Biophan Announces Progress Report on Strategic Initiatives and Recap of Recent Achievements; Company Outlines Acquisitions and Technology Expansion.

ROCHESTER, N.Y. -- Biophan Technologies, Inc. (OTCBB:BIPH), a developer of next-generation biomedical technology, has released a review of milestones achieved in recent months, demonstrating continued progress on strategic initiatives commenced in the latter portion of 2004 and earlier this year.

"The positive progress and momentum Biophan achieved in 2004 has continued through the start of 2005, enabling us to execute several important strategic initiatives," said Michael Weiner, CEO of Biophan. "We've completed an important acquisition that provided new technologies, experienced high-level staff personnel, and a European presence. Our intellectual property portfolio has continued to grow as we've added key patents. We have also executed a term sheet with a major manufacturer of medical devices, and are currently working on closing documents in that transaction."

Biophan is developing a range of biomedical technologies, including solutions to improve the safety, effectiveness, and image compatibility of medical devices used within Magnetic Resonance Imaging (MRI) environments. The Company uses a variety of solutions, such as nanotechnology, to create competitively advantageous product enhancements in several markets, including drug-elution technologies and implantable power systems powered by body heat.

Biophan's key milestones and achievements for early 2005 include the following strategic business initiatives:

--Completion of a term sheet with a major biomedical device company that is expected to provide an equity investment, licensing fees, milestone payments, and royalties for a variety of exclusive and non-exclusive market segments. Due to confidentiality agreements governing the transaction, specific details cannot be released until the transaction closes and the partner approves a press release. The transaction is expected to provide Biophan with more than the capital requirements needed to list on a major stock exchange.

--Continued progress in the Company's strategic goal to become listed on a major stock exchange.

--Completed acquisition of a majority interest in AMRIS GmbH, a German company recognized as a leading innovator in MRI-safe and image-compatible medical devices and technology solutions. The AMRIS acquisition involved exclusive license of 15 issued and pending U.S. and International patents covering MRI imaging medical devices, including stents and other implants. http://www.biophan.com/pr/022505AmrisAcquisition.html

--Successful integration of AMRIS into Biophan's operations. AMRIS has been renamed Biophan-Europe, and will serve as Biophan's primary European marketing and research presence.

--Continued growth and strengthening of the Company's intellectual property portfolio, and crossing of the hundred-patent threshold. Through a combination of acquisitions, licenses, and its own research and development, Biophan has expanded its intellectual portfolio to include 108 U.S. patents, either pending or issued, or owned or licensed exclusively for the medical market, plus additional international coverage. The patents leverage the Company's innovations in nanotechnology, fiber-optics, anti-antenna designs, MRI contrast agents, power systems, and other areas. The new patents add important capability to Biophan's overall offerings of proprietary solutions that make medical devices safe and imageable within the MRI environment. They further substantiate Biophan's competitive edge and leadership position within the marketplace for improving more than $12 billion of medical devices that do not have MRI safety and image compatibility.

--Acquired the exclusive distribution rights to a miniature, non-magnetic motor that is MRI safe and useful for drug delivery, cryogenic applications, and powering drug pumps. http://www.biophan.com/ceramic.php

--Expansion of a joint development agreement with Boston Scientific. http://www.biophan.com/pr/release_052804.html

--Announced acquisition of a 51% interest in TE-BIO, a company working on a biothermal battery, operating on body heat, for powering implant able devise. http://www.biophan.com/biothermal.php

--Entered into a joint development agreement with NASA for developing the biothermal battery.

Awards and Recognitions

--Biophan received the ICS-Nano Science and Technology Institute's (NSTI) Early Stage Company Award, given in recognition of superior innovation and achievement in nanotechnology. The award was presented at the ICS-Nanotech 2005 Conference, February 23-25, in Tokyo, Japan. http://www.biophan.com/pr/021705EarlyStage.html

--Honored by Frost & Sullivan, a global leader in growth consulting, with the 2004 Excellence in Medical Imaging Technology of the Year Award. Frost & Sullivan presents the award to companies that have pioneered development and introduction of innovative products that enable a significant shift in market adoption, initiation of a new trend, and a change in the competitive landscape. http://www.biophan.com/release_032504.php

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 108 U.S. patents, licenses, or applications. This total includes 32 issued U.S. patents, 8 recently-allowed applications that will issue as patents in the near future, and 68 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) 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. 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.