Biomedical technology developer Biophan Technologies of Pittsford, N.Y., reported that it has entered into a definitive agreement with medical device manufacturer Medtronic of Minneapolis to sell its MRI safety patents in a transaction worth $11 million in cash. The transaction is anticipated to close within 60 days.

Under the terms of the agreement, Biophan will transfer to Medtronic its MRI safety patent portfolio, which includes technologies that make medical devices, such as pacemakers, safe for use with MRI.

Biophan said it will continue its efforts to develop technologies to enable visualization of clotting and restenosis in stents under MRI. In addition, it will continue its collaboration with Myotech on the development of the Myotech Circulatory Support System, a device for the treatment of acute heart failure.