Pressure BioSciences Inc (OTCMKTS:PBIO) said Wednesday that company founder Richard Schumacher plans to step down as president and CEO in September.
Under a succession plan that has been in the works for months, Chief Commercial Officer Bradford Young will take over from Schumacher, the company said in statement.
Young, who also holds the title of senior vice president, joined Pressure BioSciences last November and the company’s board of directors designated him to succeed Schumacher, the company said.
Schumacher, who’s been CEO for 15 years, informed board directors last Thursday that he would step down effectively on September 9, according to the South Easton, Massachusetts-based company.
During the transition period, the Harvard Medical School trained serial entrepreneur who has founded four companies will continue with the company in a senior consulting role and will continue serving on the board. Once Young officially takes over in September, the company will retain Schumacher’s services in a senior advisory role for a minimum of one year, said the company.
Orderly sucession plan
“I will be seventy years old in August 2020, I have worked closely with the board to prepare for a strong and orderly transition in leadership as we enter this new growth phase,” said Schumacher, who founded the company in 1978. “I am convinced that Pressure BioSciences is now poised for success thanks to the depth and dedication of our senior management and support teams.”
Young praised Schumacher and his senior management team for carrying out an “impressive job of taking pressure BioSciences from a dream to a publicly-traded company with three, innovative platform technologies that harness the power of pressure for biological research, development and manufacturing.”
He added that he believed the company’s proprietary platform technologies have the potential to create “new and improved biotechnology products” and can position the company for “significant growth and profitability.”
The company laid out its goals which include implementation of financial self-sufficiency and future growth and profitability as well as preparation for a targeted up-list to Nasdaq or the New York Stock Exchange. Notably, the company recently converted $13.6 million of debt into equity, significantly reducing total liabilities.
“We will be working closely with our investment bankers to complete our capital plans for funding exciting growth opportunities, while completing improvements to our balance sheet and allowing the company to pursue its planned up-listing to a major US stock exchange,” said board chairman Jeffrey Peterson.
The company’s stock traded up 3.4% to $3.05 a share.
Pressure BioSciences already holds two patents for Ultra Sheer Technology, which applies high-pressure levels greater than 20,000 pounds per square inch. The advanced technology allows companies to extend the life of milk, and healthier drinks and juices, by reducing heat exposure in the preservation process through a combined application of elevated pressure and controlled times and temperatures.
The company’s technology creates nano-scale emulsion mixtures that allow fluids to mix that normally don’t mix, such as CBD oil and water. As a result, the technology has wide potential uses in the pharmaceutical, industrial ink, retail and cosmetics industry.