Biophan Details Achievements and Business Activities in Annual Report for Year Ended February 28, 2005; Report Covers Status of Licensing Transactions Across Multiple Market Segments.

ROCHESTER, N.Y. -- Biophan Technologies, Inc. (OTCBB: BIPH - News), a developer of next-generation medical technology, today filed its SEC Form 10-KSB annual report for the year ended February 28, 2005. The report details the fiscal year's material business developments and accomplishments as the Company executes its strategy to deliver significant products and technology to a number of critical biomedical markets, and outlines the Company's expectations for partnerships and cash flow.

The annual report describes such achievements as the doubling of the size of Biophan's intellectual property portfolio and collaborative agreements with complementary companies and strategic partners. It also further describes Biophan's strategy to generate significant revenues through licensing of its patents and intellectual property, and describes the details of a joint development agreement with a leading medical device manufacturer. Biophan's SEC Form 10-KSB can be viewed by visiting www.sec.gov.

The Company has provided extensive details in today's 10-KSB filing about the Company's strategy to license technologies, segmenting the market as finely as possible to maximize the achievable royalty revenue.

"Biophan achieved a number of important milestones in its last fiscal year that further strengthened the Company's position as an innovator in a number of important markets," said Michael Weiner, CEO of Biophan. "We have made significant strides in developing proprietary solutions that have the potential to transform a number of multi-billion-dollar markets, including novel drug-delivery, pacemakers that are safe for Magnetic Resonance Imaging (MRI) and MRI visible stents and vena cava filters."

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 127 U.S. patents, licenses, or applications. This total includes 36 issued U.S. patents, 9 recently-allowed applications that will issue as patents in the near future, and 82 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 - News) 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 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.