BioForce Nanosciences (PK) (USOTC:BFNH)
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BioForce Nanosciences Holdings, Inc. (OTC BB: BFNH), a producer of
integrated biological and mechanical systems for life science
researchers at the micro and nano scales, today announced the completion
of a $300,000 convertible debt financing. Investors in the financing
were the Company’s largest and long-term
shareholder, FCPR SGAM AI Biotechnology Fund, and its executive officers
Kerry Frey, Eric Henderson and Greg Brown. The transaction involved the
issuance of $300,000 of convertible secured promissory notes, which are
convertible into shares of the Company’s
common stock at a price of $0.30 per share, and the issuance of 900,000
warrants to purchase shares of the Company’s
common stock at a price of $0.30 per share.
Midori Yokoyama, Partner of SGAM Alternative Investments, commented, “We
are pleased with the progress that BioForce has made over recent
quarters, including the sale of five Nano eNabler™
systems in each of the fourth quarter of 2007 and the first quarter of
2008, and the recent introductions of their surface patterning service
and the Cyto eNabler™ molecular printer which
is specifically adapted for the needs of the cellular biology
researchers. We have confidence in the management’s
commitment and ability to execute the business plan and grow the company.”
Greg Brown, Chief Financial Officer of BioForce, said, “This
fixed-price transaction is an important piece of our overall financing
strategy for 2008, which will allow us to support our expanded
distribution network and development of the market for our recently
announced custom patterned surfaces offering. We are very appreciative
of the continued support from the FCPR SGAM AI Biotechnology Fund. The
Company’s executive team’s
participation in this transaction is a reflection of our belief that
BioForce’s platform product, the Nano eNabler™
system, is a key piece of technology in the growing fields of
ultra-micro to nano scale biosensor development and therapeutic agent
development based upon single cell analysis, and that we will be able to
translate this into continued growth in our revenues and development of
additional revenue streams.”
More details of the transaction will be provided in an upcoming Form 8-K
filing with the Securities and Exchange Commission.
About BioForce Nanosciences Holdings, Inc.
BioForce Nanosciences creates products and solutions for the life
sciences by integrating biological and mechanical systems at the micro
and nano scales. BioForce’s flagship product,
the Nano eNabler™ molecular printer, gives
the Company and its customers a platform for development and discovery
by printing tiny domains of biological materials on surfaces with
nanometer spatial precision. BioForce technology is being used in areas
such as biosensor functionalization; pattering and cell adhesion; and
the printing of proteins to guide neural cell growth. For more
information, visit www.bioforcenano.com
or call 515-233-8333.
This news release contains forward-looking information that may be
affected by certain risks and uncertainties, including those risks and
uncertainties described in BioForce Nanosciences' most recent filings
with the Securities and Exchange Commission. BioForce Nanosciences'
actual results could differ materially from such forward-looking
statements. BioForce assumes no duty to update these statements at any
future date.