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Wed, July 22, 2009 Biophan Technologies, Inc.: Biophan Closes Key Technology Sale; Files to Discontinue Reporting Obligations
PITTSFORD, NY--(Marketwire - July 22, 2009) - Biophan Technologies, Inc. (
"Biophan will focus its efforts on transactions that enable its remaining technologies to reach the market," said John Lanzafame, chief executive officer. "One example of this is the recently announced transaction with MyoCardioCare, Inc."
The company sold the technology associated with its innovative circulatory support system, the Myotech CSS, to MyoCardioCare. As a condition of the sale, Biophan received a 20 percent interest in MyoCardioCare in addition to a cash purchase price of $250,000, and is allowing Lanzafame to manage the technology's transition to the new company as its interim president.
"Biophan remains committed to its mission of monetizing its patent-protected technologies," Lanzafame said. "We will aggressively pursue opportunities that result in optimal outcomes for our technologies and our shareholders."
Following the Form 15 filing, the company will no longer file an annual report on Form 10-K, quarterly reports on Form 10-Q or current reports on Form 8-K, or continue to make any further Section 16 filings. The Biophan board of directors unanimously resolved to take this action to conserve its cash resources. Other actions taken by the board in this regard include management and staff reductions.
"The board's decision best positions the company to weather current economic difficulties as we continue to push our technologies to market, whether directly by us, or through strategic partnerships," Lanzafame said. The Company retains a number of novel technologies, including the biothermal power supply, pulsewidth modulation technology to improve the performance and life of pacemakers and neurostimulators, and portfolios of both photonics and nanomaterials patents.
Biophan will endeavor to keep its shareholders informed about its efforts and progress regarding the commercialization of its remaining technologies through postings on the company's Web site.
About Biophan Technologies, Inc.
Biophan is dedicated to providing technologies that offer innovative and competitive advantages to the medical device industry. The company is seeking partners to monetize its patented technologies, including its biothermal power supply, pulsewidth modulation technology to improve the performance of pacemakers and neurostimulators, and photonics and nanomaterials patents. For more information on Biophan, please visit our website at [ www.biophan.com ].
Cautionary Statement Regarding Forward-Looking Statements
Certain statements included in this news 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. The forward-looking statements contained herein are made only as of the date of this news release, and Biophan undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.
