Biophan Technologies Completes First Round of Financing for $2.9 Million; Financing Funds BIPH Strategic Plan and Potential Major Exchange Listing.

Business Editors/Health/Medical Writers

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ROCHESTER, N.Y.--(BUSINESS WIRE)--Jan. 30, 2004

Biophan Technologies, Inc. (OTCBB:BIPH), an innovator, developer and marketer of MRI-related and other advanced biomedical technology, announced today that it has completed its first round of financing with SBI-Brightline, Irvine, California. The financing will further enable the company to pursue its previously announced strategic initiatives which include expansion of its patent portfolio, acceleration of marketing programs, potential strategic acquisitions, and the exploration of a potential listing on a major exchange.

"Financing is obviously a critical component in driving the growth of any young company," stated Mr. Weiner. "We are now properly capitalized with over $2 million in cash on hand and a positive net worth. We were very pleased with the fixed price financing we concluded with SBI. By having a fixed price financing, the company can elect to draw down as much capital as needed, without the vagaries or potential toxicity of an equity credit line and it is, therefore, a much more attractive and stable form of financing."

Mr. Weiner also noted, "The financing moves us closer toward meeting the net worth and working capital requirements for listing on a major exchange. The facility gives us access to the capital needed to ensure we meet our development objectives in several critical markets and expand our marketing efforts in segments, including pacemakers, defibrillators, neurostimulators, prosthetics, catheters, guidewires, stents, shunts, and our development of MRI contrast agents. We will be able to take advantage of additional nanotechnology that meets our strategic objectives. Our involvement with biomedical device companies gives us unique market perspective for identifying ripe opportunities."

"Additionally, we plan to expand our patent portfolio and perfect international patent filings in critical markets," Mr. Weiner continued.

An additional patent for using nanotechnology for MRI contrast agents has been allowed by the U.S. Patent and Trademark Office. Biophan recently expanded its technology license with Nanoset, LLC, to include any inventions relating to MRI Safety and MRI Image Compatibility, including electrical circuits and filtering combined with nanotechnology coatings.

About Biophan Technologies, Inc.

Biophan Technologies develops and markets cutting-edge technologies used to make biomedical devices--such as cardiac pacemakers, surgical and diagnostic tools--safe and compatible with magnetic resonance imaging (MRI) equipment. Committed to growth through innovation and developmental leadership, Biophan and its licensors have four issued U.S. patents and over fifty patents pending, in areas including nanomagnetic particle coatings, radio frequency filters, polymer composites, and photonics. Biophan's technology will help realize its goal of one day making all biomedical devices capable of safely and successfully working with MRI.

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.