SOUTH EASTON, Mass., March 30, 2009 (GLOBE NEWSWIRE) -- Pressure BioSciences, Inc. (Nasdaq:PBIO) ("PBI" and the "Company") today announced that it will file a Form 1139, Corporation Application for Tentative Refund, to request a refund of federal taxes paid for the 2004 calendar year. The five-year carry back of 2008 net operating losses ("NOLs") for eligible small businesses is available under the American Recovery and Reinvestment Act ("ARRA") of 2009, passed by Congress and signed into law by President Obama in February 2009. The Company expects to book an income tax receivable of approximately $623,000 in the first quarter of 2009 due to the change in the tax law. The Company expects to file the application for the refund within the next 90 days.
As previously announced, the Company completed a private placement on February 12, 2009 that resulted in gross proceeds to PBI of $1,805,270. These funds, together with the income tax receivable of approximately $623,000, have increased the Company's unaudited total stockholders equity as of February 28, 2009 to greater than $3.5 million.
Mr. Richard T. Schumacher, President and CEO of PBI, said: "All available resources at PBI are now focused on our most important strategic business goal of 2009 -- to complete the development of the PCT-enhanced Protein Digestion System ("PCT-enhanced PDS") by the end of the second quarter. Because of the additional funds that will soon be available to us through the ARRA NOL provision, we have recently re-hired two former employees who were released last November as part of the Company's announced restructuring plan, one of whom is full time and the other is part time. These two employees fill vacant but extremely important positions; having them back will help ensure that we meet, or perhaps even beat, our June 30th PCT-enhanced PDS product release date."
Mr. Joseph Damasio, Controller of PBI, commented: "We will continue to closely monitor expenditures as we support our on-going product development and sales efforts. Through a combination of cost containment and product sales, we believe that we will meet our stated goal of reducing cash burn to an average of less than $600,000 per quarter during 2009."
Designed specifically for the large and growing mass spectrometry marketplace, the Company believes that the PCT-enhanced PDS will offer significant advantages over other sample preparation methods currently used to digest proteins in preparation for mass spectrometry. These advantages are expected to include high throughput, reduction in protein digestion time (hours to minutes), an increase in yield and quality, and the ability to bring standardization to this crucial step in mass spectrometry analysis.
About Pressure BioSciences, Inc.
Pressure BioSciences, Inc.
