SOURCE: Biophan Technologies, Inc.

October 30, 2007 07:30 ET

Biophan Outlines Commercialization Strategy

Targets Development of Myotech CSS

PITTSFORD, NY--(Marketwire - October 30, 2007) - Biophan Technologies, Inc. (OTCBB: BIPH), a developer of next-generation biomedical technology, today outlined its strategic plan for the coming year. The primary focus for Biophan will be on the development of the Myotech Circulatory Support System (CSS). The Myotech technology addresses one of the most significant unmet needs in healthcare -- acute circulatory support for patients suffering from sudden cardiac arrest.

Biophan's emerging technologies, including its biothermal power supply, will be targeted for support by either grants or strategic partnerships. The biothermal power supply that is being co-developed with the NASA Ames Research Center has already received two grants totaling $200,000. The Company plans to use grants and strategic partnerships to develop these technologies in order to continue to provide a pipeline of new products and technologies without distracting from the primary focus of the Company in the circulatory support arena.

"The Myotech CSS is the most exciting technology in our portfolio, and has advantages that position it to uniquely address a multi-billion dollar market opportunity," stated Biophan CEO John Lanzafame. "Existing technologies in the circulatory support area suffer from designs that inherently limit their effectiveness and application. The Myotech CSS overcomes these limitations."

The Myotech CSS is capable of returning full cardiac output to an arrested heart in under three minutes, and doing so without any contact with circulating blood. Competitive devices currently on the market take much longer to install, and all come into contact with circulating blood, which can cause complications including increased incidence of infection, bleeding from the sites where the devices are installed, and formation of blood clots which can lead to stroke.

Today in the United States, over 260,000 patients suffer in-hospital cardiac arrest every year, and about 80 percent of those patients do not survive. The Company anticipates that the Myotech Circulatory Support System (CSS) will dramatically improve these outcomes.

Biophan recently closed a transaction with Medtronic, selling specific Biophan patents for MRI safety to Medtronic for $11 million. Biophan retains its patents related to MRI image compatibility of implants such as stents. Biophan's license agreement with Boston Scientific remains in place, and the annual minimum payments and any revenue associated with stents or image compatible devices will continue to be paid to Biophan under the agreement. The product development of MRI image compatible implants will continue under the leadership of Dr. Andreas Melzer, CEO of Biophan Europe.

About Biophan Technologies, Inc.

Biophan is dedicated to providing technologies that offer innovative and competitive advantages to the medical device industry. The Company is helping to commercialize the Myotech Circulatory Support System, which has significant potential to improve the treatment of acute heart failure. Biophan Technologies, Inc. holds a 68% interest in Myotech with rights to acquire additional equity, and is leading Myotech's business development efforts. Biophan is traded on the OTC market under the symbol BIPH, and is also listed on the Frankfurt Stock Exchange under the symbol BTN. For more information on Biophan, please visit our website at 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.

Contact Information

  • Contact:

    Carolyn Hotchkiss
    Communications Manager
    Biophan Technologies, Inc.
    (585) 267-4813
    Email Contact