Biophan Completes Phase II and III of Development Agreement with Boston Scientific
Friday November 4, 4:01 pm ET
Company Recognizes Current Quarter Revenues
ROCHESTER, N.Y.--(BUSINESS WIRE)--Nov. 4, 2005--Biophan Technologies, Inc. (OTCBB: BIPH; FWB: BTN), a developer of next-generation medical technology, today reported the completion of phase II and phase III of its development agreement with Boston Scientific. The satisfactory completion of these milestones allows the Company to recognize $225,000 of previously received development payments as current quarter revenues.
Biophan is expected to receive additional revenue from Boston Scientific in January 2006 as a result of the recently executed license agreement between the two companies. Under the terms of the license agreement, Biophan anticipates an additional payment of $250,000 from Boston Scientific after January 1, 2006.
Michael Weiner, Chief Executive Officer of Biophan Technologies, said, "The completion of the first two phases of our development agreement with Boston Scientific represents a substantial milestone for Biophan. It demonstrates the growing validation of our technology by the biomedical device industry and the building momentum of its adoption. We are pleased to have achieved this first endorsement of our technology by a proven leader in the industry."
Biophan currently holds 156 U.S. patents, licenses or applications in its intellectual property portfolio, 42 of which have issued, plus 45 international applications. "We are progressing in discussions with a number of biomedical product manufacturers to license additional elements of our intellectual property portfolio," said Mr. Weiner. "These manufacturers are assessing Biophan's proprietary technologies to enable them to incorporate MRI safety and competitive performance advantages into their devices, including pacemakers, stents, neurostimulators, and others."
