AMES, IA, January 15, 2009 — BioForce Nanosciences Holdings, Inc. (OTC BB: BFNH), a producer of products and solutions for academic researchers and commercial users based upon its ultra-micro to nano scale fluid deposition platform, today provided a review of its 2008 activities and comments regarding its outlook for 2009.
- Sale of a record thirteen of the Company’s Nano eNabler systems and expansion of the Company’s user base, which now includes customers in North America, Europe, Asia, Australia and South America.
- Further collaborations with leading academic researchers, resulting in scientific agreements being executed with UAlbany NanoCollege, University of Pierre and Marie Curie, Arizona State University, Iowa State University, and St. Thomas University, and publication of favorable research results from the Massachusetts Institute of Technology (MIT).
- Expansion into new markets through use of the Nano eNabler technology platform for non-biological applications. The initial non-biological application, employed by two BioForce customers, involves printing electronic circuits as an alternative to lithography by drawing micron-scale lines of conductive inks in the design of the circuit to be tested.
- Inclusion of $1.6 million of funding for the Company’s ViriChip™ pathogen detection system in the 2009 Department of Defense Appropriations Act.
- Confidence in the Company’s strategy and level of progress as evidenced by investments totaling $650,000 from its largest shareholder, FCPR SGAM AI Biotechnology Fund, and its management team.
- Significant reduction in operating expenses while continuing technology development efforts both in house and in conjunction with its collaboration partners.
Kerry Frey, President and Chief Executive Officer of BioForce, said, “Sales of the Nano eNabler system are accelerating, driven by our internal marketing efforts as well as the sales efforts of our distributors. Further expansion is anticipated for 2009 and beyond.
“Our sales growth will be driven in part by the momentum within the scientific community for projects in stem cell and neural regeneration research. The fluid deposition capabilities of the Nano eNabler are ideal for creation of the microenvironments required for these cellular biology projects. Additionally, the field of miniaturized biosensors requires that biological material be deposited onto a physical element such as a piece of silicon, creating a significant opportunity for us both in the research and manufacturing markets. Lastly, we are beginning to see the emergence of non-biological applications for the Nano eNabler’s capabilities as evidenced by two of our international customers using the instrument during 2008 for the printing of electronic circuits.
“It is certainly noteworthy that in the current economic climate, when deferral of research and development activities as a means of cost savings is prevalent, organizations see the capabilities of the Nano eNabler system as being so vital to their strategic direction that they are making a significant investment in our technology.”
Frey continued, “It is also our intent to develop relationships with companies who can help us expand our sales and marketing reach, both domestically and internationally, and the development of products and services which complement our existing fluid deposition technology. We recognize that strategic corporate partnering relationships are critical steps for the ultimate success of a company such as ours.”
Greg Brown, BioForce’s Executive Vice President and Chief Financial Officer, commented, “We are mindful of the need to carefully manage our cash flow in the current capital markets environment in order to achieve breakeven operations as soon as possible. Steps have been taken to reduce our operational expenses to the extent possible while maintaining our ability to sell and deliver products to our customers, and to support those customers after the sale. We continue to require financing, and are working to secure that funding in order to appropriately augment our revenues and support our operations. We believe that the significant strides made during 2008 serve as evidence of the opportunity for growth in 2009 and beyond.”
For further information about this release please contact Greg Brown, Chief Financial Officer of BioForce at (515) 233-8333 ext. 118, or Rich Kaiser, Investor Relations at (800) 631-8127.