Biophan Details Progress in Product Development and Monetizing Intellectual Property Portfolio in Conference Call; Officers Recap Achievements to Position Company for New Revenue Streams and Technology Licensing Agreements
Biophan officers outlined the Company's recent developments and milestones in its business plan to capitalize on its intellectual property portfolio through licensing agreements, including an agreement with medical device manufacturer Boston Scientific. The transaction covers the use of certain Biophan technologies for MRI safety and image compatibility and covers multiple product lines including vascular implants, catheters, guidewires, and implantable devices, with royalties ranging from 3% to 5% and multi-million dollar milestone payments on some products.
“We believe this technology represents an extraordinary opportunity in the medical device market, with substantial revenue and profit potential for Biophan”
"This transaction has significantly elevated the visibility and competitive advantages of Biophan's technology and has resulted in multiple discussions with other major medical device companies," said CEO Michael Weiner.
Mr. Weiner also discussed the Company's recent 10-Q filing on the conference call, as well as new initiatives, such as the Biophan's entry into the estimated $28 billion cardiovascular device marketplace. Biophan has entered into a letter of intent to acquire a minority interest in Myotech, a company developing cardiovascular assist device technology, including a novel heart pump called MYO-VAD(TM), which has received significant support from prominent medical centers. "We believe this technology represents an extraordinary opportunity in the medical device market, with substantial revenue and profit potential for Biophan," said Mr. Weiner.
The Company also discussed progress in the Biophan Europe division. The unit is now receiving matching funds from the German government, being drawn down for animal testing of a proprietary vena cava filter. This device is visible under MRI to allow the detection blood clots, which currently can cause complications to vena cava filter recipients.
In addition, Mr. Weiner discussed the growing recognition among the medical community about safety of medical devices in MRI environments. Biophan has been selected to deliver a scientific paper on the subject at a leading medical technology conference, ISMRM, where Company officials will also meet with government and industry representatives. The issue of device heating has become far more visible and better understood in part due to Biophan's research in this field, including its identification of aspects of device heating which had not been well understood and which demonstrate that implanted medical devices such as pacemakers are clearly not safe to use with MRI machines, in spite of several previous publications which made this claim.
The Company has filed a complete transcript of the conference call in its SEC Form 8-K.
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 156 U.S. patents, licenses, or applications. This total includes 42 issued U.S. patents, 8 recently-allowed applications that will issue as patents in the near future, and 106 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 optical catheter technologies. Biophan has joint development and licensing agreements with Boston Scientific 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. Biophan is also listed on the Frankfurt Stock Exchange under the ticker symbol "BTN." 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.