MRI device developer Biophan Technologies said that it has received a $5 million credit line from Biomed Solutions, a company headed by its CEO, Michael Weiner.
The Biomed line will give Biophan access to up to $1.5 million per month on an as-needed basis, according to the West Henrietta, NY-based firm. Biophan said it has not yet been able to utilize a $30 million fixed price financing committed to it by venture capital firm SBI Brightline XI, because those funds cannot be drawn down until its registration statement (currently on file with the U.S. Securities and Exchange Commission) is declared effective.
By AuntMinnie.com staff writers
January 26, 2006
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