PITTSFORD, NY--(Marketwire - July 22, 2009) - Biophan Technologies, Inc. (PINKSHEETS: BIPH), a Nevada corporation, announced today that it has filed a Form 15
with the U.S. Securities and Exchange Commission, voluntarily terminating
the registration of its securities and its obligation to continue filing
reports under the Securities Exchange Act of 1934.
"Biophan will focus its efforts on transactions that enable its remaining
technologies to reach the market," said John Lanzafame, chief executive
officer. "One example of this is the recently announced transaction with
MyoCardioCare, Inc."
The company sold the technology associated with its innovative circulatory
support system, the Myotech CSS, to MyoCardioCare. As a condition of the
sale, Biophan received a 20 percent interest in MyoCardioCare in addition
to a cash purchase price of $250,000, and is allowing Lanzafame to manage
the technology's transition to the new company as its interim president.
"Biophan remains committed to its mission of monetizing its
patent-protected technologies," Lanzafame said. "We will aggressively
pursue opportunities that result in optimal outcomes for our technologies
and our shareholders."
Following the Form 15 filing, the company will no longer file an annual
report on Form 10-K, quarterly reports on Form 10-Q or current reports on
Form 8-K, or continue to make any further Section 16 filings. The Biophan
board of directors unanimously resolved to take this action to conserve its
cash resources. Other actions taken by the board in this regard include
management and staff reductions.
"The board's decision best positions the company to weather current
economic difficulties as we continue to push our technologies to market,
whether directly by us, or through strategic partnerships," Lanzafame said.
The Company retains a number of novel technologies, including the
biothermal power supply, pulsewidth modulation technology to improve the
performance and life of pacemakers and neurostimulators, and portfolios of
both photonics and nanomaterials patents.
Biophan will endeavor to keep its shareholders informed about its efforts
and progress regarding the commercialization of its remaining technologies
through postings on the company's Web site.
About Biophan Technologies, Inc.
Biophan is dedicated to providing technologies that offer innovative and
competitive advantages to the medical device industry. The company is
seeking partners to monetize its patented technologies, including its
biothermal power supply, pulsewidth modulation technology to improve the
performance of pacemakers and neurostimulators, and photonics and
nanomaterials patents. For more information on Biophan, please visit our
website at www.biophan.com.
Cautionary Statement Regarding Forward-Looking Statements
Certain statements included in this news release may constitute
forward-looking statements within the meaning of applicable securities
laws. These statements reflect what Biophan anticipates, expects, or
believes may happen in the future. Biophan's actual results could differ
materially from the outcome or circumstance expressed or implied by such
forward-looking statements as a result of a variety of factors including,
but not limited to: Biophan's ability to develop its technologies; the
approval of Biophan's patent applications; the successful implementation of
Biophan's research and development programs; the ability of Biophan to
demonstrate the effectiveness of its technology; the acceptance by the
market of Biophan's technology and products incorporating such technology;
the ability of Biophan to effectively negotiate and enter into contracts
with medical device manufacturers for the licensing of Biophan's
technology; competition; the ability of Biophan to raise capital to fund
its operating and research and development activities until it generates
revenues sufficient to do so; and the timing of projects and trends in
future operating performance. The forward-looking statements contained
herein are made only as of the date of this news release, and Biophan
undertakes no obligation to publicly update such forward-looking statements
to reflect subsequent events or circumstances.
