By Sheri Kasprzak
New York, May 19 - Biophan Technologies, Inc. drew $2 million on its $30 million equity line with SBI Brightline XI, LLC.
SBI Brightline will buy 1 million shares under the draw.
Under the terms of the equity line, SBI may buy up to 9 million additional shares at prices ranging from $2.00 to $4.00 each.
The proceeds from the deal will be used for internal research and development of compatible products and the enhancement of strategic relationships, including a licensing agreement with Boston Scientific.
Based in Rochester, N.Y., Biophan develops biomedical technologies used with magnetic resonance imaging.
| Issuer: | Biophan Technologies, Inc.
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| Issue: | Stock
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| Amount: | $2 million
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| Shares: | 1 million
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| Price: | $2.00
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| Warrants: | No
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| Investor: | SBI Brighline XI, LLC
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| Settlement date: | May 19
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| Stock symbol: | OTCBB: BIPH
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| Stock price: | $1.28 at close May 18
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