BSNS WIRE) Biophan Technologies Secures Commitment for Additional Funding; F
nancing Will Support Implementation of Company´s Stra
Biophan Technologies Secures Commitment for Additional Funding; Financing Will S
pport Implementation of Company´s Strategic Initiatives
Health/Medical Writers / Business Editors
ROCHESTER, N.Y.--(BUSINESS WIRE)--BIOWIRE2K--
Biophan Technologies, Inc. (OTC BB: BIPH), an innovator,
developer and marketer of MRI-related and other advanced biomedical
technology, announced today that it has executed a new agreement with
SBI-Brightline that provides, at the Company´s election, up to $25
million in additional capital at an average price of approximately
$1.41 per share. This round of financing will further enable the
Company to pursue its previously announced strategic initiatives which
include expansion of its patent portfolio, acceleration of marketing
programs, and potential strategic acquisitions. The capital provided
by this financing will also help the Company move toward satisfying
the capital requirements for listing on a national securities
exchange.
The SBI agreement provides financing at the Company´s election,
without resets or pricing adjustments. By having a fixed price
financing, the Company can elect to draw down the capital needed
without the risks and uncertainties inherent in an equity credit line.
SBI´s obligation to purchase shares under the SBI agreement is
contingent on the shares being registered with the SEC for resale by
SBI. Also, shareholder approval of an increase in the Company´s
authorized shares is required for the Company to raise more than $3.9
million of capital under the SBI agreement.
About Biophan Technologies, Inc.
Biophan Technologies develops and markets cutting-edge
technologies used to make biomedical devices--such as cardiac
pacemakers, surgical and diagnostic tools--safe and compatible with
magnetic resonance imaging (MRI) equipment. Committed to growth
through innovation and developmental leadership, Biophan and its
licensors have four issued U.S. patents and over fifty patents
pending, in areas including nanomagnetic particle coatings, radio
frequency filters, polymer composites, and photonics. Biophan´s
technology will help realize its goal of one day making all biomedical
devices capable of safely and successfully working with MRI.
Cautionary Statement Regarding Forward-Looking Statements
Certain statements included in this press release may constitute
forward-looking statements. Actual results could differ materially
from such statements expressed or implied herein as a result of a
variety of factors including, but not limited to: the development of
Biophan´s MRI technologies; the approval of Biophan´s patent
applications; the successful implementation of Biophan´s research and
development programs; the acceptance by the market of Biophan´s
products; competition and the timing of projects and trends in future
operating performance, as well as other factors expressed from time to
time in Biophan´s periodic filings with the Securities and Exchange
Commission (the " SEC" ). As a result, this press release should be read
in conjunction with Biophan´s periodic filings with the SEC. The
forward-looking statements contained herein are made only as of the
date of this press release, and Biophan undertakes no obligation to
publicly update such forward-looking statements to reflect subsequent
events or circumstances.
KEYWORD: NEW YORK
INDUSTRY KEYWORD: PHARMACEUTICAL BIOTECHNOLOGY
SOURCE: Biophan Technologies, Inc.
CONTACT INFORMATION:
Contact:
Trilogy Capital Partners, Inc.
Racquel Rivera, Vice President, 800-330-6540
racquel@trilogy-capital.com
or
Press Interviews:
Michael Weiner, 585-214-2441
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