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Biophan Signs Letter of Intent for the Exclusive License to Breakthrough Technology for MRI Visualization inside Implanted Vascular StentsROCHESTER, N.Y. --(Business Wire)-- May 13, 2005 -- Novel Solution Enables Highly Accurate MRI Angiograms to Diagnose Vascular Health and Further Reduce Reliance on X-Ray Angiograms Biophan Technologies, Inc. (OTCBB:BIPH), a developer of next-generation medical technology, has executed a letter of intent with leading German biomedical researchers, Dr. Arno Bucker and Dr. Alexander Ruebben, for an exclusive license to their breakthrough cardiovascular stent technology enabling accurate Magnetic Resonance Imaging (MRI) angiography of the interior of vascular stents. The technology, developed by Dr. Bucker and Dr. Ruebben through their research at the University of Aachen in Germany, is designed to enable MRI visualizations to diagnose the health of implanted stents and assess the occurrence of restenosis, or unhealthy re-narrowing of stented arteries. Dr. Bucker and Dr. Ruebben have published details of their research in various scientific journals, most recently in the medical journal "Circulation" (http://circ.ahajournals.org/cgi/content/full/105/15/1772). They have tested several prototypes of their Aachen resonance renal MRI stents and have reported on the technology's ability to enable artifact-free MRI Angiography and coronary vessel wall imaging within implanted stents. They have conducted their studies in both in vitro and in swine models. Biophan has signed a letter of intent to serve as exclusive worldwide licensor of the technology. Together with the existing technology already held by Biophan, which was obtained through their recent acquisition of aMRIs GmbH, the letter of intent with Dr. Bucker and Dr. Ruebben will give Biophan licensing ownership to two of the most promising methods to create artifact-free images of stents and implants with MRI systems. "The synergies between our technologies could lead to really exciting new developments," commented Michael Friebe, PhD, CEO of Biophan Europe. "We are especially excited to add two renowned experts to our team, who are among the leading interventional MRI researchers in the world. We are confident that their expertise and experience will further improve Biophan's research and development programs." Dr. Bucker, a clinical professor of radiology at the University of Aachen, is one of the leading experts in interventional MRI. The University of Aachen is a renowned clinical research institution and one of the leading radiology research centers in the world and is led by Prof. Rolf Gunther. Dr. Bucker and Dr. Ruebben will continue to work on further improving the stent as part of a consulting agreement with Biophan Europe. "This letter of intent adds an important component of technology and expertise to the overall Biophan portfolio," said Michael Weiner, CEO of Biophan. "Drs. Bucker and Reubben are world renowned scientist/physicians conducting cutting-edge research in MRI diagnostics and innovative stent and medical device designs. The technology that will be licensed to Biophan, and will be available for sub-licensing by us to third parties, adds another viable means to creating MRI visible stents that can allow exquisite detail of restenosis and blockages, without the need for an interventional procedure, and eliminating the need to expose the patient to toxic dyes and ionizing radiation. The Aachen solution builds on the resonant circuit technologies we are already working on, and adds an exciting alloy metal for alternative stent designs. With the achievement of this working relationship, organized by Biophan Europe, we now offer a complete line of solutions for making MRI-visible stents, and will be in possession of all the known viable solutions that we are aware of. The only other approaches we know of for making an MRI visible stent require cutting the struts of the stent and gluing them back together, which is a solution that has not been well received due to the damage to stent structural integrity that may occur. Biophan is looking forward to working with its strategic partners to bring MRI visible stents to the marketplace." Due to its excellent image quality, diagnostic accuracy and overall safety, MRI-based angiography is increasingly replacing diagnostic X-ray angiography for vascular imaging throughout the body. MRI angiography has not been able to visualize the interior of metallic stents, however, because current generations of stents - whether made of stainless steel or nitinol - do not allow visualization of the stent lumen and/or create image artifacts. Consequently, MRI has not been effective for diagnosing restenosis, one of the most serious medical problems for patients who have received implanted vascular stents. Biophan is a leading force in the development of technology to make medical devices imageable and safe in the environments of MRI systems. About Biophan Technologies Biophan develops and markets cutting-edge technologies designed to make biomedical devices safe and 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 114 U.S. patents, licenses, or applications. This total includes 36 issued U.S. patents, 6 recently-allowed applications that will issue as patents in the near future, and 72 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 - News) 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. |
