Biophan Technologies Announces 2004 Strategic Initiatives; Objectives Call for Further Innovation, Market Expansion and Significant Growth.

Business Editors/Health/Medical Writers

ROCHESTER, N.Y.--(BUSINESS WIRE)--Dec. 19, 2003

Biophan Technologies, Inc. (OTCBB: BIPH), an innovator, developer, and marketer of advanced biomedical technology, today announced its Strategic Initiatives for 2004. The announcement was made by Michael Weiner, Biophan's CEO.

Mr. Weiner stated, "With the year drawing to a close and Biophan's strategic plan being executed, the company is announcing it strategic initiatives for 2004."

During 2003 the Company introduced the following:

-- Biophan Technologies Announces Revolutionary NanoView(TM)

Nanomagnetic Particle Technology (December 9, 2003)

-- Biophan Technologies Lists on the Frankfurt Stock Exchange 

(November 20, 2003)

-- Biophan Technologies Announces Joint Development Agreement

With Boston Scientific (November 5, 2003)

-- Biophan Technologies Enhances MRI Images (July 15, 2003)

Strategic Initiative 1--Acquisition of Intellectual Assets:

Biophan's leadership position in its market segment is highly dependent upon continued development and acquisition of intellectual property. With three United States patents under license and more than 50 patents pending, the Company is aggressively pursuing internal research and development projects, as well as sourcing leading-edge providers of related technologies.

Intellectual property, such as technology solutions and patents, may be developed internally, through joint ventures, or purchased. To ensure the continuing value of their intellectual assets, Biophan will aggressively defend its licenses, both domestically and abroad.

Strategic Initiative 2--Market Expansion:

Biophan currently enjoys a leadership position in developing technologies that make implanted medical devices, such as heart pacemakers, safe for use with MRI and other diagnostic imaging tools. Biophan has also developed technologies that allow for the use of interventional MRI, without the heating problems that can cause tissue damage or imaging problems that obscure the outcome of the procedures.

Based on discussions underway with several biomedical device manufacturers, both in the U.S. and overseas, Biophan plans to expand the use of the technologies it has developed to make a wider range of devices compatible with MRI. These technologies reduce radio frequency interference, heating, and induced voltages. In 2004, the Company will explore opportunities for these technologies in the prosthetic and surgical tool markets, where the lack of MRI compatibility negatively impacts investigational and diagnostic procedures. Discussions with these device manufacturers indicate a need for, and interest in, solutions to additional problems where Biophan can develop solutions. Part of Biophan's strategic initiative for 2004 will include expanding its technology offerings to the companies with which it is already in discussions, or working with. The initiative in contrast agents is the first entry into the pharmaceutical arena.

Biophan's Photonic MRI Microcoil (PMM) is one example of the Company's expanded technology. Recent studies indicate up to 85% of heart attacks and strokes may be caused by vulnerable plaque which may result in thrombosis, and is not easily detected by other methods. Biophan's technologies will pinpoint specific sites where therapies can address the problem. By inserting the PMM directly into a blood vessel, MRI can provide a detailed look at vulnerable plaque without injury-causing heating or image degradation.

Another example of Biophan expanding on the use of existing, licensed technology is NanoView. NanoView utilizes nanomagnetic particles, a specific type of nanotechnology, as contrast agents that preferentially bind to tissues of diagnostic interest, creating improved detail and contrast in MRI diagnostic image processes. NanoView improves performance in terms of signal intensity and the use of multiple markers, which broadens the applications of MRI imaging.

Strategic Initiative 3--Strategic Partnerships:

Leveraging these relationships is vital to Biophan's mission. By exploiting its established relationships, such as the recently announced joint development agreement with Boston Scientific, Biophan not only creates ready sales channels but the Company also establishes leverage that has far-reaching impact throughout its market and the investor community.

Biophan has entered into Non-Disclosure Agreements with the major manufacturers of implanted biomedical and related devices. Discussions underway with these companies include strategic partnerships that may include, joint developments, original equipment manufacturing arrangements and licensing agreements.

Summary

Biophan is positioned to exploit its market momentum to gain additional intellectual assets, expand into adjacent markets, cultivate new strategic alliances and fortify internal management and operations with top quality recruits. This will help Biophan to achieve revenues, earnings, and shareholder value.

We are enthusiastic about our early successes and the milestones we have achieved to date. Most importantly, Biophan looks forward to substantial growth in revenues, earnings and, ultimately, in shareholder value.

The company is actively meeting with institutional investors in the financial community and encourages all prospective investors to review the Company information on its corporate website: www.biophan.com.

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 three 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.