Richard Schumacher, chief executive of Pressure BioSciences Inc (OTCMKTS:PBIO), a Massachusetts-based life science group which makes laboratory devices, is on the road, touting the expansion of the firm’s business.
The chief of this maker of instruments which utilise pressure to control bio-molecular interactions said his company is poised for growth following a two-year worldwide co-marketing and distribution deal with ISS Inc., an Illinois-based designer of scientific instruments.
Schumacher said on Tuesday in an interview with Uptick Newswires "Stock Day" podcast: “We believe we have set the table to facilitate even greater revenues with the deployment of an experienced, trained, and dedicated field sales team, the acquisition of the BaroFold, Inc. assets – including 8 important patents that integrate well with our own seventeen patents, and our very recently announced co-marketing and distribution relationship with ISS Inc.”
Pressure BioSciences reached the two-year agreement with ISS last month.
One of the products ISS makes is a spectrophotometer -- an instrument used in drug discovery and development -- the pressure for which is usually generated by an “archaic” hand-cranking mechanism.
As its name suggests, Pressure Bio, meanwhile, manufactures automated pressure generators for laboratories which can increase and decrease pressure “like a light switch.”
PBIO’s Hub 440 and the more powerful Hub 880 sell for between US$30,000 and US$50,000 each.
The company doesn’t sell many of these units at the moment, Schumacher said last month, but both parties are expecting to sell more of their respective systems on the back of the tie-up.
In midday trading, shares of the company were flat at US$4.80.