AMES, Iowa, Nov. 15, 2007 (PRIME NEWSWIRE) -- BioForce Nanosciences Holdings, Inc. (OTCBB:BFNH) reported yesterday that its total revenue for the three months ended September 30, 2007 was $35,842, a 14% increase over the revenue of $31,430 for the same period in 2006. For the nine months ended September 30, 2007, revenue was $579,408, a 121% increase as compared to the revenue of $261,628 for the nine months ended September 30, 2006.
Net loss for the third quarter of 2007 was $1,268,845, as compared to a net loss of $773,457 for the same period in 2006. Net loss for the nine months ended September 30, 2007 was $3,277,720, as compared to a net loss of $2,810,824 for the nine months ended September 30, 2006.
Net loss on common stock for the quarter was $1,403,289, or $0.06 per share, as compared to $773,457, or $0.03 per share, for the same period in 2006. Net loss on common stock for the nine months ended September 30, 2007 was $3,412,164, or $0.14 per share, as compared to $2,810,824, or $0.12 per share, for the nine months ended September 30, 2006. The difference between net loss for the three and nine month periods ended September 30, 2007 and the net loss on common stock for those periods is almost entirely attributable to an amount recorded as a preferred stock conversion discount in association with the company's August 2007 equity financing transaction.
Dr. Eric Henderson, BioForce's CEO and founder, said, "Marketplace momentum associated with the 2006 market launch of the Nano eNabler system continues to progress well. While no Nano eNabler system sales were recorded during the third quarter, there have been two Nano eNabler sales thus far during the fourth quarter of 2007, including the recently announced sale to the University of Wales, and we anticipate additional Nano eNabler sales before the end of the year. More than twenty premier research institutions throughout the world are now using Nano eNablers, with the system's ability to deposit and manipulate biomaterials with nanoscale precision allowing these researchers to make breakthrough advances in areas like cell biology, nanobiosensors and tissue engineering."
Dr. Henderson continued, "In addition to the commercial progress being made with the Nano eNabler, we continue to utilize the Nano eNabler ourselves in order to pursue development of our ViriChip virus detection system, Chip-on-a-Tip biomarker diagnostic test platform and other innovative diagnostic tests. These diagnostic tests have application in the areas of healthcare, biodefense and environmental protection, and represent a significant part of the company's growth strategy. For example, using the ViriChip technology we can design a test to detect multiple infectious viruses in a single drop of water."
Greg Brown, BioForce's CFO, commented, "During the third quarter of 2007 we were able to strengthen our balance sheet via the completion of our August 2007 equity financing. We were very pleased to be able to secure that funding on the basis of fixed rather than variable pricing, ensuring that the investor's interests are in fact completely aligned with those of our other shareholders. In addition, the recently announced $150,000 loan forgiveness by the State of Iowa further strengthens our balance sheet."
About BioForce Nanosciences Holdings, Inc.
BioForce Nanosciences develops and commercializes nanotech tools and solutions for the life sciences. BioForce's flagship product, the Nano eNabler(tm) molecular printer, gives the Company a platform for development and discovery. BioForce technology is being used in sensor functionalization, patterning and cell adhesion, and printing 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.
CLICK HERE TO VIEW FILINGS
CONTACT: BioForce Nanosciences Holdings, Inc.
Greg Brown, CFO
515-233-8333 ext. 118
gbrown@bioforcenano.com
RedChip Companies, Inc.
Investor Relations
Dave Gentry
1-800-REDCHIP (733-2447) ext. 104
dave@redchip.com
www.redchip.com
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