WEST BRIDGEWATER, Mass.--(BUSINESS WIRE)--Nov. 15, 2005--Pressure BioSciences, Inc. (NASDAQ: PBIO) today announced that it has sold its first Bench Top (NEP3229) PCT Sample Preparation System ("PCT SPS") to the Food and Drug Administration (US Department of Health and Human Services) located in College Park, MD. The Company also announced that it has signed two lease agreements for the PCT SPS: a one year lease with the University of New Hampshire in Durham, NH, and a three month lease (with a right to extend to seven months or convert to a purchase) with a biotech company in the mid-west of the US.
The FDA is expected to use the Bench Top PCT Sample Preparation System for several applications, including the extraction of proteins from bacteria, the processing of food for the detection of allergen contamination, and for the evaluation of dietary supplements. To this end, it is the Company's belief that the use of the PCT SPS may enable scientists to more safely, rapidly, and accurately determine if foods are contaminated with potentially hazardous bacteria, allergens, or toxins.
The University of New Hampshire and the biotech company are expected to use the PCT System for the processing of a wide range of biological samples to study DNA, RNA, and proteins to better understand their roles in applications as diverse as human health, microbiology, and the environment. Pressure BioSciences and the biotech company are optimistic that the use of the PCT SPS will allow the biotech company to develop better and faster methods to commercialize their proprietary technology.
In addition to this initial sale and these lease programs, the Company also announced that three more placements have been made through their strategic "reagent rental program", as discussed in a company press release dated August 15, 2005 and noted in the Company's Quarterly Report on Form 10-QSB for the quarter ending September 30, 2005. These placements were made at an east coast university with a leading research program in proteomics, at a large US-based diagnostics company, and at a university in the mid-west that is evaluating PCT for applications in toxicology studies. It is expected that these collaborating sites will use the PCT SPS for approximately three to six months, and that they will apply the PCT technology to the development of methods for the rapid detection and identification of bioterror agents and infectious diseases, in human genetics, and as a potential front-end instrument to downstream proteomic and genomic identification and detection technologies.
Richard T. Schumacher, Founder, President, and CEO of Pressure BioSciences, commented: "We are of course pleased that the FDA has purchased and that UNH and a US biotech company have leased the PCT SPS, and we look forward to supporting them as they use and expand upon the PCT System in their research programs. We are also pleased that three more facilities have agreed to be collaborating sites and look forward to working with them as they use the PCT SPS to generate data in many interesting and potentially profitable areas of proteomics and genomics. We remain optimistic that the PCT SPS will continue to gain acceptance in a broad range of applications in academic research, government, and industrial laboratories."
About Pressure BioSciences, Inc.
Following the sale of substantially all the assets and selected liabilities of its BBI Diagnostics and BBI Biotech Divisions to SeraCare Life Sciences, Inc. on September 14, 2004, Boston Biomedica, Inc. changed its name to Pressure BioSciences, Inc (PBI). PBI is a publicly traded, early-stage company focused on the development of a novel technology called Pressure Cycling Technology (PCT). PCT uses cycles of hydrostatic pressure between ambient and ultra-high levels (up to 35,000 psi and greater) to control bio-molecular interactions. PBI currently holds 13 US and 4 foreign patents covering multiple applications of PCT in the life sciences field, including in such areas as genomic and proteomic sample preparation, pathogen inactivation, control of enzymes, immunodiagnostics, and protein purification.
Forward Looking Statements
Statements contained in this press release regarding the Company'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, including statements relating to the anticipated benefits of the Bench Top PCT SPS, the expectation that customers will purchase or lease the Bench Top PCT SPS following trial periods of the units, the expected uses by customers and collaborating sites of the Bench Top PCT SPS, the expected benefits of the Bench Top PCT SPS, and the anticipated timing of completion for manufacturing additional units. 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 possibility that the Company's customers and collaborating sites will not expand or extend their use of the Bench Top PCT SPS beyond the initial period; fluctuations in the Company's financial and operating results, which could adversely affect the Company's cash flow; uncertainties inherent in the development of new products, including the Company's new Bench Top PCT instrument, including technical risks, cost overruns, and manufacturing and other delays; the risk that newly introduced products may contain undetected errors or defects or otherwise not perform as anticipated; the risk that the Company's products will not achieve market acceptance; the risk that the Company will not be able to increase demand or sales for its products; the risk that the Company will not receive any or all of the remaining funds held in escrow in connection with the SeraCare transaction; the risk that the Company will face adverse changes in the Company's liquidity and capital resources; the risk that the Company will be unable to attract and retain qualified personnel; declines in the market price of the Company's common stock; declines in the market price of Panacos Pharmaceuticals common stock; the risk that the Company's shares of Panacos Pharmaceuticals common stock held in escrow may not be released to the Company in September 2006; the risk that loans from the Company may not be repaid; changes in the capital markets; competition; general and industry-specific economic conditions; and the other risks and uncertainties discussed under the heading "Risk Factors" in the Company's Annual Report on Form 10-KSB for the year ended December 31, 2004 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.
Visit us at our website http://www.pressurebiosciences.com
CONTACT: Investor Contacts:
Pressure BioSciences, Inc., 508-580-1818
Richard T. Schumacher, President & CEO
R. Wayne Fritzsche, Chairman
SOURCE: Pressure BioSciences, Inc.