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Biophan to dissolve subsidiary

By SMRITI JACOB
Rochester Business Journal
October 24, 2008
Biophan Technologies Inc. has elected to dissolve its subsidiary Myotech LLC, the company reported in documents filed with the Securities and Exchange Commission.
The filing states Biophan has given written notice to Myotech and plans to distribute the assets in accordance with the operating agreement for the limited liability company. The decision was made Oct. 17; Biophan filed documents with the SEC Thursday.
Myotech will transfer substantially all of its assets to Biophan, the filing states, including the securities purchase agreement between the two companies. After the transfer, Biophan will have no further funding obligations under the agreement, SEC documents show. Biophan officials were not immediately available for comment.
The Pittsford company has been investing millions of dollars in Myotech—$7.8 million at last count—to aid the development of that firm’s circulatory support system that claims to completely restore cardiac output from an arrested heart. Myotech was formed in July 2003 to commercialize a circulatory support system based on a family of technologies called direct mechanical ventricular actuation, previous documents filed by Biophan with the SEC show. Biophan assumed a minority interest in Myotech in late 2005 and subsequently increased its ownership to more than 70 percent.
In the filing Biophan said it has retained ownership of the Myotech CSS technology, and that it remains committed to finding development and distribution partners that will further the commercialization of the technology.
Biophan, which trades over-the-counter under the symbol BIPH.OB, calls itself a technology development and holding company focused on the creation and sale of novel patent-protected technologies and medical devices.

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