Pressure BioSciences, Inc. Appoints Joseph L. Damasio Jr. as Vice President of Finance and Chief Financial Officer
SOUTH EASTON, MA–(Marketwired – Apr 17, 2017) – Pressure BioSciences, Inc. (OTCQB: PBIO) (“PBI” or the “Company”), a leader in the development and sale of broadly enabling, pressure cycling technology (“PCT”)-based sample preparation solutions to the worldwide life sciences industry, today announced that Mr. Joseph L. Damasio Jr. joined the Company as its Vice President of Finance and Chief Financial Officer (“CFO”) on April 10, 2017.
Mr. Damasio has over 20 years of finance and accounting experience, most recently as Finance Director at Nelipak Packaging, a private equity backed medical packaging manufacturer with over $100M in global annual sales. Before joining Nelipak, Mr. Damasio held various financial positions at CP Bourg, IQE KC, and Kopin Corporation. Prior to Kopin, Mr. Damasio was employed by Pressure BioSciences, Inc., first as Accounting Manager (2007), then as Controller (2008), and finally as Vice President of Finance and Administration (2011). Prior to joining PBI, Mr. Damasio was a senior accountant at BearingPoint, Inc. (formerly KPMG Consulting) and an auditor at PriceWaterhouseCoopers, LLP. Mr. Damasio began his financial career with NEN Life Science Products Inc., a subsidiary of PerkinElmer Inc. Mr. Damasio earned a bachelor’s degree in accounting, with honors, from the University of Massachusetts. He holds an MBA and MSF from Boston College and is a Certified Public Accountant in Massachusetts.
“The Company has developed and is beginning to implement a comprehensive fiscal plan that we believe is both achievable and sustainable, while supporting continued growth,” said Mr. Damasio. “Among its many goals, the plan calls for an up-list to the NASDAQ stock market, the addition of personnel in key areas, a strong focus in and expansion of sales and marketing, and a march towards profitability. I look forward to being part of the senior management team at PBI, and am grateful for the opportunity to help define the Company’s future.”
Mr. Richard T. Schumacher, President and CEO of PBI, commented: “We are delighted to have Joe re-join the senior management team at PBI. During his five years away, Joe gained a wealth of knowledge and experience that we believe will help us significantly as we look to accelerate the Company’s growth on our path to profitability and long-term success. Welcome back, Joe.”
About Pressure BioSciences, Inc.
Pressure BioSciences, Inc. (“PBI”) (OTCQB: PBIO) develops, markets, and sells proprietary laboratory instrumentation and associated consumables to the estimated $6 billion life sciences sample preparation market. Our products are based on the unique properties of both constant (i.e., static) and alternating (i.e., pressure cycling technology, or PCT) hydrostatic pressure. PCT is a patented enabling technology platform that uses alternating cycles of hydrostatic pressure between ambient and ultra-high levels to safely and reproducibly control bio-molecular interactions. To date, we have installed over 250 PCT systems in approximately 160 sites worldwide. There are over 100 publications citing the advantages of the PCT platform over competitive methods, many from key opinion leaders. Our primary development and sales efforts are in biomarker discovery, drug discovery and design, and forensics. Our products are also used in other areas, such as bio-therapeutics characterization, soil & plant biology, vaccine development, histology, and counter-bioterror applications.
Forward Looking Statements
Statements contained in this press release regarding PBI’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. 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 risks and uncertainties discussed under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016, 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.
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Richard T. Schumacher
President & CEO
(508) 230-1828 (T)
Jeffrey N. Peterson
Chairman of the Board
(650) 812-8121 (T)