Boston Scientific Invests in Biophan

ROCHESTER, N.Y., July 7 -- Medical device maker Boston Scientific Corp. announced last week it will buy a stake in Henrietta-based Biophan Technologies Inc., purchasing $5 million worth of the company's common stock and a technology license for $750,000 and annual maintenance fees, in addition to royalties and milestone payments. Other financial details were not disclosed.

The license agreement covers multiple patents related to magnetic resonance imaging (MRI) safety and image compatibility, and includes both exclusive and nonexclusive product categories. Biophan develops technology that makes surgical tools and implantable medical devices safe and compatible with MRI systems.

"We are very pleased to be providing Boston Scientific with access to our technology solutions," said Michael Weiner, CEO of Biophan. "They are a bold innovator in the medical device sector and were the first major device company to take a serious interest in our technology solutions. Biophan's proprietary technology solutions may have applications across several Boston Scientific product lines."

Biophan had signed a multiphase term sheet for a joint development agreement with Boston Scientific in November of 2003, covering Biophan's MRI-safe and MRI-image compatible technology.

For more information, visit: www.biophan.com