Biophan CEO Reaffirms Commitment to Strategic Vision and FY 2005 Growth; Company Addresses Stockholders in Annual Letter Outlining Latest Surge in Corporate Activity.

Business Editors/Health/Medical Writers

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ROCHESTER, N.Y--(BUSINESS WIRE)--May 13, 2004

Biophan Technologies, Inc. (OTCBB: BIPH), a leading developer of next generation biomedical technology, reaffirmed today its unequivocal commitment to its strategic initiatives and outlined its plans for the Company's 2005 fiscal year. Stockholders and other interested parties are invited to view the full text of Biophan's stockholder letter at www.biophan.com/sl.html.

"This past year was a significant one for Biophan on several fronts, and we are very excited about the business opportunities that lie ahead," stated Biophan's CEO, Michael Weiner, in his stockholder letter. "We have formed several key strategic relationships this past year, including with Boston Scientific, that we feel confident will accelerate our growth. In addition, we have solidified existing technology, and developed and/or acquired new technologies that we expect to begin generating revenue in the coming year."

"Our current operations obviously mirror those of any burgeoning, biomedical technology company, but we truly believe that our time horizon for success is rapidly approaching. Our market is growing virtually on a daily basis, we are getting noticed by key industry players, and we will be announcing what we feel are breakthrough technologies in the coming weeks. All these things are paramount to our success as we move forward."

In conjunction with Mr. Weiner's address to Biophan's stockholders, the Company also filed today its year-end results for the year ended February 29, 2004, which are available at www.sec.gov.

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.