Ironridge BioPharma to Invest $500,000 in Pressure BioSciences (PinkSheets: PBIO)

Orlando, FL 4/9/12 (StreetBeat) -- Pressure BioSciences, Inc. (PinkSheets:PBIO) today announced that it has entered into a definitive agreement with Ironridge BioPharma Co. ("Ironridge") to purchase $500,000.00 in shares of Series E Convertible Preferred Stock (the "Preferred Stock") of the Company.

Each share of the 500 shares of Preferred Stock to be sold to Ironridge is convertible into approximately 980 shares of Common Stock, which is determined by dividing the stated value of the Series E Preferred Stock of $1,000 by a fixed conversion price of $1.02 per share. The conversion price is not subject to any price anti-dilution protection. Ironridge will receive no warrants. There are few restrictive covenants and no amortization provisions in the transaction. The Preferred Stock will accrue dividends at 10.5% per annum, subject to a credit risk and make-whole adjustment, and is payable in cash or shares of registered Common Stock at the discretion of PBI. Under certain conditions and subject to certain limitations, the Company may require Ironridge to convert their Preferred Stock into Common Stock. The transaction is subject to customary closing conditions.

In connection with the transaction, Ironridge represented that it has never shorted the Company's stock, does not hold any short position in the Company's stock, and will not engage in or effect, directly or indirectly, any short sale for at least one year.

"We are very impressed with PBI's patented and enabling Pressure Cycling Technology ("PCT") Platform, their existing customer base, their accomplishments over the past year, and their hard-working and talented staff," commented Ironridge Managing Director, Brendan O'Neil. "We are excited about this financing transaction, and hope this is the beginning of a long and mutually beneficial relationship."

Richard T. Schumacher, President and CEO of PBI, said: "We appreciate Ironridge's life science focus, and believe they are a great capital partner for us as we seek to fill a large and growing need in the sample preparation marketplace in the life sciences industry."

Ladenburg Thalmann & Co. Inc., a subsidiary of Ladenburg Thalmann Financial Services Inc. (AMEX:LTS), acted as the exclusive placement agent for the transaction.

The offering is expected to close on or about April 11, 2012, subject to the satisfaction of customary closing conditions.

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