Biophan Signs Agreement With Johns Hopkins University.

Business/Medical Editors

ROCHESTER, N.Y.--(BUSINESS WIRE)--July 18, 2002

Biophan Technologies, Inc. (OTCBB:BIPH) announced that it has licensed from Johns Hopkins University its patent for an "ECG Amplifier and Cardiac Pacemaker for Use During Magnetic Resonance Imaging."

The license is exclusive for implantable devices and non-exclusive for other market segments.

"We are very pleased to have reached this agreement with Johns Hopkins. This patent complements and expands our MRI-safe pacemaker and defibrillator technology," said Guenter Jaensch, Biophan's Chairman. "It is one of the few issued patents covering MRI safety in pacemakers and is an important addition to our technology suite. This enhances Biophan's unique position in its offering of MRI-safe solutions available to the multi-billion dollar implantable device market."

Implantable pacemakers, defibrillators, and many other biomedical devices are contraindicated by the FDA and manufacturers for use with Magnetic Resonance Imaging (MRI) machines. As a result, many patients are denied this critical diagnostic tool and have to resort to using less optimal imaging alternatives.

The Johns Hopkins technology was developed by a team of Hopkins electrophysiologists and scientists. It uses a low-pass filter to reduce the energy that a metal wire lead conducts in an MRI field. It is one of the few issued patents for MRI safety and pacemakers and complements Biophan's intellectual property holdings of 40 pending patents for MRI safety and image compatibility. Biophan is developing a photonic (fiber-optic) solution which eliminates the problems associated with MRI safety.

"This patent expands the solutions we can offer to pacemaker manufacturers who wish to reduce the risk of damage to a pacemaker in an MRI field," stated Michael Weiner, Biophan's CEO. "We expect that, in time, our photonic pacemaker lead will be the optimal solution and become the standard for pacemakers and other biomedical devices, as the fiber-optic solution addresses both the safety issues and is expected to resolve most image artifact issues associated with metal in the body," Weiner explained.

"Having the Johns Hopkins patent provides an additional technological approach, and represents an interim improvement over today's metal leads. It can also play a key role in our future technology developments. We are committed to being the pre-eminent supplier of technologies that improve both the safety factors and image problems associated with using MRI with implantable biomedical devices," stated Weiner.

About Biophan Technologies

Biophan, based in Rochester and Clarence, New York, is engaged in designing, developing, and marketing new technology and related products to enable cardiac pacemakers and other life sustaining medical devices to be safe and compatible with magnetic resonance imaging (MRI) and other equipment using magnetic fields and radio waves. This MRI-compatible technology will be utilized in implantable pacemakers, implantable cardioverter defibrillators, and other medical equipment. For more information, please visit www.biophan.com.

Safe Harbor Statement:

Certain statements included in this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. 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 the Company's MRI; the approval of the Company's patent applications; the successful implementation of the Company's research and development programs; the acceptance by the market of the Company'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 the Company's periodic filings with the Securities and Exchange Commission (the "SEC"). As a result, this press release should be read in conjunction with the Company's periodic filings with the SEC. The forward-looking statements contained herein are made only as of the date of this press release, and the Company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.