Biophan Recaps 2004 Achievements; Company's Biomedical Intellectual Property Portfolio Crosses 100-Patent Threshold, Key Strategic Acquisitions Established.

ROCHESTER, N.Y. -- Biophan Technologies, Inc. (OTC BB: BIPH), a developer of next-generation biomedical technology, has provided its 2004 year-end recap, a review of the Company's important business and strategic milestones.

During 2004, Biophan continued to make significant progress in its mission to develop new solutions in a range of medical and bioscience technologies. In November, the Company announced new additions to its intellectual property portfolio that pushed it across the 100-patent mark, representing expansion of more than 100% for the year. Biophan and its licensors now hold a total of 104 U.S. patents or applications--an important accumulation of intellectual property in several biomedical fields, including nanotechnology, advanced implantable medical devices, Magnetic Resonance Imaging (MRI) device-compatibility, and MRI-safe implantable motors and long-lasting biothermal batteries.

"The Company began 2004 already holding a leadership position in the development of solutions to improve the safety and image compatibility of medical devices in the MRI environment," said Mr. Weiner. "During 2004, Biophan has taken great strides in extending our leadership in several critical markets within the health care and bioscience arenas, particularly with respect to several emerging improvements in MRI imaging, drug-elution and internal drug-delivery systems, and other next-generation procedures. Our acquisition and development strategy, along with our growing list of strategic partners and increased human resources in the persons of several leading industry research scientists and inventors, further position Biophan as one of the industry's important contributors to the worldwide healthcare and bioscience marketplaces, affecting markets which are expected to total billions of dollars."

Biophan's key milestones and achievements for 2004 include:

Overall expansion of its intellectual property portfolio

--Biophan and its licensors now hold a total of 104 U.S. patents, licenses, or applications. This total includes 25 issued U.S. patents, 11 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. This has doubled the size of its intellectual property portfolio, and further solidified its leading role in several key areas of biomedical technology.

Ownership of gateway technologies with broad worldwide licensing opportunities

--In 2004, Biophan announced the issuance of a new patent that is instrumental in securing the rights to the Company's breakthrough "anti-antenna" geometries for stent designs, guidewires, catheters, and many other devices, resolving the issues of heating and induced voltages in leads such as those used in pacemakers, defibrillators, and neurostimulators. The patents also enable the manufacture of stents that do not interfere with MRI imaging of the stent interior--a process critical to diagnosis of the healing process and detection of new blockage due to plaque or tissue accumulation. These anti-antenna techniques are also expected to become key components to a new generation of minimally invasive MRI-guided surgical procedures. The MRI-guided procedures have the potential to augment or replace traditional procedures conducted under x-ray or fluoroscopy imaging systems, which expose patients and health care professionals to dangerous ionizing radiation.

Independent Industry and Press Recognition

--Biophan was named one of the top 50 public companies in the Rochester, N.Y. area by the Rochester Business Journal. (View related press release at http://www.biophan.com/pr/091704RBJ.html .) The publication cited Biophan's strong commitment to research and development, and ranked its R&D budget eighth-largest in the Rochester region, which is noted for its high-tech business community.

--The Company was reviewed in a recent issue of Forbes/Wolfe's Nanotech Report, an independent nanotechnology industry newsletter widely respected throughout the investment community (http://www.parsintl.com/pdf/8341-NR-Biophan.pdf ). The Forbes/Wolfe Nanotech Report named Biophan in the "Companies to Watch" feature of its November issue, citing the Company's pioneering work in the development of nanotechnology-based biomedical solutions.

--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.

Strategic Acquisitions, Partnerships and Personnel

--An exclusive, worldwide distribution agreement with New Scale Technologies, Inc., for distribution of the highly precise, reliable and MRI-safe ceramic SQUIGGLE(TM) motor to the multi-billion-dollar drug delivery market. (View related press release at http://www.biophan.com/pr/release_060404.html .)

--Acquired a majority interest in TE-Bio, holder of the patent for nanotechnology-enabled biothermal power sources that use body heat to generate electricity for implanted medical devices, such as pacemakers, defibrillators, and neurostimulators. (View related press release at http://www.biophan.com/pr/release_051404.html).

--Joint research and development agreement with National Aeronautics and Space Administration (NASA) for thermoelectric device technology. (View related press release at http://www.biophan.com/pr/081704NASAAmes.html.)

--Successfully completed first phase of a multi-phase development plan with Boston Scientific, a leading developer of minimally invasive medical devices, and is currently in the second and third phases of the program. Relationships such as this one help Biophan validate its technology and develop potential sales channels.

--Entered into non-disclosure agreements with a number of major manufacturers of implanted biomedical and related devices. Biophan is discussing with these companies potential strategic partnership arrangements that may include joint development projects, original equipment manufacturing arrangements and licensing agreements.

--Established technology development partnership with Isoflux Inc., a leading developer of advanced plasma coating equipment that could be used for coating stents, long metal wires and other devices.

--Addition of Isoflux President Dr. David Glocker, formerly head of thin film R&D Group at Eastman Kodak, to Biophan's Scientific Advisory Board. Dr. Glocker will provide assistance in Biophan's device coating experiments, testing and design.

--Addition of Dr. Frank G. Shellock, world-renowned expert on MRI safety, to Scientific Advisory Board. Dr. Shellock is Adjunct Clinical Professor of Radiology and Medicine at the Keck School of Medicine, University of Southern California and the Founder of the Institute for Magnetic Resonance Safety, Education, and Research. Dr. Shellock has authored five medical textbooks, over 60 book chapters, and more than 190 peer-reviewed articles. In recognition of his significant contributions to the field, he has been named Fellow of the International Society for Magnetic Resonance in Medicine.

Continuation of Strategic Growth Plans

--Steps undertaken during 2004 have already resulted in a key planned acquisition targeted for completion in early 2005. Biophan has executed a letter of intent to acquire a 51% interest in a leading German-based company, AMRIS GmbH, a developer of MRI-safe and image-compatible technology solutions and biomedical devices, which will further expand the Company's intellectual property holdings. The parties are expected to execute the definitive agreement and complete due diligence on or before January 31, 2005. The AMRIS technology will complement and expand Biophan's scientific capabilities significantly, according to the Company. The acquisition will also provide an important boost to Biophan's marketing capabilities, particularly in Europe, the base of major manufacturers of MRI machines as well as many biomedical devices and of much leading research in MRI-guided interventional medicine.

--Realigned the Company's next-generation drug-delivery and drug-elution technology initiatives. Biophan renamed one of its subsidiaries Nanolution, and recruited John Lanzafame to as head of the unit. Nanolution applies Biophan's intellectual property in nanotechnology toward development of new products for the projected $40 billion market in advanced drug-delivery and drug-elution devices. Mr. Lanzafame formerly headed up a company acquired by Angiotech (ANPI).

The Company also reiterated its objective to close its first major strategic alliance and to list on a major exchange. Additional details can be found in the Company's report on Form 10-QSB, filed today with the SEC.

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 104 U.S. patents, licenses, or applications. This total includes 25 issued U.S. patents, 11 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. 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; the effectiveness of the patents to protect Biophan's technology; 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. In addition, the completion of a transaction with AMRIS will depend on the successful completion of due diligence and Biophan's ability to reach agreement with AMRIS and its stockholders on the definitive terms of the transaction. 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.