Biophan Acquires Worldwide Rights for MRI-Safe Ceramic Motor for Medical Applications.

Business Editors/Health/Medical Writers

BIOWIRE2K

ROCHESTER, N.Y.--(BUSINESS WIRE)--June 4, 2004

Product Addresses Multi-Billion Dollar Drug Delivery Market;

Maintains Company Focus on Technological Acquisitions

Biophan Technologies, Inc. (OTCBB: BIPH), a leading developer of next-generation biomedical technology, announced today that it has signed an exclusive, worldwide distribution agreement with Victor, New York-based New Scale Technologies, Inc. for distribution of New Scale's ceramic "SQUIGGLE(TM) motor" to the multi-billion dollar drug delivery market. A detailed description of the SQUIGGLE(TM) motor is available at http://www.biophan.com/ceramic.php.

Developed to meet the growing demand for high precision, low cost actuation devices, the motor is currently on the market generating revenues and is available for OEM integration today. The motor uses no metal wire windings (one of the primary causes of image interference under MRI), is capable of both linear and rotational movement, and can move forward and backwards several inches at nanometer increments, thereby providing a controllable drug release environment.

As part of the exclusive distribution agreement, Biophan will provide sales and marketing to the medical device industry on behalf of New Scale and will also make a small minority investment in the company.

"This motor offers several advantages for driving drug pumps, as well as for other applications," stated Michael Weiner, CEO of Biophan. "Using only four moving parts (other motors can have as many as 100 moving parts), it provides a unique combination of high reliability, flexibility, and power consumption advantages. And, by using ceramic components and no windings, it is very compatible with MRI imaging.

"This product also fits in with our strategic plan to be a provider of proprietary new technologies to our OEM customers and prospects. While we continue to provide solutions that will one day enable all biomedical devices to be MRI-safe and image compatible, we have expanded our focus to bring additional, proprietary innovations to our customers. We continue to maintain an ongoing and in-depth dialog with both the research and development and business development executives at many of the largest manufacturers of biomedical device companies. This interaction gives us a broad view of the short- and long-term needs of these companies for support of both their current and future product lines."

About New Scale Technologies

New Scale Technologies, Inc. makes miniature motors and precision positioning systems that are cost effective, powerful and efficient for emerging applications in nanotechnology, microelectronics, optics, lasers, biotechnology, medical devices, aerospace and defense, fluid control and office/consumer products. The company is privately held, located in Victor, NY and was founded in 2002 by David Henderson. This team has been together for only ten months and has already developed, announced, sold, manufactured, and shipped SQUIGGLE systems to customers in the USA, Europe and Japan. The New Scale team has more than 60 years of combined experience with precision positioning and piezoelectric ceramic motors including their technologies, markets, applications, and customers. For more information, please visit www.newscaletech.com.

About Biophan Technologies

Biophan Technologies develops and markets cutting-edge technologies designed to make biomedical devices--such as cardiac pacemakers, surgical and diagnostic tools--safe and compatible with magnetic resonance imaging (MRI) equipment. The Company develops enabling technologies for implanted medical systems such as pacemakers, and interventional surgical devices such as catheters and guidewires, as well as stents and other implants that can be safely and effectively imaged under MRI. The technology is also being used to create enhanced MRI contrast agents. Committed to growth through innovation and developmental leadership, Biophan and its licensors have nine issued U.S. patents and over fifty patents pending, in areas including nanotechnology (nanomagnetic particle coatings), radio frequency filters, polymer composites, photonics, and a long-life power source for use in implanted medical devices.

Biophan's technology will help realize its goal of one day making all biomedical devices capable of safely and successfully working with MRI. For more information, please visit www.biophan.com.

Cautionary Statement Regarding Forward-Looking Statements

Certain statements included in this press release may constitute forward-looking statements. Actual results could differ materially from such statements expressed or implied herein as a result of a variety of factors including, but not limited to: the development of Biophan's MRI technologies; the approval of Biophan's patent applications; the successful implementation of Biophan's research and development programs; the acceptance by the market of Biophan's products; competition and the timing of projects and trends in future operating performance, as well as other factors expressed from time to time in Biophan's periodic filings with the Securities and Exchange Commission (the "SEC"). As a result, this press release should be read in conjunction with Biophan's periodic filings with the SEC. The forward-looking statements contained herein are made only as of the date of this press release, and Biophan undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.