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Home > News > Old Company Press Releases > BioForce Nanosciences News

BioForce Nanosciences News

BioForce Nanosciences Secures Additional First-Round Financing

Ames, Iowa. November 11th, 2002

BioForce Nanosciences, Inc., the leading developer of nanoarray biomolecular analysis systems, announced today that a $2,000,000 total equity investment has been received from the Private Equity team of Société Genérale Asset Management, Paris, France, for the first round of financing.

Dr. Gary A. Alianell, CEO and President of BioForce Nanosciences announced the receipt of funds today. Dr. Alianell states, “We are most pleased with the additional investment by SGAM. Their policy of investing in leading edge technologies lends itself well to BioForce’s mission. We hope to become their leading portfolio company”. BioForce has attracted many investors and anticipates closing the first round by year-end. Midori Yokoyama, Ph.D., Biotech Partner of SGAM, reported that, “BioForce Nanosciences offers very promising technology with near-term products that have superior market potential. We look forward to a successful future.”

BioForce technology is revolutionizing the molecular analysis market. The Company has developed proprietary, ultraminiaturized nanoarrays that permit a vast reduction in the amount of materials necessary for screening. Molecules are placed on solid surfaces at defined locations in the micron and submicron spatial scale. With unique NanoArrays™, thousands of bioaffinity tests can be performed in the area occupied by a single microarray spot. Moreover, the tremendous reduction in assay size evident in nanoarrays creates opportunities for novel applications and implementation of ultrasensitive, label-free and PCR-less readout methods such as Atomic Force Microscopy.

About BioForce Nanosciences

BioForce Nanosciences, Inc., is the leading developer of ultra-miniaturized nanoarray technologies for solid-phase, high-throughput molecular analysis systems. The Company is applying its proprietary nanoarray technologies to the areas of protein-protein interaction profiling, disease identification, drug discovery, and to produce applications that are more accurate, less expensive, and faster to perform than conventional methods. About Société Genérale Asset Management

SGAM is the asset management subsidiary of the French Société Générale Group. With over € 272 billion under management as at March 2002, SGAM has international presence, and offers a wide range of clients access to various asset classes in all financial markets. The private equity department manages venture capital funds with a total of € 423 millions for investment in biotechnology and new technologies. SGAM dedicated specialist teams provide start-ups with all the valuable assests and advice from early to mature stages.

Mandy Potter
Communications Manager
BioForce Nanosciences, Inc.
Phone: 608.441.9224
mpotter@bioforcenano.com
www.bioforcenano.com


Reprinted with premission. Copyright BioForce Nanosciences, Inc.

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