Biophan Announces Congressional Approval of $1 Million Allocation in New Government Grants in Support of MYO-VAD(TM) Cardiac Recovery System.

ROCHESTER, N.Y. -- Biophan Technologies, Inc. (OTCBB: BIPH - News; FWB: BTN), a developer of next-generation medical technology, announced today full congressional approval of an allocation of $1 million in U.S. government funding to help accelerate the commercialization of the MYO-VAD[TM] cardiac recovery system. A previously announced additional allocation of $400,000 is still pending.

The U.S. Congress approved the expenditure on September 26, with the passage of the Department of Defense Appropriations Bill for Fiscal Year 2007. The MYO-VAD cardiac recovery system is being developed to provide short-term support and recovery capability to damaged or diseased hearts.

"This appropriation will help extend the availability of our technology to heart failure patients at locations outside of the very limited number of specialized hospitals, including suburban or rural areas and advanced military units," said Jeffrey L. Helfer, President of Biophan's Cardiovascular Division.

"We are very pleased with this validation of the importance and value of our research and development in the MYO-VAD, which is aimed at one of the largest and fastest-growing medical market segments," said Michael Weiner, Biophan CEO. "The MYO-VAD offers new hope for patients with heart failure, a leading cause of death in the United States."

The MYO-VAD is the first in a family of products based on Direct Mechanical Ventricular Actuation (DMVA) technology. It consists of a flexible polymer cup that fits around the heart, coupled to a drive unit, which pumps the heart to restore blood flow. Due to its simple design, rapid and technically simple installation, and anticipated lower total procedure cost, management expects the MYO-VAD to become a broadly available option for treating many types of heart failure. Because it does not come into direct contact with circulating blood, the MYO-VAD promises to provide substantial advantages over today's cardiac assist devices by eliminating serious and potentially fatal problems, including stroke, bleeding, and infection.

About Biophan Biophan develops and markets cutting-edge technologies for the medical device industry that provide competitive advantages. The Company's founding goal was to make all biomedical devices capable of safely and successfully working with magnetic resonance imaging (MRI). Having solved problems related to MRI safety and image compatibility for patients with implanted medical devices, the Company licenses its technologies to leading device manufacturers. The Company's mission has expanded to provide other technologies which will improve the delivery of healthcare. Biophan's technologies enable medical systems such as pacemakers, interventional surgical devices such as catheters and guidewires, and implants such as stents to be safely and/or effectively imaged under MRI. The Company is helping to commercialize the MYO-VAD(TM), a new, MRI-compatible ventricular assist device which has significant potential to improve the treatment of many forms of acute and chronic heart disease. Other applications in development include drug delivery and power systems which derive energy from body heat. Committed to growth through innovation and developmental leadership, Biophan and its licensors hold 56 issued U.S. patents and over 100 U.S. and international patents pending. The patents cover areas including nanotechnology (nanomagnetic particle coatings), medical device designs, radio frequency filters, polymer composites, thermoelectric materials, and photonics. Biophan has joint development and licensing agreements with Boston Scientific Corporation and NASA's Ames Center for Nanotechnology. Biophan is traded on the OTC market under the symbol BIPH, and is also listed on the Frankfurt Stock Exchange under the symbol BTN. For more information on Biophan please visit our website at 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.