PITTSFORD, NY--(MARKET WIRE)--Aug 9, 2007 -- Biophan Technologies, Inc. (OTC BB:BIPH.OB - News), a developer of next-generation biomedical technology, today announced that the Company has entered into a definitive agreement with Medtronic, Inc. (NYSE:MDT - News) to acquire Biophan’s MRI safety patents in a transaction worth $11 million in cash. The transaction is anticipated to close within 60 days.
