LOS ANGELES, Sept. 21, 2005 (PRIMEZONE) -- BiomedDiscoveries.com, http://www.BiomedDiscoveries.com, the online source for exclusive investor information in the biotechnology sector, today announced the availability of a new audio interview with Michael Weiner, CEO of Biophan Technologies, Inc. (OTCBB:BIPH) (Frankfurt:BTN), a developer of next-generation biomedical technology that recently launched a major new cardiovascular division.
In the interview, Mr. Weiner discusses the Company's business strategy to capitalize on the growing worldwide demand for Ventricular Assist Devices (VADs), whose projected market potential is $28 billion, according to some industry analysts.
Biophan recently signed a Letter of Intent with medical technology development company MYOTECH, LLC, to bring an innovative cardiac assist device called "MYO-VAD(tm)" to market. The MYO-VAD is the first in a family of products based upon Direct Mechanical Ventricular Actuation (DMVA) technology. It consists of a flexible polymer cup which fits around the heart, coupled to a drive unit, which gently but powerfully pumps the heart to restore blood flow. By not coming into direct contact with circulating blood, the MYO-VAD promises to provide substantial advantages over today's devices by eliminating serious and potentially fatal problems, including clotting/stroke, bleeding, and infection. Due to its simple insertion and removal, anticipated lower rates of complication, and lower device cost, the MYO-VAD is expected to provide a significant reduction in the cost of treating heart failure patients. Biophan believes this device will greatly expand the physician's ability to treat heart failure and help save the lives of people suffering from many different types of heart disease.
Under the terms of the Letter, Biophan also plans to acquire a substantial minority interest with the right to acquire a controlling interest in MYOTECH, and will direct future technology and product development, regulatory approval, and marketing of MYOTECH's MYO-VAD.
For Biophan, which is widely recognized for its efforts at extending the benefits of Magnetic Resonance Imaging technology (MRI) to patients with implanted medical devices that are either unsafe or incompatible with MRI, this move into the cardiac assist device market represents a major expansion and continuation of its mission to create improved medical devices. "We are already working with manufacturers of stents, pacemakers, defibrillators, neuro-stimulators and catheters," stated Mr. Weiner. "So this is a logical extension of our product line to our existing customer base." As the company develops and markets the MYO-VAD device, it also intends to expand its business model, augmenting its current licensing and royalty strategy to include an OEM business and revenue model, supplying strategic partners with turnkey products.
The streaming audio interview with Mr. Weiner can be accessed for free at http://www.BiomedDiscoveries.com.
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About MYOTECH, LLC
MYOTECH, LLC, is a privately-held medical technology development company, formed in 2003 to commercialize a family of medical products based upon Direct Mechanical Ventricular Actuation ("DMVA") cardiac assist technology. This technology has permitted the development of minimally invasive heart assist devices that promise to provide safer, more effective, and more affordable treatment for more patients with many types of heart failure. MYOTECH has relationships with leading physicians and medical institutions. They have assisted MYOTECH in both research and planning. MYOTECH has several pending patents pertaining to the DMVA technology.
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 technologies that enable implanted medical systems such as pacemakers, interventional surgical devices such as catheters and guidewires, and devices such as stents to be safely and effectively imaged under MRI. Biophan is developing these same technologies to provide new MRI contrast agents. Other applications include 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 144 U.S. patents, licenses, or applications. This total includes 41 issued U.S. patents, 9 recently-allowed applications that will issue as patents in the near future, and 94 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), medical device designs, radio frequency filters, polymer composites, thermoelectric materials for batteries generating power from body heat, and photonics. Biophan has joint development and licensing agreements 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.
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.
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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.
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