Biophan Announces Availability of Non-Exclusive Licensing for Pacemaker and Defibrillator Safety in MRI Environments.

ROCHESTER, N.Y. -- Previously Agreed Upon Term Sheet Provides a Non-Exclusive License for Pacemakers and Defibrillators to One of the World's Largest Medical Device Manufacturers

Biophan Technologies, Inc. (OTCBB:BIPH), a developer of next-generation medical technology, today announced certain details about its licensing program for making pacemakers and defibrillators safe for use with Magnetic Resonance Imaging (MRI) systems. The Company is offering non-exclusive licensing for this market segment, as the result of a previously reached term sheet with one of the largest manufacturers of medical devices, which will preclude an exclusive for pacemaker and defibrillator safety being available to any one manufacturer.

Biophan's announcement coincides with the opening of this year's Heart Rhythm Society annual scientific meeting, which starts today in New Orleans. An array of compelling new research data and public statements by several pacemaker companies, as well as government regulatory agencies, indicate agreement with Biophan's position that pacemakers need to be redesigned to be MRI-safe. Given the technological solutions now available, the Company believes that it should no longer be acceptable that pacemakers be tested to be MRI-safe only under a certain range of narrow and optimal conditions that restrict their use and continue to pose patient risk.

"It is our intention to make our technology available to all pacemaker and defibrillator manufacturers, although having already reached the terms of agreement with one manufacturer on a non-exclusive basis, as previously disclosed, the possibility does exist to offer a co-exclusive arrangement with one additional manufacturer, or a limited group of manufacturers," stated Michael Weiner, Biophan CEO. "The advantage of this approach would be added incentive for our licensees, providing them with an important competitive advantage, and some incentive to Biophan to limit its licensees for the pacemaker/defibrillator segment. We are also discussing the possibility of a "launch exclusive" providing a manufacturer the opportunity to be the first to ship an MRI-safe pacemaker for a specific period of time.

"While we are not at liberty to reveal the specific terms of the term sheet with one of the world's largest device manufacturers, we have indicated that it covers an array of products on a combination of exclusive and non-exclusive basis, and with the renewed interest in pacemaker safety by manufacturers, we feel it appropriate to disclose that this term sheet provides for a non-exclusive for pacemakers and defibrillators with this company. We are finalizing paperwork for an equity investment, and broad license covering multiple products and segments, some on an exclusive basis, and others, such as pacemakers and defibrillators, catheters and guidewires, on a non-exclusive basis. Recent acquisitions by Biophan of additional MRI related technologies required additional work, but both parties are moving forward in good faith toward executing a definitive agreement and closing of the transaction."

Several Biophan officers are scheduled to attend the Heart Rhythm Society meeting May 4-7 in New Orleans, enabling them to meet with representatives of major pacemaker and device manufacturers.

Biophan owns a significant patent portfolio protecting various technologies for making pacemakers safe for MRI environments. Its patents are owned directly or through licenses from third parties, such as Johns Hopkins, as well as several other scientists and companies holding patents for solutions enabling MRI safety. Biophan has over 114 issued and pending U.S. patent applications, plus many international patents, covering its technology solutions.

About Biophan Technologies

Biophan develops and markets cutting-edge technologies designed to make biomedical devices safe and compatible with the magnetic resonance imaging (MRI) environment. The Company develops enabling technologies for implanted medical systems such as pacemakers and interventional surgical devices such as catheters, guidewires, stents, and other implants to allow them to be safely and effectively imaged under MRI. The technology is also being used to create MRI contrast agents, and has expanded to include other applications, such as drug delivery and power systems derived from body heat. Four Biophan technologies include advances in nanotechnology and thin film coatings. Committed to growth through innovation and developmental leadership, Biophan and its licensors now hold a total of 114 U.S. patents, licenses, or applications. This total includes 36 issued U.S. patents, 6 recently-allowed applications that will issue as patents in the near future, and 72 pending applications at various stages of examination at the U.S. Patent and Trademark Office, plus international applications. The patents cover areas including nanotechnology (nanomagnetic particle coatings), radio frequency filters, polymer composites, thermoelectric materials for batteries generating power from body heat, and photonics. Biophan has joint development arrangements with Boston Scientific (NYSE:BSX - News) and NASA's Ames Center for Nanotechnology. Biophan's goal is to make all biomedical devices capable of safely and successfully working with MRI, and delivering other technologies which will improve quality of life. 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 within the meaning of applicable securities laws. These statements reflect what Biophan anticipates, expects, or believes may happen in the future. Biophan's actual results could differ materially from the outcome or circumstance expressed or implied by such forward-looking statements as a result of a variety of factors including, but not limited to: Biophan's ability to develop its technologies; the approval of Biophan's patent applications; the successful implementation of Biophan's research and development programs; the ability of Biophan to demonstrate the effectiveness of its technology; the acceptance by the market of Biophan's technology and products incorporating such technology, the ability of Biophan to effectively negotiate and enter into contracts with medical device manufacturers for the licensing of Biophan's technology; competition; the ability of Biophan to raise capital to fund its operating and research and development activities until it generates revenues sufficient to do so; 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 which are incorporated herein by reference. 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.