Press Release Source: Biophan Technologies, Inc.
Biophan Completes Deal With Medtronic
Wednesday October 10, 7:00 am ET
Company Receives Payment to Complete $11 Million Sale of MRI Safety Patents
PITTSFORD, NY--(MARKET WIRE)--Oct 10, 2007 -- Biophan Technologies, Inc. (OTC BB:BIPH.OB - News), a developer of next-generation biomedical technology, today announced that it has closed the recently announced sale of the MRI safety portion of the Company's patent portfolio to Medtronic, Inc. Biophan received a final payment of $10 million, in addition to the $1 million received previously.
"This transaction places the Company on solid financial footing and enables us to execute on our business plan, particularly the development of the Myotech Circulatory Support System," stated John Lanzafame, Biophan CEO. "The proceeds from this transaction, combined with our recent deal with Myotech, put the Company in a strong position to address the multi-billion dollar market opportunity for acute circulatory support."
About Biophan Technologies, Inc.
Biophan is dedicated to providing technologies that offer innovative and competitive advantages to the medical device industry. The Company is helping to commercialize the Myotech Circulatory Support System, which has significant potential to improve the treatment of acute heart failure. Biophan Technologies, Inc. holds a 68% interest in Myotech with rights to acquire additional equity, 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.