ROCHESTER, N.Y.--(BUSINESS WIRE)--Biophan Technologies, Inc. (OTCBB: BIPH; FWB: BTN), a developer of next-generation biomedical technology, announced today that it will be consolidating MYOTECH, LLC, the company developing the MYO-VAD Cardiac Support System, on its books in order to comply with FASB FIN 46(R). Biophan currently holds a 41% interest in the venture, with contractual rights to acquire a majority interest. Biophan acquired a 35% interest in MYOTECH in November 2005 in exchange for Biophan stock, and has acquired the additional interest since that time based on ongoing cash investments.
