BIPH filed their 10Q yesterday, here's a concise summary of the new information in the report:
By: b9molecule
14 Jan 2005, 05:51 PM EST
Msg. 31086 of 31151
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looks like a young, growing company.
some items of interest selected below.
some comments of mine in parentheses.
this stock should do very well next week! :
Outstanding as of January 13, 2005
Common Stock: 74,017,832
The Company is in the development stage and is expected to remain so for at
least the next several quarters.
the Company exercised the second tranche under the SBI
financing agreement for 2,000,000 shares at $.65 per share for a total of $1.3
million. Of this amount, $1.1 million has been received to date.
In December, the third tranche of 2,000,000 shares at $.70 was exercised for a
total of $1.4 million.
We have begun manufacturing samples
of devices modified with our solution, which is extremely cost effective. We
have modified a pacemaker lead for a pacemaker company concerned with pacemaker
safety, which is currently being evaluated by that company.
We are also working on
coatings that can improve visibility under MRI using thin film coatings… The advantage of a coating solution is that a manufacturer with
a product in the market or in development does not have to radically change the
physical design manufacturing process. Thus, the coating solution, which we are
pursuing, has broad applications for the rapidly growing stent market.
…it may be possible to enable a pacemaker patient to one day have an
MRI angiogram, and avoid having an invasive procedure. (wow!)
To manage the growing R&D and customer interactions in the MRI technology
business and the biothermal business, we have expanded our staff to support
these projects.
Over thirty professionals, both full time and
part time, now constitute the Biophan scientific and engineering organization.
We have also entered into a consulting contract with Isoflux
in Rochester, New York, a leading developer of plasma coating equipment, such as
that used to coat stents and long metal wires.
If the MRI safety and compatibility issues of interventional
devices were solved and devices were on the market, we believe that there would
be a significant migration of procedures, over time, to use with MRI. -- (could we potentially be acquired by an MRI scanning manufacturer?)
We are in various stages of discussions and
negotiations with an expanded group of companies, both in the United States, and
abroad, regarding the utilization of our technology. The value to our
prospective customers is competitive advantage with the potential to gain
increased market share.
AMRIS
GmbH -- Biophan will also acquire the exclusive license to fifteen issued
and pending patents covering imaging of devices such as stents and other
vascular implants, significantly expanding the Company's intellectual property
portfolio.
*****BINGO! HERE IT IS: ********
We have reached a basic understanding with Boston Scientific on
the content of a proposed term sheet for an equity investment and a license that
includes a combination of exclusive and non-exclusive devices, and will include
various licensing, milestone and royalty payments. We anticipate entering into
an agreement with them and, as we have previously stated, this will provide us
with the capital needed for listing on a major stock exchange…
--------
Since the beginning of 2004, we have expanded our development
and partnering activities related to these technologies to include guidewires,
stents, drug pumps, biopsy needles and other prosthetic and surgical tool
devices
Part of our strategic initiative for the current fiscal year will include
expanding our technology offerings to the companies with whom we are already in
discussions or collaborating. These arrangements may include payments for R&D,
licensing, equipment and materials purchases, milestone payments, as well as
possible strategic investments.
In December, we exercised
the third tranche of 2,000,000 shares for $1.4 million thereby selling all the
shares that are currently registered. This was done to fund the expected
acquisition of the German subsidiary without impeding our own development and
marketing activities, and to provide a cushion of additional capital towards our
goal of a major exchange listing although an expected capital investment from a
strategic partner may prove more than adequate to meet the capital requirement
for a listing. We will, at some point in the future, decide whether to register
additional shares for resale by SBI, which will give us the right to sell
additional shares under the stock purchase agreement. The balance of the SBI
commitment, 2 million shares at $.80 and up to 9.75 million shares at $2.00,
would provide an average price of $1.80, if we were to exercise the full
remaining amount of $21.1 million.
We intend to be prudent in our exercise of the SBI line, even with its very
attractive fixed price aspects.
--- eom --
