SOUTH EASTON, Mass., Dec. 1 — Pressure BioSciences, Inc. (Nasdaq: PBIO – News; “PBI” or the “Company”) today announced a comprehensive restructuring program designed to significantly reduce costs, centralize core operations, and refocus the Company’s business strategy in specific areas where the Company’s products have found significant market acceptance. The restructuring program includes:

— a reduction in personnel of eight full-time employees (40% of the workforce)

— a shutdown of the Company’s R&D facility in Rockville, MD

— a consolidation of the Company’s R&D activities in Massachusetts

— additional cost reductions across all departments

— a continuation of the cost reductions implemented in July 2008

— other operational changes designed to increase the efficiency of the Company’s operations

The restructuring plan was designed to retain key personnel needed to achieve both immediate and long term objectives. It became effective on November 26th. The Company expects to record estimated restructuring charges of approximately $65,000 in the fourth quarter of 2008 related to employee terminations (including severance and fringe benefits) and costs related to the shutdown of the Rockville, MD facility. The Company granted terminated employees non-qualified stock options to purchase a total of 60,000 shares of common stock in return for their agreement to provide consulting services from December 2008 to December 2009. The options will vest over the 12 months from the date of grant.

The Company believes that the restructuring program will significantly decrease its cash burn, from current levels of just under $1 million per quarter to an average of just under $600,000 per quarter during 2009. The Company believes that these actions were necessary to extend its current cash resources through the second quarter of 2009, to allow time to complete its current equity financing, to enter into a strategic alliance with one or more marketing and distribution partners, and/or to seek other strategic options.

Mr. R. Wayne Fritzsche, Chairman of the Board of Directors of PBI, commented: “We have significantly reduced our operating costs while realigning our corporate strategy to focus on those key product and application areas with the greatest likelihood for success. One such area is mass spectrometry, a powerful laboratory tool that we believe is playing an increasingly important role in the analysis of biological samples in life sciences research. We believe that mass spectrometry is a multi-billion dollar market, and that PCT offers significant advantages in speed and quality compared to current techniques used for protein digestion prior to mass spectrometry analysis. Other strategic areas where we have seen encouraging market penetration are in biomarker discovery, soil biology, and counter-bioterror applications.”

The following initiatives are the key ingredients of the new PBI strategic operating plan:

— a primary focus on current PCT-enhanced enzymatic digestion products geared specifically for the mass spectrometry marketplace

— the accelerated release of a high-throughput sample processing system – including consumables — designed specifically for the mass spectrometry marketplace

— a sharpened sales focus on established products that have shown acceptance in the biological sample preparation market during 2008, specifically in biomarker discovery, soil biology, and counter-bioterror applications

— a termination of development projects not directly related to these specific product areas

Mr. Fritzsche continued: “We believe that this sharpened strategic focus will give us the greatest opportunity to successfully reach our short and long-term business goals, including: a significant increase in the installed base of PCT Systems, consistent revenue growth, strategic alliances with one or more marketing and distribution partners, strong presence in the mass spectrometry market, continued market acceptance of PCT through the publication and presentation of data by acknowledged scientific leaders, increased shareholder value, and profitability.”

As disclosed in its most recently filed Quarterly Report on Form 10-Q, the Company is seeking to raise additional capital through equity financing under terms consistent with shareholder approval obtained on September 25, 2008. As a result of the restructuring announced today, the Company believes that an investment of approximately $2 million will be needed to fund its restructured operations through the second quarter of 2010. The Company believes that these additional cash resources will allow it sufficient time to make measured progress on its business goals, as delineated by Mr. Fritzsche above, and that this progress will result in increased shareholder value.

Mr. Richard T. Schumacher, President and CEO, commented: “Independent researchers from Amgen, Pacific Northwest National Labs, NYU, Harvard School of Public Health, and the Commonwealth of Virginia Labs have recently presented data indicating that PCT offers major advantages to mass spectrometry laboratories, including a significant reduction in protein processing time from hours to minutes, often with a substantial increase in the quality of the results. These data have been replicated by other organizations in the US, China, and Japan. With these reported advantages in such a large and growing market, and with a developing relationship with several important players in this area, we believe this a pivotal opportunity for PBI, and we expect to take full advantage of the growing acceptance of the PCT Sample Preparation System in the mass spectrometry market going forward.”

Mr. Schumacher continued: “Despite the current, difficult economic environment, we reported record installations and revenue for the third quarter of 2008, and have continued to observe strong interest for PCT-related products during the current fourth quarter. We believe this is confirmation that market acceptance of the PCT Sample Preparation System has begun. We have approximately 20 NEP3229 instruments in inventory, and have ordered an additional 50 NEP2320 instruments for receipt during the next three months. These instruments are very important to our future growth and revenue expectations.”

Mr. Schumacher concluded: “We have reduced our cash burn and extended our cash resources through the second quarter of 2009, we have maintained our key staff, we have sharpened our focus to the mass spectrometry market where we have significant competitive advantages, we have refocused our sales efforts to specific PCT product areas where market penetration and customer purchases have begun, we have active evaluations being performed with key thought leaders and with potential customers and strategic partners, and we are optimistic that we will successfully complete our current equity financing. We firmly believe that market acceptance of PCT has begun, that it is important to extend our cash resources to give us more time to take advantage of developing opportunities, that a new, sharpened focus is crucial to our growth and development, and that we are now prepared for success going forward.”