ROCHESTER, NY--(MARKET WIRE)--May 8, 2007 -- Biophan Technologies, Inc. (OTC BB:BIPH.OB - News) (Frankfurt:BTN.F - News), a developer of next-generation biomedical technology, today announced that the Company has accepted the resignation of Mr. Michael L. Weiner in his role as Chief Executive Officer, and that the Board of Directors has formed an Executive Committee to oversee the operations of the organization. Mr. Weiner will remain with the Company in his capacity as President of the Company and member of the Board of Directors. Mr. Weiner will also serve on the Executive Committee whose members will also include Mr. Guenter H. Jaensch and Mr. Stanley Yakatan.
Commenting on the changes, Mr. Guenter H. Jaensch, Director and Chairman of the Board of Directors of Biophan Technologies, Inc., stated, “Today’s announcement represents the beginning of a series of alterations to the Biophan business designed to bring about positive change. The role of the Executive Committee will be to transform the Company’s short-term and long-term goals into management objectives for the staff, and where necessary, implement tactics.
“The Committee will also formulate the Company’s strategies for commercial success in the highest potential underserved markets. These include the Myotech Circulatory Support System (CSS), the visible stent project, the projects of Biophan Europe, and the Company’s other technologies and products in development. The Executive Committee will also be tasked with formulating strategies for funding these initiatives through strategic partnerships, licenses, and institutional investors. The Company’s sales, sales strategies, and financing for both its licensing and its product development efforts are included in the scope of the Executive Committee. We look forward to reporting our progress on these and other areas in the future,” Jaensch concluded.
About Biophan Technologies, Inc.:
Biophan is dedicated to providing technologies that offer innovative and competitive advantages to the medical device industry. The Company’s technologies that improve the MRI safety and image compatibility of medical devices are licensed to leading device manufacturers. In addition, the Company is helping to commercialize the MYOTECH Circulatory Support System which has significant potential to improve the treatment of many forms of heart disease. Biophan Technologies, Inc. holds a 44% interest in MYOTECH with rights to acquire a majority position, 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.
Cautionary Statement Regarding Forward-Looking Statements
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, expects, or believes 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.
Contact: Contact: Al Palombo Cameron Associates Investor Relations (212) 245-8800 Ext. 209 Email Contact
Source: Biophan Technologies, Inc.
