MRI-compatible device firm Biophan Technologies said it has exercised a call requiring SBI Brightline XI (SBI) to purchase one million shares of common stock at a price of $2 per share.
Under the financing agreement with SBI, the West Henrietta, NY-based firm has the right to require SBI to purchase up to nine million more shares of common stock at prices ranging from $2 to $4 per share. Biophan said it would use the funding to advance internal research and development for safe and image-compatible products, and to enhance its strategic relationships.
By AuntMinnie.com staff writers
May 19, 2006
Related Reading
Biophan adds to advisory board, May 18, 2006
Biophan inks R&D deal with FDA, May 3, 2006
Biophan makes executive moves, April 12, 2006
Siemens, Biophan start talks on IV-MRI, March 30, 2006
Biophan secures $5 million, January 26, 2006
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