Biophan Joins as Senior Member of Prestigious Engineering Research Center at USC Supported by National Science Foundation
|Company to Collaborate in Advanced Research to Make Pacemakers, Cochlear Implants, and Other Medical Devices MRI Safe and Compatible|
“We're delighted to forge this partnership with the prestigious Center of MicroElectronic Systems Engineering at USC, and look forward to collaborating and to innovating additional progress in this field”
Biophan Technologies, Inc. (OTCBB: BIPH; FWB: BTN), a developer of next-generation biomedical technology, announced today that it has joined as a Senior Member the Biomimetic MicroElectronic Systems Engineering Research Center at the University of Southern California (USC/BMES ERC), in a collaboration to revolutionize biomedical devices including through development and integration of Biophan's proprietary innovations.
The partnership gives Biophan access to the USC/BMES ERC's world-class research facilities in Los Angeles, CA. Biophan will contribute its expertise in advanced medical device enhancement technologies to collaborate with the USC center. Research will focus on the development of new medical device solutions, including the application of Biophan's proprietary, leading-edge technologies to make medical devices MRI safe and/or image compatible. Many implantable medical devices are currently contraindicated for use with MRI.
Through an initial $17 million grant awarded by the National Science Foundation, the USC/BMES ERC has been established to advance the education, research, and commercialization of biomedical devices that can dramatically improve the quality of life for patients with debilitating diseases.
"We're delighted to forge this partnership with the prestigious Center of MicroElectronic Systems Engineering at USC, and look forward to collaborating and to innovating additional progress in this field," said Michael Weiner, CEO of Biophan. "We anticipate a shift over the next several years in which virtually all biomedical devices currently contraindicated for MRI or experiencing imaging limitations will be made both safe and compatible for use with MRI. Currently, over $12 billion worth of devices are sold every year with these shortcomings, which we believe is an untenable situation. This milestone collaboration will be an important new opportunity for some of the nation's leading scientists to implement solutions to solve these problems. We are very pleased to join forces with our colleagues at USC, the California Institute of Technology (Caltech), University of California, Santa Cruz (UCSC), and other esteemed members of the Center's larger research team who are all dedicated to developing revolutionary improvements in treating debilitating diseases."
Mark Humayun, M.D., Ph.D., and the Director of the Center added, "We are excited to partner with Biophan Technologies, which has demonstrated its command of medical device technologies that can extend the benefits of MRI scans to additional patients who need them. Biophan has significant industry expertise and proprietary technologies that will be influential in bringing our Center's research and developments to commercialization."
As previously announced, Biophan has provided a license for MRI safety and image compatibility, covering multiple products to leading medical device manufacturer Boston Scientific (NYSE: BSX). Discussions are underway with other medical device manufacturers in these areas as well.
About USC/BMES ERC
The Biomimetic MicroElectronic Systems Engineering Research Center (BMES ERC) works to coordinate groundbreaking programs at USC, Caltech and UCSC to develop biomimetic devices designed to replace the neural function of damaged or diseased systems in the human body. The BMES ERC supports educational programs preparing students at all levels for careers in research, and fosters industry partnerships that will encourage the transfer of biomimetic technology to the marketplace. For more information, please visit: http://bmes-erc.usc.edu.
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 medical systems such as pacemakers, interventional surgical devices such as catheters and guidewires, and implants such as stents to be safely and/or effectively imaged under MRI. Biophan is developing these same technologies to provide new MRI contrast agents. Other applications include drug delivery and power systems which derive energy from body heat. Biophan also has an equity position in MYOTECH, LLC to assist in development and commercialization of an MRI compatible cardiac assist device - the MYO-VAD(TM). Committed to growth through innovation and developmental leadership, Biophan and its licensors now hold a total of 157 U.S. patents, licenses, or applications, plus international applications. This total includes 48 issued U.S. patents, 7 recently-allowed applications that will issue as patents in the near future, and 102 pending applications at various stages of examination at the U.S. Patent and Trademark Office. The patents cover areas including nanotechnology (nanomagnetic particle coatings), medical device designs, radio frequency filters, polymer composites, thermoelectric materials which generate electricity 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.