Biophan Technologies Files 10-QSB for First Quarter of Fiscal 2005; Company Discloses Negotiations for Potential Strategic Relationships and Licensing Agreements.

ROCHESTER, N.Y. -- Biophan Technologies, Inc. (OTC BB: BIPH), a leading developer of next-generation biomedical technology, today announced the filing of the Company's 10-QSB for the first quarter of fiscal 2005.

"Our progress over the last quarter has been significant," stated Michael Weiner, Biophan's CEO. "This progress is underscored by the continued implementation of Biophan's strategic vision and evidenced by a discussion of potential strategic relationships and licensing agreements. Specifically, within the body of the 10-QSB filing for the period ended May 31, 2004, we stated 'An additional factor influencing our decision to exercise all or part of the remaining SBI financing involves negotiations with several biomedical device and pharmaceutical companies, which may involve a combination of R&D development and/or licensing payments, as well as a strategic investment in equity in our company. Such an investment, should it occur, may resolve, in whole or in part, our capital requirements for listing on a major stock exchange, as well as providing us with working capital to continue our research, and possible milestone payments. As a result, we intend to be prudent in our exercise of the SBI line, even with its very attractive fixed price aspects'."

Mr. Weiner also noted, "The Company is very pleased with the additional patents which were noted in our release of July 7, 2004, disclosing that Biophan now owns or has an exclusive license to a total of 74 patents, of which 14 are issued, 6 are allowed, and 54 are pending. Our stockholders should be pleased to know that Biophan, in its aggressive commitment to stockholder growth, continues to explore significant opportunities through multiple markets with multiple products. In addition, Biophan continues to develop relationships and negotiate strategic alliances with multiple, substantial parties."

Mr. Weiner concluded by noting, "In addition to the above positive developments, in this last quarter Biophan also acquired an interest in a patented biothermal battery technology and distribution rights for a unique MRI-safe ceramic motor. Both have been extremely well received and offer exciting potential upside for Biophan, its strategic partners, customers, and stockholders."

On June 3, 2004, Biophan acquired a 51% interest in TE Bio LLC, a company developing an implantable biothermal battery using body heat gradients to power medical devices such as pacemakers, defibrillators, and drug pumps. The biothermal battery technology is based on a patented innovation in the utilization of thermoelectric materials, using nanoscale-based, thin-film materials to convert thermal energy produced naturally by the human body into electrical energy. The resulting power can be used to "trickle charge" batteries for medium-power devices such as defibrillators, or directly power low-energy devices like pacemakers. It is enabled by nanotechnology which provides the ability to put thousands and thousands of small semi-conductor nodes that convert heat to electricity in a space about the size of one or two postage stamps. Biophan presented the technology at the NASPE Heart Rhythm Society meeting in San Francisco earlier this year and received substantial industry interest from major device manufacturers. The Company has recruited several consultants experienced in this technology to assist in development.

Also, on June 4, 2004, Biophan announced that it had acquired from New Scale Technologies, Inc. the exclusive worldwide distribution rights for the medical market, including the multi-billion dollar drug delivery market, for New Scale's ceramic "SQUIGGLE(TM) motor." Developed to meet the growing demand for high precision, low cost actuation devices, the motor is currently on the market generating revenues and is available for OEM integration today. The motor uses no metal wire windings (one of the primary causes of image interference under MRI), is capable of both linear and rotational movement, and can move forward and backwards several inches at nanometer increments, thereby providing a controllable drug release environment.

Most recently, at the annual stockholders' meeting on July 13, 2004, the Company disclosed additional details of its controllable drug eluting technology, enabled by its nanomagnetic particle technology. Presentations from the annual meeting can be viewed at http://www.biophan.com/2004.php.

About Biophan Technologies

Biophan Technologies develops and markets cutting-edge technologies designed to make biomedical devices safe and compatible with magnetic resonance imaging (MRI) equipment. The Company develops enabling technologies for implanted medical systems such as pacemakers, and interventional surgical devices such as catheters and guidewires, as well as stents and other implants that can be safely and effectively imaged under MRI. The technology is also being used to create enhanced MRI contrast agents. Committed to growth through innovation and developmental leadership, Biophan and its licensors have fourteen issued U.S. patents and over sixty patents pending, in areas including nanotechnology (nanomagnetic particle coatings), radio frequency filters, polymer composites, biothermal batteries, 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. 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 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.