SOURCE: Biophan Technologies, Inc.

May 13, 2008 07:00 ET

Biophan Acquires Intellectual Property Portfolio of Nanoset, LLC

PITTSFORD, NY--(Marketwire - May 13, 2008) - Biophan Technologies, Inc. (OTCBB: BIPH), a developer of next-generation biomedical technology, today announced that the Company has acquired the patent portfolio of Nanoset, LLC, a private company and technology collaborator.

The Nanoset intellectual property acquisition includes over 15 issued patents and a number of patent applications covering various uses of nanomagnetic materials, including MRI image compatibility and novel materials and methods for targeted drug delivery. This technology was previously licensed to Biophan, but was limited to medical fields. This acquisition removes the limitation, providing additional license opportunities for this unique technology which also has applications in the communications and defense industries.

John Lanzafame, Biophan's CEO, stated, "This acquisition provides a number of benefits to Biophan. The applications for MRI image compatibility are included in our license to Boston Scientific, and this purchase eliminates an outgoing royalty obligation for the Company. In addition, we will target grants and strategic partnerships to develop some of the other applications for this technology, including therapeutic delivery and non-medical applications, opening up additional licensing opportunities."

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, expect, or believe 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) 267-4800
    Email Contact