UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 8-K

                             Current Report Pursuant
                          to Section 13 or 15(d) of the
                         Securities Exchange Act of 1934

          Date of Report (Date of earliest event reported) May 17, 2006
                                                           -------------

                           PRESSURE BIOSCIENCES, INC.
--------------------------------------------------------------------------------
             (Exact Name of Registrant as Specified in its Charter)


                                  MASSACHUSETTS
--------------------------------------------------------------------------------
                 (State or Other Jurisdiction of Incorporation)


              0-21615                                     04-2652826
--------------------------------------      ------------------------------------
       (Commission File Number)             (I.R.S. Employer Identification No.)


321 Manley Street, West Bridgewater, MA                    02379
----------------------------------------    ------------------------------------
(Address of Principal Executive Offices)                 (Zip Code)


                                 (508) 580-1818
--------------------------------------------------------------------------------
              (Registrant's Telephone Number, Including Area Code)


                                       N/A
--------------------------------------------------------------------------------
          (Former Name or Former Address, if Changed Since Last Report)

      Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):

[_]   Written communications pursuant to Rule 425 under the Securities Act (17
      CFR 230.425)

[_]   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)

[_]   Pre-commencement communications pursuant to Rule 14d-2(b) under the
      Exchange Act (17 CFR 240.14d-2(b))

[_]   Pre-commencement communications pursuant to Rule 13e-4(c) under the
      Exchange Act (17 CFR 240.13e-4(c))


<PAGE>


Item 4.02 Non-Reliance on Previously Issued Financial Statements or a Related
          Audit Report or Completed Interim Review.


On May 19, 2006,  Pressure  BioSciences,  Inc.  (the  "Company")  issued a press
release  announcing its decision to restate financial results for the year ended
December 31, 2005 and for the quarter  ended  September  30, 2005. A copy of the
press release is furnished as Exhibit 99.1 to this Current Report.

The Company has completed a review of the tax liability associated with the 2004
sale of assets and certain  liabilities  of the BBI Core  Businesses to SeraCare
Life  Sciences,  Inc.,  and has  concluded  that the tax  liability  related  to
discontinued operations recorded in the third quarter of 2005 was understated by
approximately  $220,000.  In connection with the Company's  internal tax review,
the Company also determined to reduce by  approximately  $60,000 the estimate of
deferred tax liability for the  unrealized  gain from its  investment in Panacos
Pharmaceuticals,  Inc., and to increase by approximately  $23,000 the income tax
provision  from  continuing  operations. These  adjustments  will not change the
Company's reported pre-tax results from continuing  operations,  but income from
continuing  operations after income taxes for the fiscal year ended December 31,
2005 will be reduced from approximately $873,000 to approximately  $850,000. The
Company  will amend and restate its year-end  and third  quarter 2005  financial
statements to reflect the results of its internal tax review.

As a result of the tax review,  on May 17, 2006, the Company's senior management
and the Audit  Committee of the Board of Directors  concluded that the Company's
financial  statements  for the year ended  December 31, 2005 and for the quarter
ended  September  30,  2005,  should no longer be relied  upon,  and  decided to
restate the Company's financial  statements for the year ended December 31, 2005
and to  restate  the  Company's  financial  statements  for  the  quarter  ended
September  30, 2005.  The Company and its Audit  Committee  discussed  this with
Weinberg & Company, PA, the Company's  independent  registered public accounting
firm.

Accordingly,  the Company  expects to file an amendment to its Annual  Report on
Form 10-KSB for the year ended December 31, 2005 and to its Quarterly  Report on
Form 10-QSB for the quarter ended  September 30, 2005 to correct these errors as
soon as possible.

Item 9.01 Financial Statements and Exhibits.

(d)   Exhibits

----------------------- --------------------------------------------------------
Exhibit Number          Exhibit Description
----------------------- --------------------------------------------------------
99.1                    Press Release dated May 19, 2006
----------------------- --------------------------------------------------------


<PAGE>


                                   SIGNATURES

      Pursuant to the  requirements of the Securities  Exchange Act of 1934, the
Registrant  has duly  caused  this  Report  to be  signed  on its  behalf by the
undersigned, thereunto duly authorized.



Dated: May 19, 2006              PRESSURE BIOSCIENCES, INC.



                                 By: /s/ Richard T. Schumacher
                                     Richard T. Schumacher, President and Chief
                                     Executive Officer


<PAGE>

                                 EXHIBIT INDEX


----------------------- --------------------------------------------------------
Exhibit Number          Exhibit Description
----------------------- --------------------------------------------------------
99.1                    Press Release dated May 19, 2006
----------------------- --------------------------------------------------------
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UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 8-K

                             Current Report Pursuant
                          to Section 13 or 15(d) of the
                         Securities Exchange Act of 1934

          Date of Report (Date of earliest event reported) May 17, 2006
                                                           -------------

                           PRESSURE BIOSCIENCES, INC.
--------------------------------------------------------------------------------
             (Exact Name of Registrant as Specified in its Charter)

                                  MASSACHUSETTS
--------------------------------------------------------------------------------
                 (State or Other Jurisdiction of Incorporation)

              0-21615                                     04-2652826
--------------------------------------      ------------------------------------
       (Commission File Number)             (I.R.S. Employer Identification No.)

321 Manley Street, West Bridgewater, MA                    02379
----------------------------------------    ------------------------------------
(Address of Principal Executive Offices)                 (Zip Code)

                                 (508) 580-1818
--------------------------------------------------------------------------------
              (Registrant's Telephone Number, Including Area Code)

                                       N/A
--------------------------------------------------------------------------------
          (Former Name or Former Address, if Changed Since Last Report)

      Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):

[_]   Written communications pursuant to Rule 425 under the Securities Act (17
      CFR 230.425)

[_]   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)

[_]   Pre-commencement communications pursuant to Rule 14d-2(b) under the
      Exchange Act (17 CFR 240.14d-2(b))

[_]   Pre-commencement communications pursuant to Rule 13e-4(c) under the
      Exchange Act (17 CFR 240.13e-4(c))
Item 4.02 Non-Reliance on Previously Issued Financial Statements or a Related
          Audit Report or Completed Interim Review.

On May 19, 2006,  Pressure  BioSciences,  Inc.  (the  "Company")  issued a press
release  announcing its decision to restate financial results for the year ended
December 31, 2005 and for the quarter  ended  September  30, 2005. A copy of the
press release is furnished as Exhibit 99.1 to this Current Report.

The Company has completed a review of the tax liability associated with the 2004
sale of assets and certain  liabilities  of the BBI Core  Businesses to SeraCare
Life  Sciences,  Inc.,  and has  concluded  that the tax  liability  related  to
discontinued operations recorded in the third quarter of 2005 was understated by
approximately  $220,000.  In connection with the Company's  internal tax review,
the Company also determined to reduce by  approximately  $60,000 the estimate of
deferred tax liability for the  unrealized  gain from its  investment in Panacos
Pharmaceuticals,  Inc., and to increase by approximately  $23,000 the income tax
provision  from  continuing  operations. These  adjustments  will not change the
Company's reported pre-tax results from continuing  operations,  but income from
continuing  operations after income taxes for the fiscal year ended December 31,
2005 will be reduced from approximately $873,000 to approximately  $850,000. The
Company  will amend and restate its year-end  and third  quarter 2005  financial
statements to reflect the results of its internal tax review.

As a result of the tax review,  on May 17, 2006, the Company's senior management
and the Audit  Committee of the Board of Directors  concluded that the Company's
financial  statements  for the year ended  December 31, 2005 and for the quarter
ended  September  30,  2005,  should no longer be relied  upon,  and  decided to
restate the Company's financial  statements for the year ended December 31, 2005
and to  restate  the  Company's  financial  statements  for  the  quarter  ended
September  30, 2005.  The Company and its Audit  Committee  discussed  this with
Weinberg & Company, PA, the Company's  independent  registered public accounting
firm.

Accordingly,  the Company  expects to file an amendment to its Annual  Report on
Form 10-KSB for the year ended December 31, 2005 and to its Quarterly  Report on
Form 10-QSB for the quarter ended  September 30, 2005 to correct these errors as
soon as possible.

Item 9.01 Financial Statements and Exhibits.

(d)   Exhibits

----------------------- --------------------------------------------------------
Exhibit Number          Exhibit Description
----------------------- --------------------------------------------------------
99.1                    Press Release dated May 19, 2006
----------------------- --------------------------------------------------------
SIGNATURES

      Pursuant to the  requirements of the Securities  Exchange Act of 1934, the
Registrant  has duly  caused  this  Report  to be  signed  on its  behalf by the
undersigned, thereunto duly authorized.

Dated: May 19, 2006              PRESSURE BIOSCIENCES, INC.

                                 By: /s/ Richard T. Schumacher
                                     Richard T. Schumacher, President and Chief
                                     Executive Officer
EXHIBIT INDEX

----------------------- --------------------------------------------------------
Exhibit Number          Exhibit Description
----------------------- --------------------------------------------------------
99.1                    Press Release dated May 19, 2006
----------------------- --------------------------------------------------------