Biophan Expands Rights with Nanotechnology Partner, Nanoset - News Item

Biophan Technologies, Inc., an innovator, developer and marketer of advanced biomedical technology, today announced it has secured additional technology rights expanding its exclusive license for use of nanomagnetic particle and other technology. Michael Weiner, chief executive officer of Biophan, made the announcement.

The technology rights are granted under an expanded license agreement with Nanoset, LLC that increases Biophan's rights to technology that may be applied to medical devices and other uses. The expanded rights include the exclusive right to any technology that affects magnetic resonance imaging (MRI) safety or image compatibility or involves an implantable power system.

Under the license agreement, Biophan currently has rights to two United States patents and twelve pending United States patent applications. In addition Nanoset has received an indication from the United States Patent Office of allowablity for many of the claims of a patent application that relates to the Nanoview technology previously announced.

"It should be clear that Biophan is continuing to successfully implement its strategic plan of creating a very substantial and diversified biomedical portfolio," stated Mr. Weiner. "With these additional rights, we believe management and the board of directors have demonstrated our commitment to capitalize on these exciting nanotechnology and other technology markets."

Mr. Weiner concluded by noting, "With the proceeds from our recent financing, Biophan is well fortified to compete in these fast moving markets. We are well positioned to exploit our current technology and acquire complementary technology."

Posted 16th January 2004

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