Biophan to Hold Annual Shareholder Meeting Wednesday, July 27; Company Officers to Review Past Year's Milestone Achievements and Business Initiatives for Coming Year
"I am looking forward to telling shareholders about the many pivotal accomplishments that the scientists and businesspeople of Biophan have achieved," said Michael Weiner, Biophan CEO. "We have successfully executed our business strategy to commercialize our advanced technologies, and we are building on these past milestones to continue moving forward in our existing areas of business, as well as expanding into exciting new markets where our expertise positions us to develop new revenue streams."
“I am looking forward to telling shareholders about the many pivotal accomplishments that the scientists and businesspeople of Biophan have achieved”
Among the topics Biophan Management expects to discuss at the annual shareholders meeting are the following:
-- Definitive Equity and License Agreements: The Company will discuss business and technical details of its recently executed definitive licensing and equity agreements with leading medical device manufacturer Boston Scientific. The money to be received from Boston Scientific under the agreements will allow Biophan to file for listing on a major stock exchange.
-- Continuing Developments in the Use of Magnetic Resonance Imaging (MRI) Safe and Visualizable Implants and Surgical Tools: Biophan has demonstrated methods for making medical devices MRI safe and imageable. We anticipate adaptation and growth in these important areas as more companies build MRI safety and image visualization into forward product planning. The Company is also developing enhanced contrast agents.
-- Intellectual Property Portfolio Growth: The Company's intellectual property portfolio has grown to a total of 142 U.S. patents, licenses, or applications. Such patents include unique technologies such as the tiny, nano-precise MRI-compatible SQUIGGLE motor, held jointly by Biophan and partner firm New Scale Technologies.
-- Completed and Planned Acquisitions: This year Biophan acquired AMRIS GmbH, a company in Germany that develops advanced solutions for effective imaging of medical devices with MRI systems. AMRIS has since been reestablished as Biophan Europe. The Company is exploring other potential strategic acquisitions.
-- Expansion into Cardiovascular Device Market and Other Strategic Business Initiatives: The Company is currently reviewing several opportunities to broaden its activities from its focus on medical device enhancements into the development of new biomedical devices themselves. These include cardiovascular therapeutic and diagnostic devices that the Company feels would be marketable to its customer and prospect base. At the shareholder meeting, Management will discuss Biophan's positioning to develop new products with potential for exclusive licensing in, and subsequent product development and licensing out. Intellectual property, such as technology solutions and patents, may be developed internally, through joint ventures, licensed in, or purchased.
-- Expanded Strategic Partnerships: These include a cooperative effort between Biophan's Nanolution division, which develops advanced nanotechnology-based drug-delivery systems, and NaturalNano Inc., a company developing naturally occurring nanomaterials such as halloysite, a mineral with a rich nanotube concentration. In a cooperative project, NaturalNano (www.naturalnano.com) and Biophan's Nanolution division are developing new drug-delivery capabilities, including extremely long lasting drug-delivery coatings with the ability to release drugs for a period of several years. Frost and Sullivan has predicted that the convergence of biomedical devices and pharmaceuticals represents a $40 billion market potential. Among Biophan's technologies is "active drug delivery," with controllable elution using "smart" coatings which elute drugs when electromagnetic fields are presented at a specific resonant frequency.
About Biophan Technologies
Biophan develops and markets cutting-edge technologies designed to make biomedical devices safe and image compatible with the magnetic resonance imaging (MRI) environment. The Company develops enabling technologies for implanted medical systems such as pacemakers, interventional surgical devices such as catheters and guidewires, and devices such as stents to allow them to be safely and effectively imaged under MRI. The technology is also being used to create MRI contrast agents. Biophan is developing other applications, such as drug delivery and power systems derived from body heat. Four Biophan technologies include advances in nanotechnology and thin film coatings. Committed to growth through innovation and developmental leadership, Biophan and its licensors now hold a total of 142 U.S. patents, licenses, or applications. This total includes 38 issued U.S. patents, 9 recently-allowed applications that will issue as patents in the near future, and 95 pending applications at various stages of examination at the U.S. Patent and Trademark Office, plus international applications. The patents cover areas including nanotechnology (nanomagnetic particle coatings), radio frequency filters, polymer composites, thermoelectric materials for batteries generating power from body heat, and photonics. Biophan has joint development and licensing agreements with Boston Scientific (NYSE: BSX - News) and NASA's Ames Center for Nanotechnology. Biophan's goal is to make all biomedical devices capable of safely and successfully working with MRI, and delivering other technologies which will improve quality of life. For more information, please visit www.biophan.com.
Cautionary Statement Regarding Forward-Looking Statements
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.