Biophan closes Boston Scientific investment

Aug. 3, 2005 — Biophan Technologies Inc. (OTC.BB: BIPH), a Rochester, N.Y., developer of biomedical technology, confirmed the receipt of $5.75 million in investments and licensing payments from medical device manufacturer Boston Scientific, called for under the companies’ recently announced equity and licensing agreements.

The funds include payments for both licensing and equity investment provisions of the agreements. The terms of the agreements call for Boston Scientific to pay Biophan an upfront license fee of $750,000 for rights to a number of Biophan’s patented technologies to improve medical devices. Boston Scientific also invested $5 million in the company via the purchase of Biophan common stock.

The license agreement grants Boston Scientific licenses covering patents related to Biophan’s MRI safety and image compatibility technologies.

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