BioForce Nanosciences Reports Record Revenues

BioForce Nanosciences has reported its first quarter 2007 results. Revenue was $358,755, which represents the highest quarterly revenue in company history, as compared to revenue of $201,376 in the first quarter of 2006. Net loss for the first quarter of 2007 was $923,317, or $0.04 per basic and diluted share, as compared with a net loss of $1,252,562, or $0.05 per basic and diluted share, for the first quarter of 2006.

Non-GAAP net loss for the first quarter of 2007 was $605,858, or $0.03 per basic and diluted share, as compared to a non-GAAP net loss of $261,298, or $0.01 per basic and diluted share for the first quarter of 2006. Non-GAAP financial measures exclude stock-based compensation expense and interest expense recorded as a result of a beneficial conversion feature of convertible debt that was retired during 2006. The reconciliation between GAAP net loss per share and non-GAAP net loss per share is set forth at the end of this press release.

Dr. Eric Henderson, BioForce’s CEO and founder, said, “Marketplace acceptance of our flagship instrument, the Nano eNabler™ system, has reached a new level with the sales during the first quarter to the University of Limerick (Ireland), Louisiana Tech University and the National Nanotechnology Laboratory of National Research Council (Italy). Nano eNabler systems are being used to pursue scientific advancement in a wide range of applications within the biotechnology universe, including the development of various diagnostic tests and therapeutic agents. Our recent successes with sales and customer approval have been an incredible reward.”

“With a strong start to the year, BioForce is on schedule to meet our business objectives for 2007 and achieve our vision of becoming an industry leader in bionanotechnology,” said Dr. Henderson. “We will accomplish this by executing our “practical nanotechnology” strategy that embraces both the long-term promise of nanotechnology, and critically, the near term needs of the industry.”

Posetd 15th May 2007

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