Veteran, and Edward H. Kim, Former Sr. Vice President of NASDAQ and Biotech Analyst, to Advise the Company on Growth Strategies, Including Strategic and Financing Alternatives
SOUTH EASTON, Mass., June 26, 2014 /PRNewswire/ -- Pressure BioSciences, Inc. (OTCQB: PBIO) ("PBI" or the "Company") today announced the engagement of IssuWorks to provide strategic advisory services to the Company's board of directors and management team. IssuWorks is the first conflict-free, company-aligned investment bank using technology and services to dramatically improve investor targeting, securities marketing, and distribution in public and private markets. Pressure BioSciences has retained IssuWorks and their management team to review strategic and financing alternatives, including the possible spin-off of vertical market applications into new, stand alone businesses.
IssuWorks is the brainchild of noted Wall Street executives, including David Weild and Ed Kim, who are recognized in the U.S. and abroad for their work on how stock market structure can impact a company's stock price and their access to capital. David has been called "The father of the JOBS Act" for work with Ed Kim that created the intellectual underpinnings for most of that Act. The JOBS Act created new techniques in equity finance, including crowd-funding of securities to accredited investors, and the entirely new category of IPO called an "Emerging Growth Company." David, a former vice chairman of NASDAQ, ran both corporate finance and the equity new issues business of a major Wall Street firm where he oversaw all industry groups including healthcare and technology investment banking. Ed worked in biotech equity research and technology investment banking at major Wall Street firms before running new products at NASDAQ.
Mr. Edward Kim said: "We like PBI's management and scientific teams, board, cutting-edge technology platform (pressure cycling technology, or 'PCT'), and intellectual property estate for a company of this market size. The Chairman (Jeff Peterson) has held senior level positions in major companies in the life sciences space, and is currently leading two development-stage biotechnology concerns. The CEO (Ric Schumacher) has founded/co-founded and led several highly successful life sciences companies over the past 25 years, mostly as CEO, President, and/or Chairman. And the team they have assembled at PBI is just as impressive as top management."
Mr. David Weild commented: "The Company has over 150 customers, 250 instrument systems in the field, and 100 independent scientific publications on the advantages of their PCT platform. We believe that with additional capital, PBI can transform certain areas of proteomics, lipidomics, and genomics by enabling laboratories to significantly improve their sample preparation, which should lead to higher quality analysis and results, and best of all, to more discovery. We are attracted to companies like PBI that have the potential to do make a real difference in the quality of healthcare yet are challenged by the very market structure changes that we have documented, understand and are working to change."
Mr. Weild continued: "In this case, we've aligned our interests with the shareholders of Pressure BioSciences by taking our compensation in the form of a modest number of warrants with an exercise price set at a significant premium to the current market price of the stock. The warrants will vest over the 12 month engagement period. Any additional compensation will be on a success fee basis. We look forward to working with the entire PBI Team."
Mr. Richard T. Schumacher commented: "We are excited to have Dave, Ed, and the rest of the IssuWorks Team on board. Their knowledge, experience, and worldwide network will be a major asset to PBI. We believe that our proven PCT platform has only just begun to fill a very large and growing market need. We also believe that the number of PCT-based applications with real and exciting market potential exceeds the number we can reasonably work on. Thus, with help and guidance of IssuWorks, we will immediately begin to look at various strategic and financing alternatives that we believe have the potential to result in the generation of increased value for all shareholders of PBI."
About Pressure BioSciences, Inc.
Pressure BioSciences, Inc. ("PBI") (OTCQB: PBIO) develops, markets, and sells proprietary laboratory instrumentation and associated consumables to the estimated $6 billion life sciences sample preparation market. Our products are based on the unique properties of both constant (i.e., static) and alternating (i.e., pressure cycling technology, or PCT) hydrostatic pressure. PCT is a patented enabling technology platform that uses alternating cycles of hydrostatic pressure between ambient and ultra-high levels to safely and reproducibly control bio-molecular interactions. To date, we have installed over 250 PCT systems in approximately 160 sites worldwide. There are over 100 publications citing the advantages of the PCT platform over competitive methods, many from key opinion leaders. Our primary application development and sales efforts are in the biomarker discovery and forensics areas. Customers also use our products in other areas, such as drug discovery & design, bio-therapeutics characterization, soil & plant biology, vaccine development, histology, and counter-bioterror applications.
Forward Looking Statements
Statements contained in this press release regarding PBI'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. 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, the risks and uncertainties discussed under the heading "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2013, 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.
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Richard T. Schumacher, President and CEO (508) 230-1828 (T)
David Weild IV, Chairman and CEO (212) 705-8731 (T)
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