par Bradley Rose
, Senior Designer | August 20, 2007
Biophan Technologies, Inc. (OTCBB: BIPH), a developer of next-generation biomedical technology, has announced that the Company has entered into a definitive agreement with Medtronic, Inc., (NYSE: MDT) to acquire Biophan's MRI safety patents in a transaction worth $11 million in cash. The transaction is anticipated to close within 60 days.
Under the terms of the agreement, Biophan will transfer to Medtronic its MRI safety patent portfolio, which includes technologies that make medical devices, such as pacemakers, safe for use with MRI.
"Since our founding in 2000, our goal has been to develop and commercialize innovative technologies related to medical imaging safety, with a focus on the development of solutions for the contraindication between pacemakers and MRI machines," stated Mr. Guenter Jaensch, Chairman of Biophan's Board of Directors.
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"Our technology has the potential to solve the problems that have prevented many people with pacemakers from having an MRI. We believe Medtronic has the experience and resources to bring our technology to market," stated Michael Weiner, President of Biophan.
Biophan will continue its efforts to develop technologies to enable visualization of clotting and restenosis in stents under MRI, which is not possible with today's stents. In addition, it will continue its collaboration with Myotech on the development of the Myotech Circulatory Support System, a novel device for the treatment of acute heart failure.
About Biophan Technologies, Inc.:
Biophan is dedicated to providing technologies that offer innovative and competitive advantages to the medical device industry. In addition, the Company is helping to commercialize Myotech's new cardiac support system which has significant potential to improve the treatment of many forms of heart disease. Biophan Technologies, Inc. holds a 45% interest in Myotech with rights to acquire a majority position, and is leading Myotech's business development efforts. Biophan is traded on the OTC market under the symbol BIPH, and is also listed on the Frankfurt Stock Exchange under the symbol BTN. For more information on Biophan, please visit our website at www.biophan.com.