Jan. 12, 2005 — Biophan Technologies Inc., a Rochester, N.Y., developer of biomedical technologies including nanomagnetic particle coatings, announced it has entered into a letter of intent to acquire AMRIS GmbH of Castrop-Rauxel, Germany, a developer of MRI-safe and image-compatible technology solutions and biomedical devices.

Under the arrangement, Biophan will also acquire the exclusive license to fifteen issued and pending patents covering imaging of devices such as stents and other vascular implants. The parties are expected to execute the definitive agreement and complete due diligence on or before Jan. 31.

“The AMRIS technology complements Biophan’s very effectively and expands our scientific capabilities significantly,” said Biophan’s CEO, Michael Weiner, in a prepared statement. “Equally important, the acquisition will provide an important boost to our marketing capabilities, particularly in Europe, where major manufacturers of MRI machines and biomedical devices are based and where much of the leading research in MRI-guided interventional medicine is currently being conducted.” Following the acquisition, AMRIS will be renamed Biophan Europe.