October 9, 2007 - Biophan Technologies Inc., a developer of biomedical technology, announced it has closed the $11 million cash sale of a portion of its patents to Medtronic and it will invest $1.2 million in Myotech, in order to position itself in the acute heart failure treatment market.
The first transaction was completed with its note holders, providing approvals necessary to close Biophan’s deal with Medtronic for an $11 million cash sale of a portion of the Company's patents.
The note holders consent allowed Biophan to invest $1.2 million in Myotech to increase its holdings to 68 percent from 44 percent prior to the deal. This transaction provides Biophan with control of Myotech, a private company developing a novel circulatory support device that is designed to restore full cardiac output from an arrested heart. Upon achieving certain milestones, Biophan has agreed to invest an additional $2 million to further increase its ownership of Myotech.
The investment will support Myotech's product development efforts for technologies like the Myotech Circulatory Support System (CSS) designed for acute circulatory support for patients suffering from sudden cardiac arrest.
"The transactions announced today are key milestones in Biophan's development," stated John Lanzafame, Biophan Interim CEO. "The proceeds from the sale of our MRI safety-related patents provide us with the resources to move this technology forward in a meaningful way."
For more information: www.biophan.com