Biophan and New Scale Announce Issuance of Fundamental U.S. Patent for New Scale's SQUIGGLE(TM) Motor; Biophan Also Details New $1 Million Equity Investment by Biomed Solutions
Biophan and New Scale expect the SQUIGGLE motor's novel design to set new standards for precision and reliability for such applications as implantable and wearable drug-delivery pumps. Since the motor is also safe and image-compatible for use in Magnetic Resonance Imaging (MRI) systems, Biophan and New Scale believe that the motor will enable the creation of novel MRI-compatible biomedical devices. It is also compatible with high vacuum and ultra-cold environments required in advanced applications.
“We're quite pleased to announce this transaction, which reflects the continued success of Biophan's strategic vision and track record in execution of its business plan”
"Now that the U.S. Patent office has issued the fundamental U.S. patent for the SQUIGGLE motor, Biophan and New Scale hold key intellectual property protection as we continue to develop products based on the SQUIGGLE motor," said Michael Weiner, Biophan CEO. "We believe the motor's unique features and capabilities will allow the development of significantly improved solutions for existing multi-billion-dollar health care markets, as well as the development of applications for promising new product areas in medical technology."
The SQUIGGLE motor is constructed completely of non-magnetic ceramics and other advanced materials, and is both totally safe and accurately imageable within Magnetic Resonance Imaging (MRI) systems. MRI compatibility enables the development of remote-controlled robotic surgical devices for MRI-guided procedures that require highly precise positioning under real-time visual control, such as intra-cranial procedures to treat brain tumors.
The piezoelectric ceramic SQUIGGLE motor occupies a unique niche in the world of small motors for biomedical and other industry sectors. Using ultrasonic vibrations, it delivers superior precision and electrical efficiency compared to conventional electromagnetic motors. Benefits for medical devices include low heating, low noise, high precision and longer battery life.
The SQUIGGLE motor is constructed from only four parts--about 90% fewer than many comparable electromagnetic motors with gears. Because they require no gear reduction, a significant source of failure is eliminated, increasing the SQUIGGLE motor's dependability. New Scale is producing a variety of SQUIGGLE models, ranging in size from 4 mm in diameter to 12 mm in diameter, with a variety of ranges of motion. The newest SQUIGGLE model, the SQ-306, is 50% smaller than the Company's previous models. A photo can be viewed at http://www.biophan.com/NewScale.jpg..
The SQUIGGLE motor is also being developed for a number of important applications in sectors other than medicine, where its ultra-precise movement and small size is an advantage, such as automatic camera zoom lenses for cell phones and other active optical markets.
In addition to its license of New Scale's SQUIGGLE for all medical applications, Biophan is also a minority equity owner in New Scale Technologies. New Scale currently sells a range of miniature motors and positioning systems for emerging applications in nanotechnology, microelectronics, optics, lasers, biotechnology, medical devices, aerospace and defense, fluid control, and office/consumer products. (View "Biophan and New Scale Present Ceramic Motor for Medical Devices" video at http://www.biophan.com/ceramicvideo.php.)
In other new developments, Biophan announced that Biomed Solutions LLC, a longtime investor and supporter of Biophan, has made a $1 million equity investment in Biophan. Biophan's CEO, Michael Weiner, is the Manager of Biomed Solutions. The investment represents the conversion of a portion of a recently announced $2 million credit facility from Biomed Solutions. The conversion price of $2.12 is calculated at 90% of the average share price for the 20 trading days prior to the date of the loan.
"We're quite pleased to announce this transaction, which reflects the continued success of Biophan's strategic vision and track record in execution of its business plan," said Mr. Weiner. "The transaction converts debt to equity in Biophan, enhancing Biophan's financial standing and balance sheet at a time when the Company's unique contributions to biomedical technology and healthcare have begun to transfer from the laboratory to the marketplace, evidenced in part by the recent technology license agreement with leading medical device manufacturer Boston Scientific. Biophan's technologies are gaining recognition in several biomedical segments, and through our extensive intellectual property portfolio, we are working to deliver new technologies and products to the market." Biophan's current initiatives include R&D for MRI safety and compatibility, advanced drug delivery technologies, diagnostic and therapeutic cardiovascular devices, as well as other technologies and products.
About New Scale Technologies
New Scale Technologies, Inc. (www.newscaletech.com) makes miniature ceramic motors that enable our customers to create smaller products. Our patented SQUIGGLE motors are bigger than MEMS devices but smaller than conventional motors. We generate precise movement using ultrasonic vibrations, which makes our piezoelectric motors powerful, precise, simple, and compatible with extreme environments.
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 technologies that enable implanted medical systems such as pacemakers, interventional surgical devices such as catheters and guidewires, and devices such as stents to be safely and effectively imaged under MRI. Biophan is developing these same technologies to provide new MRI contrast agents. Other applications include 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 144 U.S. patents, licenses, or applications. This total includes 41 issued U.S. patents, 9 recently-allowed applications that will issue as patents in the near future, and 94 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), medical device designs, 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.