NEW YORK (GenomeWeb News) – BioForce Nanosciences Holdings said today that it has received $500,000 in proceeds from an unnamed institutional investor that exercised warrants from a private financing in August.
The Series C warrants entitled the investor to purchase 1 million shares of BioForce’s common stock for $.50 per share. The firm’s shares closed at $.55 in Friday trade on the OTC Bulletin Board.
The proceeds from the exercise of the warrant are in addition to $500,000 BioForce received from the August financing.
“The warrant exercise proceeds provide us with the funds necessary to continue expansion of our sales and marketing efforts related to our Nano eNabler system, a device for the deposition and nanoscale manipulation of biomolecules,” said BioForce CEO Eric Henderson.
The firm also said the funds would support continued development of its ViriChip virus detection system.