BIOPHAN EXECUTES LETTER OF INTENT TO ACQUIRE AMRIS

Biophan Technologies, a developer of next-generation biomedical technology, entered into a letter of intent to acquire a leading German-based developer of magnetic resonance imaging (MRI)-safe and image-compatible technology solutions and biomedical devices.

When completed, the acquisition of AMRIS, of Castrop-Rauxel, Germany, will provide Biophan with innovative products, technologies and scientific expertise that extend Biophan's intellectual property portfolio of medical solutions in the fast-growing marketplace of products and procedures that are compatible with MRIs.

Under the arrangement, Biophan will also acquire the exclusive license to 15 issued and pending patents covering imaging of devices, such as stents and other vascular implants, significantly expanding the company's intellectual property portfolio. The parties are expected to execute the definitive agreement and complete due diligence on or before Jan. 31.