Medtronic to Pay $11 Million for Biophan’s MRI Safety Technology
Aug 13, 2007 - Medtronic Inc. has entered into a definitive agreement with Biophan Technologies Inc. to acquire its MRI safety patents in a transaction worth $11 million in cash, as part of Medtronic’s strategy to develop solutions for the contraindication between pacemakers and MRI machines.
Under the terms of the agreement, Biophan will transfer to Medtronic its MRI safety patent portfolio, which includes technologies that make medical devices, such as pacemakers, safe for use with MRI.
"Our technology has the potential to solve the problems that have prevented many people with pacemakers from having an MRI. We believe Medtronic has the experience and resources to bring our technology to market," stated Michael Weiner, President of Biophan.
Biophan will continue its efforts to develop technologies to enable visualization of clotting and restenosis in stents under MRI, which is not possible with today’s stents. In addition, it will continue its collaboration with Myotech on the development of the Myotech Circulatory Support System, a novel device for the treatment of acute heart failure.
For more information: www.biophan.com