Biophan Reports Fiscal Year 2008 Results
Biophan Technologies, Inc. (OTCBB: BIPH), a developer of next-generation biomedical technology, today announced the results of their operations for the fiscal year ended February 29, 2008.
Revenue for Fiscal Year 2008 was $11.7 million, primarily reflecting the sale of a portion of the company’s patent portfolio to Medtronic for approximately $11 million. The company begins Fiscal Year 2009 with $7 million in cash, which is expected to be sufficient to continue to fund the development of the Myotech Circulatory Support System (CSS), as well as Biophan’s core technology initiatives for the balance of the fiscal year.
As the company announced last month, the Myotech CSS program is now more targeted at the acute resuscitation market segment, where there is a large patient population not adequately served by existing technologies. As this program progresses, we will seek distribution partners both overseas and in the US to share the cost of commercialization. Biophan expects the Myotech CSS to be approved for sale in the US in 24-30 months.
To enhance the leadership team at Myotech, the Biophan subsidiary developing the Myotech CSS, Jeanne Lesniak was named Regulatory and Clinical Affairs Advisor while John Bowers assumed the position of Senior Technologist. Both bring significant experience and expertise to the Myotech team and will contribute to Myotech’s ability to achieve its US market objectives.
At the same time, Biophan continued to strengthen its IP portfolio during the year through the issuances of new patents, as well as the purchase of an intellectual property portfolio from Nanoset, LLC. Biophan continues to focus on developing its core technologies through an aggressive program of grant funding and strategic partnerships, such as its joint development program with the NASA Ames Research Center on a biothermal power supply.
Travis Baugh and Harold Gubnitsky were named to the board of directors of Biophan during the year. Both men have extensive business and scientific experience and enhance the board with their strategic counsel.
“Biophan has made great strides during the past year in redefining the focus of the company, streamlining operations, reducing costs, and putting the appropriate resources in place to achieve our short and long term objectives,” said John Lanzafame, Biophan CEO. “Targeting the Myotech CSS at the acute resuscitation market allows us to address an enormous unserved medical need. More than a quarter of a million people suffer in-hospital cardiac arrest in the US each year, and only about twenty percent of these patients survive. We believe that the Myotech CSS can provide an exciting new treatment option for this patient population that will improve survival rates.”
About Biophan Technologies, Inc.
Biophan is dedicated to providing technologies that offer innovative and competitive advantages to the medical device industry. The Company is helping to commercialize the Myotech Circulatory Support System, which has significant potential to improve the treatment of acute heart failure. Biophan Technologies, Inc. holds a 68% interest in Myotech with rights to acquire additional equity, and is leading Myotech’s business development efforts. 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, expect, or believe 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.
Contact: Carolyn Hotchkiss Biophan Technologies, Inc. Communications Manager (585) 267-4800 Email Contact
SOURCE: Biophan Technologies, Inc.