Local company sold

Biophan Technologies sold part of its patents on medical safety devices Thursday to the nationally-known Medtronic.

Biophan made the sale for 11-million dollars. Rather than leave the area, Biophan officials tell News 8 the company has no plans to leave its Rochester-base.  In fact, today's sale will help Biophan continue developing other technologies in our area.

Among the devices the company is working on is a casing to help patients having a heart attack. It's being developed in conjunction with Rochester General Hospital and, it would be used at community hospitals around New York.

 “There are several other technologies that Biophan is developing and this sale will bring in 11 million dollars to help us finance the development of some of the other technologies,” says Biophan Tehcnologies COO, John Lanazfame.

Biophan Technologies began in 2000. It recently relocated its offices to Pittsford. It's one of literally hundreds of small bio-tech and medical companies to keep its base in Rochester. Coming up tonight at six, we'll tell you how companies like Biophan may be changing the face of Rochester's business environment.