Medtronic Pays $11 Million for Biophan Patents

In an $11 million deal Thursday, Medtronic Inc. purchased MRI safety patents from biomedical company Biophan Technologies Inc. Biophan’s (OTC: BIPH) patent portfolio includes technologies to make medical devices, like pacemakers, safe for use with an MRI. The transaction is anticipated to close within 60 days. “Our technology has the potential to solve the problems that have prevented many people with pacemakers from having an MRI,” said Biophan president Michael Weiner in a statement. “We believe Medtronic has the experience and resources to bring our technology to market.” Biophan is based in Pittsford, N.Y., and provides technological advancements to the medical device industry. In July, Medtronic (NYSE: MDT) acquired Sunnyvale, Calif.-based Kyphon Inc. for $3.9 billion. Kyphon (NASDAQ: KYPH) develops, manufactures and sells minimally invasive spinal solutions. Medtronic Spinal & Biologics is based in Memphis. It’s a business unit of Medtronic, which is based in a Minnesota suburb. SOURCE: Memphis Business Journal