Biophan reports filing Form 10-Q

Biophan Technologies (Rochester, New York) filed Form 10-Q for the period ending Nov. 30, 2006.

The company said it recently re-evaluated the accounting treatment of its investment in Myotech. In order to comply with FASB FIN 46(R), the company has consolidated Myotech from the date of acquisition, Nov. 30, 2005. In order to accomplish this consolidation, the company had the patents held by Myotech appraised by a nationally-recognized, independent, outside valuation firm, Biophan said.

Biophan licenses its technologies, designed to improve the MRI safety and image compatibility of medical devices, to device manufacturers.