Pressure BioSciences closes R&D facility

According to the company, its restructuring program was designed to significantly reduce costs, centralize core operations, and refocus its business strategy in specific areas where the company’s products have found significant market acceptance. It was also designed to retain key personnel needed to achieve both immediate and long term objectives.

The new strategic operating plan emphasizes a primary focus on current PCT-enhanced enzymatic digestion products geared specifically for the mass spectrometry marketplace, the accelerated release of a high-throughput sample processing system – including consumables – designed specifically for the mass spectrometry marketplace and termination of development projects not directly related to these specific product areas.

According to the company, the restructuring plans were necessary to extend its current cash resources through the second quarter of 2009, to allow time to complete its current equity financing, to enter into a strategic alliance with one or more marketing and distribution partners, and to seek other strategic options.

Wayne Fritzsche, chairman of the board of directors of Pressure BioSciences, said: “We believe that this sharpened strategic focus will give us the greatest opportunity to successfully reach our short and long-term business goals, including: a significant increase in the installed base of PCT Systems, consistent revenue growth, strategic alliances with one or more marketing and distribution partners, strong presence in the mass spectrometry market, continued market acceptance of PCT through the publication and presentation of data by acknowledged scientific leaders, increased shareholder value, and profitability.”