Biophan Technologies Retains the Shemano Group.

Business Editors

ROCHESTER, N.Y.--(BUSINESS WIRE)--Dec. 18, 2001

Biophan Technologies, Inc., (OTC BB: BIPH) developers of the first MRI-compatible pacemaker has retained financial consultants, The Shemano Group to assist in their capital formation and to advise the company's corporate finances, as Biophan prepares for an additional round of funding.

"We are very excited to begin working with The Shemano Group. As we move toward our goal of bringing our technology to the medical community, their breadth of experience in capital formation and financial consulting will be a great asset," said Michael L. Weiner, CEO of Biophan Technologies.

Biophan Technologies has developed a MRI-compatible pacemaker and biosensor technology that, for the first time, will allow patients with implantable pacemakers to safely undergo magnetic resonance imaging (MRI). The development, led by Wilson Greatbatch, the inventor of the implantable pacemaker and its lithium battery, replaces the current pacemaker's wire catheter with a fiber optic lead. An implantable low-power semiconductor laser is used to sense and regulate a patient's heartbeat.

"We believe that the time will come," says Wilson Greatbatch, "when you won't be able to sell an implantable device that works off an electric wire, they will all be photonic. It is a tremendous field."

Biophan will serve as a supplier to the multi-billion dollar implantable medical device industry. Biophan has more than a dozen patents pending for the technology, including the first implantable laser, which has a myriad of potential uses in diagnostics and stimulation.

"Biophan Technologies's MRI-compatible pacemaker is an innovation that will have long-lasting effects on the pacemaker industry. We look forward to offering our expertise in investment banking and capital formation to assist Biophan in their growth and development," said Bill Corbett, of The Shemano Group.

The Shemano Group assists in providing financing to both public and private companies, managing stock buybacks and developing fairness opinions. The Shemano Group Investor Services range from money management services to sophisticated options strategies.

About The Shemano Group

The Shemano Group is a San Francisco based institutional broker/dealer providing investment banking, corporate services and investment advisory work. Founded in 1994, the firm is headed by Gary Shemano, a former general partner and managing director of Bear Stearns & Co. Other members of the firm bring considerable experience in capital formation, fairness opinions, money management, securities trading and financial consulting. To learn more about The Shemano Group visit the website at www.shemano.com or call [phone].

About Biophan

Biophan, based in Rochester and Buffalo, New York, is currently focusing on two technologies. The first is new proprietary technology that will enable implantable cardiac pacemakers and other life-sustaining medical devices to operate in the presence of magnetic resonance imaging (MRI) equipment. The underlying technology, which was acquired by the Company, is based on patent applications and proprietary knowledge developed by Wilson Greatbatch, the inventor of the original implantable cardiac pacemaker. The second technology is proprietary antisense gene therapy technology to inhibit the spread of human immunodeficiency virus (HIV-1) infection in conjunction with the use of lentiviral vectors. This technology is based on patents issued to Mr. Greatbatch and acquired by the Company.

Safe Harbor Statement:

Certain statements included in this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. 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 the Company's MRI and gene therapy technologies; the approval of the Company's patent applications; the successful implementation of the Company's research and development programs; the acceptance by the market of the Company'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 the Company's periodic filings with the Securities and Exchange Commission (the "SEC"). As a result, this press release should be read in conjunction with the Company's periodic filings with the SEC. The forward-looking statements contained herein are made only as of the date of this press release, and the Company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.