Biophan CEO Highlights Breakthrough Attributes of New Biothermal Battery; Conference Call Provides Insight on Company's New Technologies and Investments.

Business Editors/Health/Medical Writers

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ROCHESTER, N.Y.--(BUSINESS WIRE)--May 20, 2004

Biophan Technologies, Inc. (OTCBB: BIPH), a leading developer of next-generation biomedical technology, highlighted today excerpts from the Company's investor conference call on Tuesday, May 18, during which Biophan CEO, Michael Weiner, detailed to investors and other interested parties the impact that Biophan's latest technological acquisition, TE-Bio-developer of a cutting-edge, implantable biothermal battery-can have on driving opportunities for the Company. In addition, Mr. Weiner spent a significant amount of time detailing the ongoing successful implementation of the Company's strategic plan.

The Biothermal battery technology is based on a patented innovation in the utilization of thermoelectric materials, using nanoscale-based, thin-film materials to convert thermal energy produced naturally by the human body into electrical energy. The resulting power can be used to "trickle charge" batteries for medium-power devices such as defibrillators, or directly power low-energy devices like pacemakers.

"We pay a lot of attention to the medical device industry's unsolved problems and develop or acquire proprietary technology solutions. In the case of the biothermal battery, we did about six months of market intelligence and learned that advances in thermoelectric materials would allow this device to be developed for the market," stated Mr. Weiner in the call.

"Realizing the fact that a biothermal battery was now within striking distance because of major advances in thermoelectric materials, we worked with our board members on this acquisition. With the nanotechnology revolution under way, the ability to now put thousands and thousands of these small semi-conductor nodes that convert heat to electricity in the small space, perhaps the size of one or two postage stamps, has become feasible."

Interested parties are encouraged to read a transcript of the conference call, available at http://www.biophan.com/051804_Transcript.php. In addition, on May 18, 2004 the Company filed a Form 8-K announcing the acquisition http://www.sec.gov/Archives/edgar/data/1084000/000114420404007184/0001 144204-04-007184.txt. (Due to the length of this URL, it may be necessary to copy and paste this hyperlink into your Internet browser's URL address field. You may also need to remove an extra space in the URL if one exists.)

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, and photonics. 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.