Biophan to acquire rights to Myotech cardiac assist device technology

20 September 2005

Rochester NY, USA. Biophan Technologies, Inc. has targeted the fast-growing cardiac device market by by entering into a Letter of Intent with MYOTECH to direct the development, regulatory approval, and marketing of MYOTECH's MYO-VAD(TM) cardiac assist technology. Under the terms of the Letter, Biophan will also direct all future MYOTECH development programs. In addition, Biophan has acquired a substantial minority interest with the right to acquire a controlling interest in MYOTECH.

This relationship will enable MYOTECH to accelerate the development of all of its proprietary cardiac assist technologies for introduction into the fast-growing $28 billion worldwide market opportunity for cardiac devices. Biophan will provide its substantial expertise to the development of the technology and to its introduction into the marketplace. Biophan will assist MYOTECH in achieving significant licensing and strategic relationships with leading medical device manufacturers.

"This new relationship with MYOTECH represents one of Biophan's most significant business achievements to date in terms of future revenue opportunity and prospective earnings," said Michael Weiner, CEO of Biophan. "Under the terms of the Letter of Intent reached today, Biophan and MYOTECH will cooperate to develop MYOTECH's next-generation ventricular assist device or (VAD). VADs are an important part of the rapidly growing cardiac assist device market, which is projected to be the largest growing medical device market segment over the next five years."

The MYO-VAD is the first in a family of products based upon Direct Mechanical Ventricular Actuation (DMVA) technology. It consists of a flexible polymer cup which fits around the heart, coupled to a drive unit, which pumps the heart to restore blood flow. By not coming into direct contact with circulating blood, this VAD promises to provide substantial advantages over today's devices by eliminating most of the serious and potentially fatal problems associated with today's VADs, including clotting/stroke, bleeding, and infection. Due to its simple insertion and removal, anticipated lower rates of complication, and lower device cost, the MYO-VAD is expected to provide a significant reduction in the cost of treating heart failure patients. This promises to extend the physician's ability to treat heart failure and help save thousands of lives.

"Biophan will bring to MYOTECH its core competencies in the implantable and interventional device markets. Biophan's experience and knowledge will assist MYOTECH in the development and marketing of its proprietary ventricular assist device technology," said Mr. Weiner.

"A previous version of the technology has been installed in over 700 animals and helped to save human lives in emergency-use situations," explained Mr. Weiner. "It is an exciting technology that MYOTECH has substantially improved. While existing VADs usually address only one aspect of heart failure, typically by assisting the emptying of the left ventricle only, the MYO-VAD is designed to provide support for both filling and emptying each of the right and left ventricles. This is a critically important capability since many forms of heart failure affect more than simply emptying the left ventricle. We believe this broad range of capability will extend the potential uses of this device in treating many forms of both acute and chronic heart failure, including congestive heart failure."

Conventional VADs take from 45 minutes to several hours to install at specialized transplant or cardiac care facilities. The MYO-VAD can be installed in approximately three minutes with a small incision. This procedure could potentially be performed in life-saving emergency situations at most hospitals by general surgeons. This provides the potential to extend the VAD market well beyond the small number of transplant and specialized cardiac centers today.

MYOTECH's proprietary technology is protected by a broad intellectual property portfolio. This is consistent with Biophan's intellectual property strategy and business model.

An informational video about MYO-VAD may be viewed online by visiting

"Biophan has had confirmation of interest in this technology from several large biomedical device companies," said Mr. Weiner. Because we are familiar with the MYO-VAD business opportunity through our work with MYOTECH over the last several years, our integration of the two companies is expected to be smooth and effective. Biophan has been managing R&D for MYOTECH on a contract basis, reducing Biophan's ongoing operating cost and gaining familiarity with the MYO-VAD market opportunity."

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