Biophan Sells MRI Safety Patents to Medtronic, Extends Myotech Ownership
Biophan Technologies, Incorporated completed the sale of their MRI safety patent portfolio to device manufacturer Medtronic, Incorporated. The total deal included $11 million in payments from Medtronic, as described in a Biophan news release.
Biophan is leveraging revenue from the sale, with a renewed income stream to develop the Myotech Circulatory Support System, a tool intended to improve heart failure treatment protocols. Overall, this allows the company to reinvigorate efforts dedicated to acute circulatory support tools.
Prior to completing the deal with Medtronic, Biophan committed to expanding their ownership stake in Myotech. Biophan previously expanded their ownership in Myotech. With the new financial commitment, they now own 68 percent of the company interest, up from 44 percent before the recent reinvestment of funds. The organization also holds rights to further expand ownership in the future. Intended plans include an added $2 million to invest upon the achievement of particular milestones by Myotech.
The investments in Myotech allow for growth of ongoing product development efforts. Additionally, collaboration between the two organizations leverages Biophan experience with development of medical technologies.
The primary focus of the combined efforts is to provide treatment options for patients who sudden cardiac arrest and require acute circulatory support. Over 80 percent of the patients who develop this condition do not survive. The Myotech Circulatory Support System is designed to improve outcomes in this patient population.
October 16, 2007 Related topics: Imaging, Partnerships & Consortia, Corporate Financials, Contract Awards, Cardiology