SEATTLE--(BUSINESS WIRE)--March 9, 2006--Pacific Biometrics Inc. (OTCBB:PBME - News) has completed a $3.8 million private equity financing with 8 accredited investors.
Pursuant to this private financing, Pacific Biometrics sold approximately 2.8 million restricted shares of Common Stock together with warrants to purchase approximately 800,000 shares of Common Stock. The shares of Common Stock were sold at a price of $1.35 per share. The Warrants have an exercise price of $1.60 per share, will be exercisable beginning on the date that is six months from the closing date, and have a term of 5 years. If all of the warrants are exercised in the full, Pacific Biometrics would receive approximately an additional $1.4 million.
Under the terms of the financing, the Company has agreed to prepare and file a resale registration statement with the Securities and Exchange Commission for the shares sold in the private financing and the shares underlying the warrants.
Midtown Partners & Co., LLC acted as sole placement agent in this transaction.
About Pacific Biometrics, Inc. (PBI)
Established in 1989, PBI provides specialized central laboratory and contract research services to support pharmaceutical and diagnostic manufacturers conducting human clinical trial research. The company provides expert services in the areas of cardiovascular disease, diabetes, osteoporosis, arthritis, and nutrition. The PBI laboratory is accredited by the College of American Pathologists, and through its non-profit affiliate Pacific Biometrics Research Foundation, is one of only three U.S.-based members of the Centers for Disease Control (CDC) Cholesterol Reference Method Laboratory Network. PBI's clients include many of the world's largest pharmaceutical, biotech, and diagnostic companies.
Pacific Biometrics also owns several patented and patent-pending technologies, including monitoring devices for glucose and changes in bone turnover, an advanced, proprietary, isothermal DNA amplification technology, and a gene-based cell viability technology to distinguish live from dead cells in a broad range of diagnostic applications.
For more information about Pacific Biometrics, visit the Company's web site at www.pacbio.com, and the Company's periodic filings with the U.S. Securities and Exchange Commission (including Form 10-KSB for the year ended June 30, 2005 and Form 10-QSB for the quarters ended December 31, 2005 and September 30, 2005).
Contact:
Pacific Biometrics
Ron Helm, 206-298-0068
or
Investor Relations Group
Investors:
Adam Holdsworth / Erik Lux, 212-825-3210
