BIPH ... Designates $2 Million to Implement Strategy for Accelerated Commercialization
PITTSFORD, NY--(MARKET WIRE)--Apr 23, 2008 -- Biophan Technologies, Inc. (OTC BB:BIPH.OB - News), a developer of next-generation biomedical technology, today announced that its board of directors approved the next phase of Myotech's engineering and regulatory development program for the Myotech CSS. The Biophan board met following a Myotech board of directors' vote, agreed on implementing this strategic initiative, and released $2 million for the next phase of engineering and regulatory work towards commercialization. Myotech is a majority owned subsidiary of Biophan.
John Lanzafame, Biophan's CEO, said, "Working closely with our regulatory and engineering team, we have developed plans that will bring us forward to commercialization. The approach will reduce the time and cost to market, and position us to address patients in need of circulatory support as well as the large and underserved market for acute resuscitation. Existing circulatory support technologies are not designed to effectively address this acute resuscitation patient population.
"The board of directors of Biophan released $2 million in funds for the next phase of development, and the company will look to raise additional capital through distribution partnerships. With our current strategy, the Myotech CSS could be on the market in the US in as little as 24 to 30 months. In addition, we are pursuing opportunities outside of the US, where we plan to collaborate with partners for distribution in key overseas markets."
The Myotech Circulatory Support System (CSS) consists of an external console and flexible polymer cup that slips over the heart and is designed to restore normal blood flow. It is designed to be deployed quickly for use in acute resuscitation and low cardiac output patient conditions. Unlike other circulatory support technologies, since the Myotech CSS has no contact with circulating blood, it is expected to significantly reduce the risk of patient complications, such as clotting and stroke, bleeding, and infection.
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