Biophan Expands Rights with Nanotechnology Partner.

Business Editors/Health/Medical Writers

BIOWIRE2K

ROCHESTER, N.Y.--(BUSINESS WIRE)--Jan. 16, 2004

Biophan Technologies, Inc. (OTC BB: BIPH), an innovator, developer and marketer of advanced biomedical technology, today announced it has secured additional technology rights expanding its exclusive license for use of nanomagnetic particle and other technology. Michael Weiner, chief executive officer of Biophan, made the announcement.

The technology rights are granted under an expanded license agreement executed on January 15, 2004 with Nanoset, LLC that increases Biophan's rights to technology that may be applied to medical devices and other uses. The expanded rights include the exclusive right to any technology that affects magnetic resonance imaging (MRI) safety or image compatibility or involves an implantable power system.

Under the license agreement, Biophan currently has rights to two United States patents and twelve pending United States patent applications. In addition Nanoset has received an indication from the United States Patent Office of allowablity for many of the claims of a patent application that relates to the Nanoview technology previously announced.

"It should be clear that Biophan is continuing to successfully implement its strategic plan of creating a very substantial and diversified biomedical portfolio," stated Mr. Weiner. "With these additional rights, we believe management and the board of directors have demonstrated our commitment to capitalize on these exciting nanotechnology and other technology markets."

Mr. Weiner concluded by noting, "With the proceeds from our recent financing, Biophan is well fortified to compete in these fast moving markets. We are well positioned to exploit our current technology and acquire complementary technology."

About Nanoset, LLC

Nanoset, LLC, based in East Rochester, NY, develops nanomagnetic particle coatings. Nanoset's research and development has been conducted with Alfred University, a world leader in ceramics and thin-film coatings. Nanoset and Biophan are jointly developing technologies for the medical device industry.

About Biophan Technologies, Inc.

Biophan Technologies develops and markets cutting-edge technologies used to make biomedical devices--such as cardiac pacemakers, surgical and diagnostic tool--safe and compatible with magnetic resonance imaging (MRI) equipment and other sources of powerful magnetism or radio frequency signals. Committed to growth through innovation and developmental leadership, Biophan's management holds exclusive licenses for four issued U.S. patents and has filed 51 related patents that will help establish Biophan products as the standard of care in each of their markets. 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.