Biophan Reviews Business Activity and Achievements in 2005 Annual Report; Provides Update on Business Initiatives and Outlook.

ROCHESTER, N.Y. -- Biophan Technologies, Inc. (OTCBB: BIPH)(FWB: BTN), a developer of next-generation medical technology, today filed its SEC Form 10-K annual report for the year ended February 28, 2006. The report details the fiscal year's material business developments and accomplishments and outlines the Company's expectations for partnerships and cash flow.

"This is an important year for us, as we have now seen the scientific community validate our findings about MRI safety of lead heating of implantable devices including pacemakers, defibrillators, and neurostimulators," said Michael Weiner, CEO of Biophan. (http://www.smit2006.com/prel_program_1205.html). "In addition to licensing revenue from our deal with Boston Scientific, I am pleased to report over $300,000 in revenue from our MR Comp subsidiary, bringing our revenue for the fiscal year to over $1 million."

The annual report outlines Biophan's operational progress in each of its separate technology categories, including the recent signing of an evaluation contract with a major biomedical device manufacturer for an MRI safety related technology.

The annual report also provides detail on Biophan's strategic relationships, including its licensing agreement with Boston Scientific (NYSE: BSX), its Cooperative Research and Development Agreement (CRADA) with the U.S. Food and Drug Administration (FDA), its Space Act Agreement with NASA for the development of implantable power systems using body heat vs. chemical batteries, and the Company's plan to bring its multiple technology platforms to market.

Mr. Weiner said, "During this past fiscal year, Biophan achieved a number of important milestones. The Company entered the current fiscal year in an outstanding position to capitalize on the multi-billion dollar market opportunity for our core MRI safety and MRI image compatibility technology. In addition, we also have a more diversified mix of technologies in our pipeline, including the competitively advantaged Myotech MYO-VAD(TM), a ventricular assist device (VAD), which does not contact blood, reducing the potential for complications that plague existing VADs. These developments complement our expertise in medical technology. We will continue to pioneer the development of these novel technologies along with our MRI safety and MRI image compatibility technology to provide best-in-class product solutions for our customers, benefiting our shareholders and ultimately improving the delivery of healthcare."

Biophan's SEC Form 10-KSB can be viewed by visiting www.sec.gov, or on the Biophan web site at http://www.biophan.com/sec.html.

About Biophan Technologies

Biophan develops and markets cutting-edge technologies for the medical device industry that provide competitive advantages. The Company's founding goal was to make all biomedical devices capable of safely and successfully working with magnetic resonance imaging (MRI), problems which the Company has solved and begun to license to leading device manufacturers. The Company's mission has expanded to provide other technologies which will improve the delivery of healthcare. Biophan's technologies enable medical systems such as pacemakers, interventional surgical devices such as catheters and guidewires, and implants such as stents to be safely and/or effectively imaged under MRI. The Company is helping to commercialize the MYO-VAD(TM), a novel, MRI-compatible ventricular assist device which has significant potential to improve the treatment of many forms of acute and chronic heart disease. Other applications in development include drug delivery and power systems which derive energy from body heat. Committed to growth through innovation and developmental leadership, Biophan and its licensors now hold a total of 156 U.S. patents, licenses, or applications, plus international applications. This total includes 50 issued U.S. patents, 8 recently-allowed applications that will issue as patents in the near future, and 98 pending applications at various stages of examination at the U.S. Patent and Trademark Office. The patents cover areas including nanotechnology (nanomagnetic particle coatings), medical device designs, radio frequency filters, polymer composites, thermoelectric materials, and photonics. Biophan has joint development and licensing agreements with Boston Scientific Corporation (NYSE: BSX - News) and NASA's Ames Center for Nanotechnology. Biophan is traded on the OTC market under the symbol BIPH, and is also listed on the Frankfurt Stock Exchange under the symbol BTN. 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.