Biophan Technologies, a Pittsford, NY-based imaging company, has agreed to invest $1.2 million in Myotech, a private company developing a circulatory support device designed to restore full cardiac output from an arrested heart.
Upon completion, the deal will increase Biophan’s holdings in the company to 68 percent from 44 percent. And Biophan has agreed to invest an additional $2 million at certain milestones to further increase its ownership of Myotech.
Myotech’s technology, known as the Circulatory Support System (CSS), addresses a significant unmet need — acute circulatory support for patients suffering from sudden cardiac arrest. Today in the U.S., over 260,000 patients suffer in-hospital cardiac arrest every year, and about 80 percent of those patients do not survive.
Biophan’s focus on acute heart failure — and the cash for the additional stake in Myotech — follows the sale of its MRI-safety patents to Medtronic for $11 million, announced in August. In accordance with that deal, Biophan turned over to Medtronic a portfolio of devices — which includes pacemakers, defibrillators and neurostimulators — that, unlike many implantable devices on the market, are compatible with MRI.