Biophan Announces Institutional Investment; and Change in Board of Directors.

Health/Medical Writers

ROCHESTER, N.Y.--(BW HealthWire)--June 6, 2002

Biophan Technologies, Inc. (OTCBB:BIPH) announced today its first institutional investment of $2.5 million in common stock.

The equity investment will provide the capital needed to take the Company to the next stage of development of its MRI-safe pacemaker technology, which uses fiber-optics to replace the metal wire pacing lead, resolving the problems which curtail the use of MRI for pacemaker, defibrillator, and other implantable device recipients.

The Company also announced that Wilson Greatbatch has stepped down from the board of directors quoting health considerations. As Mr. Greatbatch stays fully committed to the company, he plans to continue to devote his full efforts to the company's engineering, prototyping, and patent filings through Greatbatch Enterprises, his privately-held engineering company, while at the same time reducing his workload.

Mr. Greatbatch built the company's working prototypes of its MRI-safe and MRI-compatible pacemaker and has developed the company's temporary MRI-compatible pacemaker which will start animal trials within the next few months. Greatbatch Enterprises employs a team of engineers and subcontractors who support Biophan's engineers and product development. Mr. Greatbatch's latest breakthrough contribution to the Biophan technology suite is a prototype of an MRI-safe cardio-defibrillator which was shown at the NASPE Conference in San Diego last month.

"Wilson's role in the creation of Biophan and its technology and patent portfolio is invaluable," said Guenter H. Jaensch, Chairman of the Board of Biophan. "As much as we regret losing him as a board member, we are extremely pleased that he will continue to support and guide the company's product development as we are preparing for animal and clinical trials. Wilson will also continue to chair the company's Scientific Advisory Board."

Wilson Greatbatch invented the world's first successful implantable cardiac pacemaker. He then introduced to clinical practice the hermetically sealed lithium iodine battery used in over 90% of the world's pacemakers, and founded Wilson Greatbatch Ltd. Mr. Greatbatch determined there was a critical need to make pacemakers safe and compatible with MRI diagnostic imaging. Working with Biophan's engineers and his engineers at Greatbatch Enterprises, the technologies supporting MRI safety and compatibility were designed and 38 patents have been filed.

Mr. Greatbatch has received many awards for his biomedical engineering achievements, including the Russ Laureate Award from the National Academy of Engineering, an award shared with Earl Bakken, the founder of Medtronic, the Lemelson-MIT Lifetime Achievement Award, the National Medal of Technology, awarded by President Bush, and many other honors. Mr. Greatbatch is a member of nine professional societies, including the National Academy of Engineering and he is a fellow in the American College of Cardiologists.

About Biophan Technologies

Biophan, based in Rochester and Clarence, New York, is engaged in designing, developing, and marketing new technology and related products to enable cardiac pacemakers and the other life sustaining medical devices to be safe and compatible with magnetic resonance imaging (MRI) and other equipment using magnetic fields and radio waves. This MRI-compatible technology will be utilized in implantable pacemakers, implantable cardioverter defibrillators, left ventricular assist devices, insulin pumps, drug pumps, pain reduction devices, and other medical equipment. The underlying technology is based upon pending patents and proprietary knowledge developed by Wilson Greatbatch (inventor of the first successful implantable cardiac pacemaker) and others. For more information, please visit www.biophan.com.

Safe Harbor Statement:

Certain statements included in this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. 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 the Company's MRI and gene therapy technologies; the approval of the Company's patent applications; the successful implementation of the Company's research and development programs; the acceptance by the market of the Company'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 the Company's periodic filings with the Securities and Exchange Commission (the "SEC"). As a result, this press release should be read in conjunction with the Company's periodic filings with the SEC. The forward-looking statements contained herein are made only as of the date of this press release, and the Company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.