CORRECTING and REPLACING Biophan Completes Phase II and III of Development Agreement with Boston Scientific; Company Recognizes Current Quarter Revenues
The corrected release reads:
“We are progressing in discussions with a number of biomedical product manufacturers to license additional elements of our intellectual property portfolio”
BIOPHAN COMPLETES PHASE II AND III OF DEVELOPMENT AGREEMENT WITH BOSTON SCIENTIFIC; COMPANY RECOGNIZES CURRENT QUARTER REVENUES
Biophan Technologies, Inc. (OTCBB: BIPH; FWB: BTN), a developer of next-generation medical technology, today reported the completion of phase II and phase III of its development agreement with Boston Scientific. The satisfactory completion of these milestones allows the Company to recognize $225,000 of previously received development payments as current quarter revenues.
Biophan is expected to receive additional revenue from Boston Scientific in January 2006 as a result of the recently executed license agreement between the two companies. Under the terms of the license agreement, Biophan anticipates an additional payment of $250,000 from Boston Scientific after January 1, 2006.
Michael Weiner, Chief Executive Officer of Biophan Technologies, said, "The completion of the last two phases of our development agreement with Boston Scientific represents a substantial milestone for Biophan. It demonstrates the growing validation of our technology by the biomedical device industry and the building momentum of its adoption. We are pleased to have achieved this first endorsement of our technology by a proven leader in the industry."
Biophan currently holds 156 U.S. patents, licenses or applications in its intellectual property portfolio, 42 of which have issued, plus 45 international applications. "We are progressing in discussions with a number of biomedical product manufacturers to license additional elements of our intellectual property portfolio," said Mr. Weiner. "These manufacturers are assessing Biophan's proprietary technologies to enable them to incorporate MRI safety and competitive performance advantages into their devices, including pacemakers, stents, neurostimulators, and others."
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 photonics. 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.