Interventional technology firm Medtronic of Minneapolis has signed a deal to pay $11 million for patents owned by Biophan Technologies of Rochester, NY, covering the development of MRI-safe devices.
Under the terms of the agreement, Biophan will transfer to Medtronic its MRI safety patent portfolio, which includes technologies that make medical devices, such as pacemakers, safe for use with MRI.
Biophan said it will continue its efforts to develop technologies to enable visualization of clotting and restenosis in stents under MRI, which is not possible with current stent designs. In addition, it will continue its collaboration with Myotech on the development of the Myotech circulatory support system for the treatment of acute heart failure.
By AuntMinnie.com staff writers
August 9, 2007
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Biophan issued nanomagnetic coating patent, August 31, 2006
Biophan receives R&D money, equipment, June 30, 2006
Biophan restructures board, June 15, 2006
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