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Posted: May 15, 2008
BioForce Nanosciences Reports Record First Quarter Results
(Nanowerk News) 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 record revenue and gross profit for the three months ended March 31, 2008.
First Quarter Highlights
Net revenues were $403,567 for the first quarter of 2008, the highest first quarter revenues in the Company’s history, and a 13% increase from net revenues of $358,755 for the first quarter of 2008.
Five Nano eNabler™ systems were sold during the first quarter of 2008, equaling the highest number of Nano eNabler™ systems sold in any quarter in BioForce’s history.
Gross profit was $189,342 for the first quarter of 2008, the highest first quarter gross profit in the Company’s history, and a 7% increase from gross profit of $176,149 for the first quarter of 2007.
Net loss on common stock was $756,162 ($0.03 per fully diluted share) for the first quarter of 2008, as compared to a net loss on common stock of $923,317 ($0.04 per fully diluted share) for the first quarter of 2007.
Kerry Frey, President and Chief Executive Officer of BioForce, said, “We are pleased with what was another excellent quarter for BioForce. We sold five Nano eNabler™ systems during the three months ended March 31, 2008, matching the number sold during the fourth quarter of 2007. Two of the sales during the first quarter were to overseas customers, continuing the good results that we have experienced from our international network of distributors. The other three sales were to U.S.-based research institutions that took part in our 2006 Pilot Placement Program. It is encouraging that these long-time Nano eNabler™ users have seen fit to purchase their instruments as vital parts of their research direction.
“We have now sold sixteen Nano eNabler™ systems since the initial sale of the product in 2006, with ten of those sales occurring in the past two quarters. The momentum that we are seeing in the market is certainly encouraging. We believe that the unique capability of the Nano eNabler™ to deposit biological materials, such as proteins and antibodies, in one to twenty micron spot sizes in a precise, consistent, flexible and affordable manner will provide expanding demand for this product. The industrial consulting firm of Frost and Sullivan concurred with our views of the advantages of the Nano eNabler™ in their February 2008 report describing the key advantages of the Nano eNabler™ over other technologies for the deposition of biological materials at the ultramicro and nano scales."
Frey concluded, “During the first quarter we announced two new products, our Cyto eNabler™ molecular printer, which is specifically configured for the needs of cellular biology researchers, and our custom patterned surfaces, which are produced to the specifications of the customer by our personnel using the Nano eNabler™. We believe that the introduction of these new products, plus the Nano eNabler™ system and the continued development of the market for that product, will provide the basis for our future growth.”
Greg Brown, BioForce’s Chief Financial Officer, commented, “The growth in our revenues, and reduction in our operating expenses, has allowed us to significantly narrow our operating losses over the past two quarters, and we remain focused upon achieving profitability. While we are pleased with these results and the resulting reduction in our cash loss from operations, we do require additional financing and are in discussions with potential sources of capital.”
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.