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Pressure Biosciences names Damasio as finance chief as it travels towards profitability

Most recently, he was finance director at Nelipak Packaging, a private equity backed medical packaging manufacturer
Pressure Biosciences names Damasio as finance chief as it travels towards profitability
Experienced financial executive Damasio is back at the firm

Pressure Biosciences Inc (OTCQB:PBIO) has welcomed Joseph L Damasio back to the company as it ramps up, appointing him vice-president of finance and chief financial officer.

Damasio was employed at Pressure in 2007 as accounting manager, then as controller a year later and as vice president of finance and administration in 2011.

Most recently, the experienced executive was finance director at Nelipak Packaging, a private equity backed medical packaging manufacturer with over $100mln in annual global sales.

Damasio told investors on Monday: "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.

"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."

Pressure's president and chief executive Richard T. Schumacher added : "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."

Last month, the group bolstered its marketing and sales capabilities by contracting a well-regarded life sciences lead generation service and hiring two of four new field sales directors.

EKG Sales Associates (EKG) has spent over 20 years developing a contact database with over 50,000 scientists and other individuals from the life sciences area, some of whom are key decision makers.

As well as engaging EKG, PBI has also hired Ms Rajni Kareer who will be the sales director covering all of the west coast of the US.

The other new director, Nicholas Cobb, will cover upstate New York, northern New England, and all of eastern Canada.

Shares shed over 4% to US$0.31.

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