Biophan Appoints Theodore A. Greenberg to Board of Directors
Mr. Greenberg has more than 20 years experience in investment management, consulting, and public accounting. In 2005, he joined Infinity Capital Group, Inc., a Business Development Company which is about to commence an Initial Public Offering. He currently serves as chief investment officer, chief financial officer, secretary, and is a member of Infinity's board. Since 2004 he has been, and continues to be, a project consultant and advisor and has provided services to various companies, including a private equity fund, a children's entertainment company, a real estate development fund, a software development company and an internet company. In 1999 Mr. Greenberg co-founded Park Avenue Equity Partners, LP, a $100 million middle market private equity fund and he was a general partner until 2003. From 1998 to 1999, Mr. Greenberg was the chief financial officer of Development Capital, LLC. Mr. Greenberg has also held senior positions at various accounting firms.
Michael Weiner, Chief Executive Officer of Biophan, said, "Ted's breadth of experience with developing companies and success in structuring numerous corporate financial transactions will bring valuable insight to Biophan's Board of Directors. We look forward to his contributions as we continue to pursue strategic partnerships and licensing agreements for our MRI-safe biomedical device technologies, and our investment in the MYOTECH MYO-VAD(TM), a next generation heart assist device. Additionally, Ted will be very helpful to us as we move forward with a listing on a major stock exchange and continue our initiative to expand our institutional shareholder base.
Ted Greenberg stated, "I'm impressed by the depth of Biophan's intellectual property and the commitment and vision of Management and the Board to make Biophan a leader in biomedical technology. Mike Weiner and his team have positioned Biophan as an industry leader in MRI-safe technology and have diversified the technology portfolio through their commitment to research and development along with selected strategic acquisitions. I look forward to joining in this effort."
Mr. Greenberg holds a Master's degree in Business Administration in finance and strategic planning from University of Chicago. He also holds a Bachelor's of Science degree in accounting and business administration from State University of New York at Albany. Mr. Greenberg is a certified public accountant licensed in New York State.
Biophan develops and markets cutting-edge technologies for the medical device industry that provide competitive advantages. The Company's founding goal was to make all biomedical devices capable of safely and successfully working with magnetic resonance imaging (MRI), problems which the Company has solved and begun to license to leading device manufacturers. The Company's mission has expanded to provide other technologies which will improve the delivery of healthcare. Biophan's technologies 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. The Company is helping to commercialize the MYO-VAD(TM), a novel, MRI-compatible ventricular assist device which has significant potential to improve the treatment of many forms of acute and chronic heart disease. Other applications in development include drug delivery and power systems which derive energy from body heat. Committed to growth through innovation and developmental leadership, Biophan and its licensors now hold a total of 156 U.S. patents, licenses, or applications, plus international applications. This total includes 50 issued U.S. patents, 8 recently-allowed applications that will issue as patents in the near future, and 98 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, and photonics. Biophan has joint development and licensing agreements with Boston Scientific Corporation (NYSE: BSX) and NASA's Ames Center for Nanotechnology. Biophan is traded on the OTC market under the symbol BIPH, and is also listed on the Frankfurt Stock Exchange under the symbol BTN.
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.