BioForce Nanosciences Holdings, Inc (BFNH.OB) announced that the company recently received $150,000 in loan forgiveness from the State of Iowa Department of Economic Development. The original loan, acquired in 2005, was primarily granted to help the company with the cost of developing their office in Ames, Iowa.
BioForce’s facility in Ames, Iowa is currently being utilized for production of the company’s molecular printing system. The Ames facility is also used by the company to develop and test new proprietary bionanotechnology applications, including the ViriChip virus detection system and Chip-on-a-Tip ultra-miniaturized diagnostic tests.
BioForce’s CFO, Greg Brown, stated “We appreciate this support from the State of Iowa. The funding was one of the building blocks that enabled BioForce to develop into a commercial entity, with sales and installations having been achieved on a worldwide basis. The forgiveness of this loan is an important part of our ongoing efforts to strengthen our balance sheet. Being able to utilize capital sources such as the state, thereby reducing our dependence upon relatively high cost equity capital, is important for young, growing companies such as BioForce.”
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