BioForce Nanosciences Holdings, Inc. (OTCBB: 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 and nine month periods ended
September 30, 2008.
Third Quarter Highlights:
-- Net revenues were $240,865 for the third quarter of 2008, the highest
third quarter revenues in the Company's history, and a 572% increase from
net revenues of $35,842 for the third quarter of 2007.
-- Gross profit was $103,705 for the third quarter of 2008, the highest
third quarter gross profit in the Company's history.
-- Net loss on common stock was $669,645 ($0.03 per fully diluted share)
for the third quarter of 2008, as compared to a net loss on common stock of
$1,403,289 ($0.06 per fully diluted share) for the third quarter of 2007.
Nine Month Highlights:
-- Net revenues were $856,155 for the first nine months of 2008, the
highest nine month revenues in the Company's history, and a 48% increase
from net revenues of $579,408 for the first nine months of 2007.
-- Gross profit was $343,362 for the first nine months of 2008, the
highest first nine month gross profit in the Company's history, and a 58%
increase from gross profit of $145,490 for the first nine months of 2007.
-- Net loss on common stock was $2,320,528 ($0.09 per fully diluted
share) for the first nine months of 2008, as compared to a net loss on
common stock of $3,412,164 ($0.14 per fully diluted share) for the first
nine months of 2007.
Operations Review:
Kerry Frey, President and Chief Executive Officer of BioForce,
said, "The news continues to be good from an operations
perspective. During the third quarter we entered into scientific
collaboration agreements with three major universities, including
the previously announced relationship with UAlbany Nano College,
and agreements with Arizona State University and Iowa State
University. In addition, yesterday's announcement of our scientific
collaboration agreement with University Pierre & Marie Curie in
Paris continues the trend of significant research institutions
lining up to participate with us in breakthrough projects in areas
such as stem cell research, neural regeneration and live cell
assays. Under these collaboration agreements we will be working
closely with biologists at the academic institutions to develop new
applications for our Nano eNabler(TM) and Cyto eNabler(TM)
systems.
"From a financing perspective, we announced in September that
funding for our ViriChip(TM) pathogen detection system was included
in the Senate version of the 2009 Department of Defense
Appropriations Bill. I am delighted to announce that the final 2009
Department of Defense Appropriations Act, signed by President Bush
on September 30, 2008, included $1,600,000 of funding for this
project. We are pleased that we will have the opportunity to move
forward in 2009 with this exciting scientific application based
upon the capabilities of our Nano eNabler(TM) molecular
printer.
"We sold three Nano eNabler systems in the third quarter, with
those sales generating the majority of our revenues for the
quarter. One of those sales was to our distributor in Australia,
their first order for a Nano eNabler system. In addition, our
revenue growth is aided by the record demand for our ProCleaner(TM)
sterilization instrument that we have experienced thus far in
2008."
Greg Brown, BioForce's Executive Vice President and Chief
Financial Officer, commented, "Our results for the third quarter
and nine months ended September 30, 2008 were records in terms of
revenues, gross profit and net income. We continue to maintain
tight cost controls, and remain intent on reaching profitability.
In addition to the activities mentioned by Kerry, our third quarter
licensing transaction with Aspera Corp. will play a significant
part in accelerating our path to profitability via reduced internal
costs of research and development.
"We were pleased to complete a $300,000 convertible debt
financing during the third quarter with our largest shareholder,
FCPR SGAM AI Biotechnology Fund. Their support from both a
financial and business perspective is appreciated. We continue to
require additional financing in order to support our operations
until such time as we have reached the breakeven point. There are
multiple parties with whom we are working towards the goal of
obtaining sufficient financing to continue operations and press on
towards profitability, growth in the adoption of our products
within the bio-nanotechnology community, and the development of
additional applications of our technology."
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.
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(TM) 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; patterning and cell adhesion; and the
printing of proteins to guide neural cell growth. For more
information, visit http://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.
BIOFORCE NANOSCIENCES HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
For the Three Months Ended For the Nine Months Ended
September 30, September 30,
2008 2007 2008 2007
------------ ------------ ------------ ------------
REVENUES $ 240,865 $ 35,842 $ 856,155 $ 579,408
COST OF GOODS SOLD 137,160 95,557 512,793 433,918
------------ ------------ ------------ ------------
Gross margin 103,705 (59,715) 343,362 145,490
OPERATING EXPENSES
Research and
development 294,034 326,354 898,833 897,202
Sales and
marketing 221,212 289,610 806,218 919,015
General and
administrative 334,962 628,654 1,130,658 1,960,875
Reimbursement of
grant expenses (101,934) (125,195) (267,181) (415,415)
------------ ------------ ------------ ------------
Total operating
expenses 748,274 1,119,423 2,568,528 3,361,677
------------ ------------ ------------ ------------
Loss from
operations
before
other income
(expense) (644,569) (1,179,138) (2,225,166) (3,216,187)
OTHER INCOME
(EXPENSE)
Interest and
other income 264 6,262 8,292 41,236
Debt forgiveness
income - 164,250 - 164,250
Abandoned stock
offering costs - (256,500) - (256,500)
Gain on equipment
Sale 44,434 - 44,434 -
Interest expense (59,774) (3,719) (118,088) (10,519)
------------ ------------ ------------ ------------
Total other
Income
(expense) (15,076) (89,707) (65,362) (61,533)
------------ ------------ ------------ ------------
Loss before
income tax (659,645) (1,268,845) (2,290,528) (3,277,720)
INCOME TAX EXPENSE - - - -
------------ ------------ ------------ ------------
Net loss $ (659,645) $ (1,268,845) $ (2,290,528) $ (3,277,720)
DIVIDENDS ON
PREFERRED STOCK 10,000 134,444 30,000 134,444
------------ ------------ ------------ ------------
Net loss on
common
stock $ (669,645) $ (1,403,289) $ (2,320,528) $ (3,412,164)
============ ============ ============ ============
BASIC AND DILUTED
LOSS PER SHARE $ (0.03) $ (0.06) $ (0.09) $ (0.14)
============ ============ ============ ============
WEIGHTED AVERAGE
NUMBER OF SHARES
OUTSTANDING 25,154,082 24,099,950 25,128,272 24,083,466
============ ============ ============ ============
BIOFORCE NANOSCIENCES HOLDINGS, INC.
CONSOLIDATED BALANCE SHEETS
ASSETS
09/30/08 12/31/07
----------- -----------
(unaudited)
CURRENT ASSETS
Cash and cash equivalents $ 12,177 $ 268,930
Accounts receivable - trade, net 269,092 313,756
Inventory 769,318 1,046,683
Prepaid expenses and other assets 76,556 146,007
----------- -----------
Total current assets 1,127,143 1,775,376
----------- -----------
PROPERTY AND EQUIPMENT
Computer equipment 79,774 113,963
Leasehold improvements 380,000 380,000
Scientific and laboratory equipment 663,978 889,368
Office furniture and fixtures 78,534 89,760
----------- -----------
Total 1,202,286 1,473,091
Less accumulated depreciation 827,325 889,469
----------- -----------
Net property and equipment 374,961 583,622
----------- -----------
INTANGIBLE ASSETS
Patent costs, net of accumulated amortization
of $102,576 and $78,502, respectively 571,714 641,017
Trademark costs, net of accumulated
amortization of $21,885 and $15,471,
respectively 103,095 90,908
----------- -----------
Total intangible assets 674,809 731,925
----------- -----------
OTHER ASSETS
Long-term receivables 20,500 -
Investment in Aspera Corp. 23 -
----------- -----------
Total other assets 20,523 -
----------- -----------
TOTAL ASSETS $ 2,197,436 $ 3,090,923
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
09/30/08 12/31/07
----------- -----------
(unaudited)
CURRENT LIABILITIES
Accounts payable $ 505,711 $ 305,314
Accrued expenses 320,868 241,650
Note payable - accounts receivable factoring 150,605 -
Accrued dividends on preferred stock 10,000 13,333
Deferred revenue 32,396 53,754
8% convertible secured promissory notes 488,142 -
Current portion of long-term notes payable 80,023 89,180
----------- -----------
Total current liabilities 1,587,745 703,231
LONG-TERM DEBT, NET 115,160 154,860
----------- -----------
Total liabilities 1,702,905 858,091
----------- -----------
COMMITMENTS and CONTINGENCIES
STOCKHOLDERS' EQUITY
Preferred stock - 2008 and 2007: $0.001 par
value, 10,000,000 shares authorized
to be issued in various classes
Series A Convertible Preferred Stock - 2008
and 2007: $0.001 par value, 1,100,000
shares authorized, 1,000,000 shares issued
and outstanding, 2008: liquidation
value $510,000; 2007: liquidation value
$513,333 1,000 1,000
Common stock - 2008 and 2007: $0.001 par
value, 100,000,000 shares authorized,
2008: 25,160,845 shares issued and
outstanding; 2007: 25,099,950 shares
issued and outstanding 25,161 25,100
Additional paid-in capital 16,999,321 16,341,714
Deferred stock offering costs (25,000) -
Accumulated deficit (16,505,951) (14,134,982)
----------- -----------
Total stockholders' equity 494,531 2,232,832
----------- -----------
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $ 2,197,436 $ 3,090,923
=========== ===========
Company Contact: Gregory D. Brown Chief Financial Officer
515-233-8333 ext# 118 Email Contact Investor Relations: Yes
International Rich Kaiser 800-631-8127
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