BioForce Nanosciences Holdings, Inc. Applauds Research Stimulus and Reversal of Ban on Stem Cell Funding
Published: Mar 09, 2009
AMES, IA--(Marketwire - March 09, 2009) - BioForce Nanosciences Holdings, Inc. (OTCBB: BFNH), a producer of products and solutions for academic researchers and commercial users based upon its ultra-micro to nano scale fluid deposition platform, announced today its appreciation of the Obama administration's strong support of the research community. Beyond the near-term benefits to academic scientists and the long-term effects on human health, it is expected that recent federal policies will have a positive effect on BioForce's revenues and create economic stimulus throughout the scientific research community.
The passage of the American Recovery and Reinvestment Act included $10.4 billion of stimulus for the National Institutes of Health ("NIH") and $3 billion for the National Science Foundation ("NSF"). These funds will quickly reverse five years of nearly flat science funding and steadily declining grant application success rates. A stated priority will be the fulfillment of the 14,000 NIH grant applications which were deemed meritorious in 2008, yet remained unfunded. The NSF has a similar backlog of $2 billion in grants that were awarded but not funded.
BioForce's Product Manager, Michael Lynch, said, "The impact of this funding cannot be overstated. Many of our academic and other prospective customers have been waiting anxiously for their grants to be funded so that they might pursue their exciting research. They will be the direct beneficiaries of the stimulus, but the broader benefits will certainly extend to companies like BioForce who supply the equipment and consumables needed to perform cutting edge scientific research at an ultra-micro to nano scale."
In addition, President Obama today signed an executive order reversing the Bush administration's ban on federal research funding for embryonic stem cells derived after August 9, 2001. Because of the previous restrictions, researchers have focused their efforts on adult stem cells. While some impressive advances were made with adult stem cells, those adult stem cells are much more limited than embryonic stem cells in terms of their ability to be used as the basis for development of new therapies.
Under the new policy, researchers will become eligible to receive federal grant funding to isolate new embryonic cell lines and develop them into therapies for diabetes, Parkinson's disease, spinal cord injuries, organ failure and more. One tool that has been gaining momentum within the stem cell research community is the BioForce Nano eNabler™ molecular printing system The Nano eNabler is used by stem cell researchers to create micro-patterned surfaces, with those surfaces serving as the biologically active environment used for the study of differentiation of individual stem cells. Additionally, stem cell researchers use the Nano eNabler system to print the bio-molecular scaffolds needed to direct the growth of vasculature in engineered tissues and organs.
Kerry Frey, BioForce's CEO, commented, "This policy change, coupled with the injection of stimulus funding needed to purchase new equipment such as the Nano eNabler, will put American scientists back on a level playing field with the rest of the world regarding scientific discovery, including harnessing the life-changing potential of stem cells. The Nano eNabler system, with its ability to deposit biologically active materials at an ultra-micro to nano scale, is a item that is a significant part of the tool kit which will allow researchers to develop new and innovative therapies based upon stem cells and other cell lines by working at this ultra-miniaturized size scale. BioForce will proudly continue to engage and support our growing community of Nano eNabler users as they expand the frontiers of this critical research."
For further information about this release please contact Greg Brown, Chief Financial Officer of BioForce at (515) 233-8333 ext. 118, or Rich Kaiser, Investor Relations at (800) 631-8127.
About BioForce Nanosciences Holdings, Inc.
BioForce Nanosciences produces products and solutions for academic researchers and industrial companies based upon its ultra-micro to nano scale fluid deposition platform. BioForce's flagship product, the Nano eNabler™ molecular printer, gives the Company and its customers a platform for development and discovery by printing tiny domains of biological materials on surfaces with nanometer spatial precision. BioForce technology is being used in areas such as biosensor functionalization; patterning and cell adhesion; and the printing of proteins to direct stem cell differentiation. For more information, visit www.bioforcenano.com or call 515-233-8333.
This news release contains forward-looking information that may be affected by certain risks and uncertainties, including those risks and uncertainties described in BioForce Nanosciences' most recent filings with the Securities and Exchange Commission. BioForce Nanosciences' actual results could differ materially from such forward-looking statements. BioForce assumes no duty to update these statements at any future date.
Gregory D. Brown
Chief Financial Officer
515-233-8333 ext# 118