I think many are throwing in the towel at these low levels.
It was encouraging that Renaissance Technologies added to their position in the period ending 3/31/12...PBIO has been a small position over time for Renaissance, one of the best funds in the world. They bought PBIO much higher initially and they were a seller for several quarters until the March quarter when they added.
Given that Ironbridge was willing to step in at a much higher conversion price, management purchased shares at a much higher purchase price, no material debt obligations, a relatively small burn rate of $500k per quarter, and the coming Series F $5.0 million financing....which hopefully is completed soon...it's hard not to like PBIO down here.
I've recently bought 15,000 shares under $0.30 and looking to add more.
If you desperately need money, sell it. However, most of people think stocks will go up in the second half of 2012. You can choose to chase stocks already 52 week high or pickup stock was beaten up with no real reason. IMO I will go with the second one. PBIO is waiting for funding and I believe it will get it soon. MM will try hard to drag it down and accumulate.Don't let them steal your $$. You will see when the news come out.