quote: Biophan Investors Approve $11 Million Transaction With Medtronic and Biophan Acquires Majority of Novel Circulatory Support Company 8:00 AM EDT October 5, 2007 PITTSFORD, NY -- (MARKET WIRE) -- 10/05/07 -- Biophan Technologies, Inc. (OTCBB: BIPH), a developer of next-generation biomedical technology, today announced two transactions that uniquely position the Company to address the unmet needs for the multi-billion market opportunity for treating acute heart failure.
The first transaction was completed with its note holders, providing approvals necessary to close the Company's deal with Medtronic for an $11 million cash sale of a portion of the Company's patents. The note holders consent allowed the Company to invest further in Myotech, LLC, which the note holders view as an exciting opportunity.
Biophan has agreed to invest $1.2 million in Myotech to increase its holdings to 68 percent from 44 percent prior to the deal. This transaction provides Biophan with control of Myotech, a private company developing a novel circulatory support device that is designed to restore full cardiac output from an arrested heart. Upon achieving certain milestones, the Company has agreed to invest an additional $2 million to further increase its ownership of Myotech.
The investment will support Myotech's product development efforts, and Biophan will leverage its expertise in medical technology development to support the cutting edge technology being developed by its subsidiary, Myotech.
Myotech's technology addresses one of the most significant unmet needs in healthcare -- acute circulatory support for patients suffering from sudden cardiac arrest. Today in the United States, over 260,000 patients suffer in-hospital cardiac arrest every year, and about 80 percent of those patients do not survive. The Company anticipates that the Myotech Circulatory Support System (CSS) will dramatically improve these outcomes. Myotech has significant technology advantages in this field, compared to other circulatory support devices.
"The transactions announced today are key milestones in Biophan's development. The Myotech CSS provides a significant opportunity for us to help a substantial, poorly served patient population. This device has the potential to save thousands of lives, and provides the Company with an exciting entry point into a multi-billion dollar market opportunity," stated John Lanzafame, Biophan Interim CEO. "The proceeds from the sale of our MRI safety-related patents provide us with the resources to move this technology forward in a meaningful way."
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.
Certain statements included in this press release may constitute forward-looking statements within the meaning of applicable securities laws. These statements reflect what Biophan anticipates, expects, or believes may happen in the future. Biophan's actual results could differ materially from the outcome or circumstance expressed or implied by such forward-looking statements as a result of a variety of factors including, but not limited to: Biophan's ability to develop its technologies; the approval of Biophan's patent applications; the successful implementation of Biophan's research and development programs; the ability of Biophan to demonstrate the effectiveness of its technology; the acceptance by the market of Biophan's technology and products incorporating such technology; the ability of Biophan to effectively negotiate and enter into contracts with medical device manufacturers for the licensing of Biophan's technology; competition; the ability of Biophan to raise capital to fund its operating and research and development activities until it generates revenues sufficient to do so; and the timing of projects and trends in future operating performance, as well as other factors expressed from time to time in Biophan's periodic filings with the Securities and Exchange Commission (the "SEC"). As a result, this press release should be read in conjunction with Biophan's periodic filings with the SEC, which are incorporated herein by reference. The forward-looking statements contained herein are made only as of the date of this press release, and Biophan undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.
-------------------- Please DON'T invest on JMO. Do YOUR research. Invest UR money the way YOU would like to! Thanks! ;) Posts: 936 | From: Virginia | Registered: Aug 2007
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