Medtronic buys MRI-safe technology for implanted devices from Biophan
9 October 2007 Medtronic, Inc., (NYSE: MDT) is to buy MRI safety
patents from Biophan Technologies, Inc. (OTCBB: BIPH) for $11 million in
cash.
Biophan will transfer to Medtronic its MRI-safety patents, which include
technologies that make medical devices, such as pacemakers, safe for use
with MRI.
Biophan's technologies reduce the normally dangerous heating and induced
voltages in wires to safe levels during MRI scans. It has developed a range
of solutions that can be adapted to implants that otherwise could not be
used with MRI. These include four key technologies: discrete resonant
circuits, lead wire winding, low pass filters, and wire looping. Biophan
estimates about 300,000 people a year cannot have MRI scans because of the
incompatibility of implanted devices. “Our technology has the potential to
solve the problems that have prevented many people with pacemakers from
having an MRI. We believe Medtronic has the experience and resources to
bring our technology to market,” stated Michael Weiner, President of
Biophan.
“Since our founding in 2000, our goal has been to develop and commercialize
innovative technologies related to medical imaging safety, with a focus on
the development of solutions for the contraindication between pacemakers and
MRI machines,” stated Mr. Guenter Jaensch, Chairman of Biophan’s Board of
Directors.
Biophan says it will continue to develop technologies to enable
visualization of clotting and restenosis in stents under MRI, which is not
possible with today’s stents. In addition, it will continue its
collaboration with Myotech on the development of the Myotech Circulatory
Support System, a novel device for the treatment of acute heart failure.
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