NEW YORK (GenomeWeb News) – BioForce Nanosciences said today that it has closed a $300,000 convertible debt financing from its largest shareholder.
The Ames, Iowa-based company said the investment involved issuing $300,000 of convertible secured promissory notes, which are convertible into shares of the firm’s common stock at $.30 per share, and the issuance of 900,000 warrants for the company’s common stock at $.30 per share.
Investors in this round include FCPR SGAM AI Biotechnology Fund and three of BioForce’s executive officers: President and CEO Kerry Frey, Chief Science Officer Eric Henderson, and CFO Greg Brown.
BioForce’s Nano eNabler system is used in developing biosensors and therapeutic agents based on single cell analysis.
Brown said that the deal is “an important piece of our overall financing strategy for 2008, which will allow us to support our expanded distribution network and development of the market for our recently announced custom patterned surfaces offering.”