Message #161 From:
Stock News Bot Date: September 24, 2008 07:33:33 AM
BIPH Stock: Biophan Eliminates Dilutive Financing
Frees Company to Partner Technologies, Seek New Acquisitions
ROCHESTER, NY -- (Marketwire) -- 09/24/08 -- Biophan Technologies, Inc. (OTCBB: BIPH stock)
today announced execution of a prepayment agreement with the holders of its
senior debt.
The prepayment agreement eliminates the remaining $2.3 million in senior
debt that would have been paid by issuance of common stock, and cancelled
warrants held by the note holders to purchase another 17 million shares of
commons stock, in exchange for a cash payment of $2.15 million plus
delivery of 18 million shares. The prepayment agreement leaves the Company
with twelve months of cash available.
John Lanzafame, Biophan's CEO, stated, "This settlement is an important
transaction for Biophan. Prepayment of the senior debt eliminates further
dilution to our shareholders that would have resulted from the monthly
common share issuances for payments under the notes and the purchase of the
warrant shares and removes the constraints imposed upon the Company by the
senior debt agreements. This transaction puts the Company in a much
stronger position to move forward on meaningful transactions designed to
bring our technologies to the market and to seek acquisitions of new
technologies to bring additional value to our shareholders."
About Biophan Technologies, Inc.
Biophan is dedicated to providing technologies that offer innovative and
competitive advantages to the medical device industry. The Company is
helping to commercialize the Myotech Circulatory Support System, which has
significant potential to improve the treatment of acute heart failure.
Biophan Technologies, Inc. holds a 70% interest in Myotech with rights to
acquire additional equity, and is leading Myotech's business development
efforts. Biophan is traded on the OTC market under the symbol BIPH, and is
also listed on the Frankfurt Stock Exchange under the symbol BTN. For more
information on Biophan, please visit our website at www.biophan.com.
Certain statements included in this press release may constitute
forward-looking statements within the meaning of applicable securities
laws. These statements reflect what Biophan anticipates, expect, or
believe may happen in the future. Biophan's actual results could differ
materially from the outcome or circumstance expressed or implied by such
forward-looking statements as a result of a variety of factors including,
but not limited to: Biophan's ability to develop its technologies; the
approval of Biophan's patent applications; the successful implementation of
Biophan's research and development programs; the ability of Biophan to
demonstrate the effectiveness of its technology; the acceptance by the
market of Biophan's technology and products incorporating such technology;
the ability of Biophan to effectively negotiate and enter into contracts
with medical device manufacturers for the licensing of Biophan's
technology; competition; the ability of Biophan to raise capital to fund
its operating and research and development activities until it generates
revenues sufficient to do so; 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, which are
incorporated herein by reference. 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.
