Medtronic to Acquire Biophan MRI Safety Technology for $11 Million

Biophan Technologies announced that the company has entered into a definitive agreement with Medtronic to acquire Biophan’s magnetic resonance imaging (MRI) safety patents in a transaction worth $11 million in cash. The transaction is expected to close within 60 days, Biophan said.

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 will continue its efforts to develop technologies to enable visualization of clotting and restenosis in stents under MRI, which is not possible with today’s stents, it said. In addition, it will continue its collaboration with Myotech on the development of the Myotech Circulatory Support System, a novel device for the treatment of acute heart failure.