- Equity swap further boosts Pressure BioSciences’ plans to uplist to a major stock exchange later this year
- Latest deal brings total debt-to-equity conversions to over $13.6M in past 30 days
- 2015/2016 debentures, line-of-credit and promissory note, plus various short-term debt, now converted to equity
- Company’s recently acquired Pre-EMT™ platform, allowing for improved protein-based drug development, has significant market potential and adds to a string of technological developments
Pressure BioSciences Inc.’s (OTCQB: PBIO) ambitions to achieve listing on a major stock exchange this year have taken another major step forward as yet another group of debt holders have agreed to a debt-to-equity swap, this time amounting to $7.24 million, representing a strong message of investor support. The total amount of debt that has been converted to equity is now over $13.6 million, all in just the past four weeks (http://nnw.fm/y5V2d).
In a news release, Joseph L. Damasio, the company’s VP of finance and CFO, said, “With today’s announced conversion of an additional $7.24M of debt to equity, total loan debt has been reduced from approximately $16.6M to approximately $3.0M, an amount that we believe is manageable by PBI. We are continuing to…
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