Biophan Technologies Previews Annual Shareholder Meeting for July 13; Company to Present Product and Technological Updates.

ROCHESTER, N.Y. -- Biophan Technologies, Inc. (OTCBB: BIPH), a leading developer of next-generation biomedical technology, announced today details on various matters that will be discussed at its annual shareholder meeting scheduled for July 13, 2004 in Rochester, New York, including recent business developments and the Company's execution of its strategic initiatives for 2004.

In addition to detailing the numerous announcements regarding its patents and proprietary technology, the Company will discuss its various financing alternatives including an arrangement with SBI Brightline. Through the facility provided by SBI, Biophan has raised $2.9 million to date and has a commitment, subject to certain conditions, for up to $25 million in additional capital. In order to have the option to utilize the complete SBI financing, and/or the potential sell equity to one or more strategic partners with whom Biophan is in discussions, the Company will present to its shareholders the approval to authorize additional shares.

"We feel very fortunate to have these flexible, beneficial financings arrangements," stated Michael Weiner, president and CEO of Biophan. "The Board of Directors and management team is very sensitive to shareholder dilution and plans to continue to monitor the market before exercising shares offered under our various financing arrangements. We are positioning ourselves to have the option to exercise the full funding and certain other strategic objectives that are being explored."

"This strategizing resulted in the contemplated authorization of additional shares. We want to make it clear that authorizing additional shares is still consistent with our plan to list on a major exchange by year end, without a reverse split and with no more than 80 million shares outstanding at that time." Taking in approximately $6 million through the first phase of the SBI funding is expected to be enough to qualify for a listing on a major stock exchange.

In addition to shareholder approval matters, the Company will also update participants on the latest advancements in Biophan's business model of making biomedical devices -- such as cardiac pacemakers, surgical and diagnostic tools -- safe and compatible with magnetic resonance imaging (MRI) equipment, as well as formulation and/or acquisition of complementary products and technologies.

As previously announced, the Company recently acquired a majority interest in TE-Bio, LLC, a company developing a breakthrough, long-life power source for use in implanted medical devices, such as pacemakers, defibrillators, neurostimulators and drug pumps. Biophan got the opportunity to obtain market sentiment for this biothermal battery at the NASPE - Heart Rhythm Society's Heart Rhythm 2004 Conference in May, and the Company reports that the product was well received by device manufacturers and practitioners alike.

In addition, Biophan is in discussions with several manufacturers about use of its ceramic motor. The motor uses only four moving parts (other motors can have as many as 100 moving parts), and provides a unique combination of high reliability, flexibility and power consumption advantages. And, by using ceramic components and no windings, it is very compatible with MRI imaging. Tests are underway to provide proof of its safety and image compatibility.

Lastly, as always, the Company is focused on its core business. Biophan continues discussions with several pacemaker manufacturers regarding use of the Company's technology to make future pacemakers safe, as well as image compatible.

About Biophan Technologies

Biophan Technologies develops and markets cutting-edge technologies designed to make biomedical devices -- such as cardiac pacemakers, surgical and diagnostic tools -- 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 nine 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. 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.