They failed to place Series F financing of $5 million, and could only do half of their Series G $1.2 million financing. Nobody in the investment community stepped up so management had to fund this...one would expect they weren't too keen so they did two tranches.
This is why I sold out of my position. I will only invest after some material news on permanent capital...post dilution. These nickel-dime capital raises are survival only...they don't enable PBIO to build a sales team to get their products to market in a bigger way. They should just exclusive license the technology to someone with deeper pockets.