BioForce Nanosciences Inc. Completes Key Funding Round.AMES, Iowa Ames is a city located in the central part of the U.S. state of Iowa, about 30 miles north of Des Moines in Story County. It is the principal city of the 'Ames, Iowa Metropolitan Statistical Area' which encompasses all of Story County, Iowa and which, when combined with the -- BioForce Nanosciences Inc. announced today that it has successfully completed a major bridge financing Bridge Financing A method of financing, used by companies before their IPO, to obtain necessary cash for the maintenance of operations. Notes: These funds are usually supplied by the investment bank underwriting the new issue. round designed to support new product launches early in 2005 and to underpin a major finance round currently being initiated. Proceeds from this finance round will be used in part to launch the Company's flagship product A primary product of a company, which is typically why the company was founded and/or what made it well known. For example, MS-DOS, Windows and the Microsoft Office suite have been flagship products of Microsoft. CorelDRAW is a flagship product of Corel Corporation. NanoArrayer(TM), a biomolecular printing system, in early 2005. The larger finance round now underway will further expand the corporate infrastructure leading to the goal of profitability in 2006. Dr. Laurence Russ, President & CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , notes this as a major milestone for BioForce. "Our focus on developing tangible products for today's nanotechnology marketplace takes us a significant step beyond companies promoting intangible ideas and possibilities for the future. This approach has been strongly vindicated by the investment community," he said following the round completion. BioForce has a strong patent portfolio and a focus on translating proprietary nanotechnology into marketable products. Dr. Eric Henderson Eric Henderson (born January 8, 1983 in New Orleans, Louisiana) is a linebacker on the Cincinnati Bengals. He played college football at Georgia Tech, where he was part of a dominating Jon Tenuta defense. He was All-ACC first team in 2003, and All-ACC second team in 2004 and 2005. , Founder and Chief Scientific Officer, noted that the long road to commercialization of the Company's proprietary technologies can now be completed without delay. "The NanoArrayer(TM) and its companion products will have a major impact on ultramicro- and nanoscale research and product development, starting in early 2005. We now have the resources to complete a dream that began a number of years ago." As an Iowa based company, BioForce is particularly pleased that Iowa First Capital Fund (Cedar Rapids Cedar Rapids, city (1990 pop. 108,751), seat of Linn co., E central Iowa, on the Cedar River; inc. as a city 1856. The second largest city in Iowa, it is named for the surging rapids in the river. , Iowa) was a major investor in the interim financing Interim financing A short-term loan made to a company on the condition that a takeout will follow with long-term or intermediate financing. interim financing The financing that supports a transaction until permanent financing can be arranged. round just completed. Art Christoffersen, a senior fund representative, noted that "BioForce fits our investment criteria perfectly. The technology developed by BioForce has the potential to make a significant difference in the life sciences arena and is a prime example of an investment that can create wealth through innovative technology." BioForce has received prior financing from European and U.S. sources, and is actively exploring existing and new sources for its major new financing initiatives. For information: http://www.bioforcenano.com Contact: kharkins@bioforcenano.com Phone: 515-296-6531 |
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