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
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."