Our past NLT picks: Where are they now?

When Biophan first made FSB's Next Little Thing list in 2005, its mission was to develop MRI technology in imaging and safety. It has since changed direction: "Our real focus is the circulatory system now," says interim CEO John Lanzafame.

As part of that new strategy, Biophan obtained a minority equity position in MYOTECH, a company devoted to rejuvenating stopped hearts, in late 2005. Today, Biophan owns 68% of MYOTECH and has made the Myotech Circulation Support System (CSS) the center of its business. The MYO-VAD is a flexible polymer cup that fits around and pumps the heart and can be installed in a patient's chest in three minutes. Since the device doesn't come in contact with circulating blood it reduces the risk of blood clots.

This past summer Biophan sold the patents for its MRI safety technology to Medtronic, a medical technology company. However, it will continue to license MRI imaging technology to Boston Scientific, which will pay a royalty on all products it sells featuring Biophan technology - an agreement Lanzafame estimates has billion dollar potential once Boston Scientific begins shipping products.