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Posted: March 31, 2008
BioForce Nanosciences Reports Doubling of Quarterly and Annual Revenue, Gross Profit
(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 fourth quarter and full year ended December 31, 2007.
Fourth Quarter Highlights
Net revenues were a record $545,622 for the fourth quarter of 2007, a 256% increase from net revenues of $153,459 for the fourth quarter of 2007.
Gross profit was a record $378,356 for the fourth quarter of 2007, a 581% increase from gross profit of $55,584 for the fourth quarter of 2006.
Net loss on common stock was $597,669 ($0.02 per fully diluted share) for the fourth quarter of 2007, as compared to a net loss on common stock of $1,163,259 ($0.05 per fully diluted share) for the fourth quarter of 2006.
Net revenues were a record $1,125,030 for the year ended December 31, 2007, a 171% increase from net revenues of $415,087 for the year ended December 31, 2006.
Gross profit was a record $523,846 for the year ended December 31, 2007, a 143% increase from gross profit of $215,938 for the year ended December 31, 2006.
Net loss on common stock was $4,009,833 ($0.17 per fully diluted share) for the year ended December 31, 2007, as compared to a net loss on common stock of $3.974,083 ($0.17 per fully diluted share) for the year ended December 31, 2006.
Kerry Frey, President and Chief Executive Officer of BioForce, said, “This was a good year and a great quarter for BioForce. We sold nine Nano eNabler™ systems during 2007, as compared to two Nano eNabler™ systems during 2006. Of those nine sales during 2007, five occurred during the fourth quarter of the year. For the year six of our nine Nano eNabler™ system sales were to overseas customers. Our loss for the fourth quarter of 2007 narrowed dramatically from the results in prior quarters, and we remain focused upon achieving profitability.
“During 2007 we made the transition from a development stage company to a commercial enterprise. We have also proved ourselves capable of operating as a global company. International sales represent a significant portion of our business, with our distributors doing a great job of helping us penetrate the market in Europe and Asia.”
Frey continued, “We continued to develop our intellectual property portfolio in 2007. Just touching on the highlights, we received notice from the U.S. Patent and Trademark Office (USPTO) that our ``Protein Nanoarray'' patent had been upheld, a Notice of Allowance from the USPTO for our Sindex™ chips, and a Notice of Allowance from the USPTO for our Chip-On-A-Tip™ patent.
“In 2007 we saw the Nano eNabler™ system adopted by customers for a variety of research activities, with two key areas being cell biology and biosensor development. The Nano eNabler’s ability to deposit miniscule quantities of biological materials with extremely high precision and flexibility allows for the creation of biological microenvironments necessary to study cellular growth at the single cell level, and development of ultra-miniaturized diagnostic tests and devices. Ultimately, these could lead to breakthrough discoveries in the areas of cancer therapy, stem cell therapy and tissue engineering, as well as development of diagnostic tests with increased sensitivity and requiring far less source material.
Frey concluded, “We anticipate that 2008 will be another good year for us as we introduce new products to the market, and as the effect of our enhanced sales team begins to show in further sales. I am pleased to announce that the sales momentum developed during 2007 has continued into 2008, with an additional five Nano eNabler™ systems having been sold during the three months ended March 31, 2008. Two of these sales were via our overseas distribution network, and three were to premier research institutions in the United States. While we are enthused about this result, and believe that it does demonstrate the groundswell of demand for the Nano eNabler™, we remind investors that our progress is best viewed over a longer time frame than by comparing consecutive quarters.”
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.