Biophan Files Form 10-Q for Period Ending November 30, 2006
Biophan Technologies, Inc. (OTCBB: BIPH [was temporarily BIPHE due to previous delay in filing]; FWB: BTN), a developer of next-generation biomedical technology, today filed Form 10-Q for the period ending November 30, 2006.
The Company has recently re-evaluated the accounting treatment of its investment in MYOTECH. In order to comply with FASB FIN 46(R), the Company has consolidated MYOTECH from the date of acquisition, November 30, 2005. In order to accomplish this consolidation, the Company had the patents held by MYOTECH appraised by a nationally-recognized, independent, outside valuation firm.
The patents that MYOTECH holds were appraised at $26 million, which is now included in the Company’s consolidated balance sheet.
Biophan recognized approximately $226,000 in revenue from licensing, MRI testing, and consulting. The Company expects to recognize additional revenue from these transactions in the next several quarters.
About Biophan
Biophan is dedicated to providing technologies that offer innovative and competitive advantages to the medical device industry. The Company licenses its technologies which improve the MRI safety and image compatibility of medical devices to leading device manufacturers. In addition, the Company is commercializing the MYOTECH MYO-VAD(TM), a new, cardiac support system which has significant potential to improve the treatment of many forms of heart disease. Biophan is traded on the OTC market under the symbol BIPH, and is also listed on the Frankfurt Stock Exchange under the symbol BTN. For more information on Biophan, please visit our website at 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.