Biophan Technologies Noted By Business Press For Company's Leadership Position in Research and Growth.

ROCHESTER, N.Y. -- "Rochester Business Journal" Adds Biophan to its List of Top 50 Public Companies in Technology-Rich Rochester, New York 

Biophan Technologies, Inc. (OTC BB: BIPH), a developer of next-generation biomedical technology, has been named one of the top 50 public companies in the Rochester area by the Rochester Business Journal, a weekly business newspaper based there.

The publication cited Biophan's strong commitment to research and development, and ranked its R&D budget eighth-largest in the technology-strong Rochester region, in a list that included such blue-chip companies as Xerox Corp., Eastman Kodak Co., Paychex Inc. and Bausch & Lomb.

"Biophan is about growth and increasing shareholder value and we are gratified that the Rochester Business Journal has recognized our progress as a company and our status in the Rochester business community, home to some of the most important and prestigious companies in the world," stated Michael Weiner, CEO of Biophan. "As noted, we've made extraordinary progress in the development of our portfolio of revolutionary technology and intellectual property. But this validation is especially important to us because we are just as proud of our contributions and role in the Rochester business community as we are of the contributions we're making to medical science and health care with our biomedical innovation."

Earlier this year, Biophan was also recognized by global biomedical consulting firm Frost & Sullivan, which bestowed its 2004 Excellence in Medical Imaging Technology of the Year award upon the Company. The award came in recognition of Biophan's pioneering work in the development of nanotechnology products to improve the safety and efficacy of Magnetic Resonance Imaging (MRI) procedures.

Biophan recently announced achievement of a major intellectual property milestone. The Company's portfolio of groundbreaking technologies has swelled to 80 patents, exclusive licenses or patent applications. The still-growing technology portfolio already represents an unusually rich collection of intellectual property in the fields of nanotechnology for biomedical engineering, enhancement of Magnetic Resonance Imaging, implantable biothermal batteries and other areas.

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 19 issued U.S. patents and 61 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 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.