MRI device developer Biophan Technologies of Rochester, NY, has secured a commitment for $25 million in funding from investment firm SBI-Brightline.
Biophan can issue shares to SBI-Brightline at its own discretion, at a set price of $1.41 per share. The company said the arrangement enables it to drawn down the capital it needs without the uncertainties of an equity credit line.
Any additional Biophan shares issues to SBI must be registered with the Securities and Exchange Commission, and Biophan’s board must approve any increase of more than $3.9 million in the company’s shares outstanding under the SBI deal.
Biophan has developed a coating technology that the company believes can reduce artifacts caused by metallic objects. The technology could be useful for developing devices compatible with MRI scanners, such as cardiac pacemakers and surgical and diagnostic tools.
By AuntMinnie.com staff writersFebruary 9, 2004
Related Reading
Biophan joins forces with Boston Scientific, November 5, 2003
Biophan coating reduces MRI artifacts, July 16, 2003
Biophan taps investment bankers, September 10, 2002
Biophan to debut MRI-safe defibrillator lead, May 9, 2002
Boston Scientific adds to Rubicon investment, October 30, 2003
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