LOS ANGELES, July 5, 2005 (PRIMEZONE) -- BiomedDiscoveries.com, http://www.BiomedDiscoveries.com, the online source for exclusive investor information in the biotechnology sector, has posted an exclusive streaming audio interview with Michael Weiner, CEO of Biophan Technologies (OTCBB:BIPH), a developer of next-generation medical technology. In the interview, Mr. Weiner discusses Biophan's recent execution of definitive agreements covering an equity investment and technology license by leading medical device manufacturer Boston Scientific Corp. (NYSE: BSX).
Last week, Biophan announced the execution of the definitive agreements providing terms of Boston Scientific's equity stake in Biophan, as well as specific rights to utilize portions of Biophan's proprietary next-generation technology. The equity transaction consists of the purchase of Biophan common stock totaling $5 million, priced at a 10% premium over the average of the closing price for the 30 calendar-day period prior to the closing. The technology license includes an upfront payment of $750,000 and annual maintenance fees, in addition to royalties and milestone payments. The balance of the financial details was not disclosed. Boston Scientific is a worldwide medical device manufacturing leader with 16,000 employees and $5.6 billion in revenues in 2004.
In the interview with BiomedDiscoveries.com, Mr. Weiner outlines a number of the financial and other key benefits that the Boston Scientific agreements bring to Biophan. These include potential royalty revenues to Biophan, as well as industry validation of Biophan's technology. Additionally, Mr. Weiner said he believes the agreements will accelerate additional technology licensing agreements in the biomedical sector for Biophan. The transaction provides Biophan the needed funds to commence listing on a major stock exchange.
Biophan is not at liberty to discuss specific technologies it is licensing to Boston Scientific other than to say they include multiple patents related to MRI safety and image compatibility, some exclusive, others non-exclusive.
Biophan is a leading innovator in the creation of advanced products and solutions for a wide range of biomedical applications, holding 140 patents, applications, and licenses for its next-generation technologies. Among its technologies and products are solutions to improve medical devices such as stents, surgical tools, and cardiac pacemakers, by making them safe and/or image-compatible in Magnetic Resonance Imaging (MRI) environments.
MRI systems are important diagnostic tools, but are contraindicated for use with many medical devices because of a number of risks, including potentially dangerous heating that can damage tissue, or the creation of induced electrical voltages that can cause the devices to fail. The FDA recently issued an advisory about similar risks of implanted neurostimulators with MRI, further raising awareness in the medical community about these problems. In addition, many medical devices, whether or not they have safety problems, are either invisible to MRI or they cause image artifact problems that make obscure images of the tissues around or within the devices. Some products have both image compatibility and safety issues.
Biophan has vigorously striven to protect its intellectual property portfolio of technology products and solutions for MRI safety and compatibility -- as well as other biomedical areas -- through extensive patents and applications. Its strategic plan includes the licensing of these technologies to the world's major medical device manufacturers to enable them to create competitively advantageous products. "There's plenty of evidence on our website that we've solved virtually all the problems with MRI safety and image compatibility with one solution or another," Mr. Weiner said in the interview. "At the end of the day the real thing that Biophan offers, when you think about it from a business standpoint, as opposed to just a medical or patient care benefit, is that we offer competitive advantage to our customers."
The interview is available online via streaming audio at http://www.BiomedDiscoveries.com.
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 enabling technologies for implanted medical systems such as pacemakers and interventional surgical devices such as catheters, guidewires, stents, and other implants to allow them to be safely and effectively imaged under MRI. The technology is also being used to create MRI contrast agents, and has expanded to include other applications, such as 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 140 U.S. patents, licenses, or applications. This total includes 38 issued U.S. patents, 9 recently-allowed applications that will issue as patents in the near future, and 93 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), radio frequency filters, polymer composites, thermoelectric materials for batteries generating power from body heat, and photonics. Biophan has joint development arrangements with Boston Scientific (NYSE:BSX) 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. For more information, please visit www.biophan.com.
About BiomedDiscoveries.com
BiomedDiscoveries.com provides exclusive commentary, research, interviews and other information about the smallcap investment marketplace. BiomedDiscoveries.com strives to provide investors with information and research-based data regarding important individual companies and overall marketplace trends. Resources available on BiomedDiscoveries.com include audio interviews with corporate leaders and respected commentators, as well as technical white papers and other forms of market and investment analysis. It is located at http://www.BiomedDiscoveries.com.
Forward-Looking Statements
Statements made on BiomedDiscoveries.com may contain forward-looking statements made by senior management of the companies presented here that involve risks and uncertainties, such as statements about plans, objectives, expectations, assumptions or future events. These statements involve estimates, assumptions, known and unknown risks, uncertainties and performances, or achievements expressed or implied by the forward-looking statements. Actual future results and trends may differ materially from those made in -- or suggested by -- statements presented here due to a variety of factors. Consequently, you should not place undue reliance on any forward-looking statements made here. Many of these and other risks and uncertainties are discussed in greater detail in recent filings with the Securities Exchange Commission for the companies that are present by BiomedDiscoveries.com. Compensation and Other Disclosures BiomedDiscoveries.com is a wholly-owned subsidiary of Trilogy Capital Partners, Inc. Trilogy Capital Partners provides investor relations services to public companies. The companies presented by BiomedDiscoveries.com are usually clients of Trilogy Capital Partners and compensate Trilogy Capital Partners for these services, including cash compensation and equity securities. In addition, Trilogy Capital Partners and its affiliates may own securities of the presenting companies, and may from time to time purchase and sell securities of these companies in the open market or in private transactions. Biophan Technologies pays Trilogy $12,500 per month for so long as Trilogy is retained to provide investor relations services. A subsidiary of Trilogy has entered into an agreement with a non-affiliate shareholder of this company to purchase from the shareholder 880,000 shares at $.80 per share and 4,180,000 shares at $2.00 per share at such time as the shareholder has purchased the shares from by this company at the same prices. The shareholder is obligated to purchase these shares only if this company has registered the shareholder's resale of the shares under the Securities Act of 1933 and certain other conditions are satisfied.