MRI device developer Biophan Technologies of Rochester, NY, has signed a deal to license its technology to interventional device firm Boston Scientific of Natick, MA.
Biophan will license to Boston Scientific patents relating to MRI safety and image compatibility, according to the company, which specializes in developing technology that makes surgical tools and medical devices compatible for use in MRI scanners.
Boston Scientific agreed to pay $5 million for an equity stake in Biophan, and to make an upfront payment of $750,000 as well as annual maintenance fees. The company will also make royalty and milestone payments to Biophan.
By AuntMinnie.com staff writers
July 1, 2005
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