Biophan Technologies Setting the Pace in Implantable Device Technology, Reports Resnik Research Services; Industry Veteran Announces New Findings.

Business/Medical Editors

ROCHESTER, N.Y.--(BW HealthWire)--May 2, 2002

Biophan Technologies, Inc., (OTCBB:BIPH) developers of the first MRI-compatible pacemaker, announced today its most recent analyst coverage from Resnik Research Services, highlighting the company's key strengths, as well as major steps taken since the last analysis published in late 2001.

The research was conducted by Paul Resnik, principal of Resnik Research Services and an investment industry veteran.

"We believe that Biophan Technologies represents an exciting opportunity for investors," said Mr. Resnik. "Biophan is developing technologies and devices that address multi-billion dollar markets. The need for these technologies and devices is well documented and compelling. The existing risk of the MRI procedure to patients who have pacemakers and other devices is substantial. In addition, we believe the inability to properly diagnose with pacemakers because of precluding of MRI procedures results in significant additional costs to the health care system."

Company advancements include the appointment of Dr. Guenter H. Jaensch as Chairman of the Board on March 13, 2002. Dr. Jaensch previously headed Siemens Pacesetter, Inc., (now St. Jude, the third largest manufacturer of pacemakers), as Chairman and CEO from 1991 to 1994. The addition of Dr. Jaensch to the management team brings important operating expertise and industry contracts to Biophan.

In addition, Biophan announced that Raymond Damadian, M.D., inventor of magnetic resonance imaging (MRI) diagnostics, would work with Wilson Greatbatch, inventor of the pacemaker, on the development of an MRI-compatible pacemaker.

Mr. Resnik also concludes that Biophan's patent strategy demonstrates that the company is developing a broadly applicable technology platform and that temporary and implantable pacemakers represent only the first application of this platform. This conclusion stems from Biophan's announcements on February 13, 2002 regarding the filing of four additional patent applications, and a statement on March 26, 2001 announcing the filing of an additional 22 patents containing over 1,000 claims covering over one dozen medical devices, bringing their total number of patents to 38.

"The recently updated equity research conducted by Mr. Resnik confirms our belief that Biophan's technology offers significant advancement to the medical community and has the potential to impact the pacemaker industry," said Michael L. Weiner, CEO of Biophan Technologies. "We are very pleased with Mr. Resnik's findings."

Biophan will serve as a supplier to the multi-billion dollar cardiac pacemaker industry. One of Biophan's patents pending, includes the first implantable laser, which has a myriad of potential uses in diagnosing various diseases.

Mr. Resnik's report can be found at: http://www.biophan.com/BiophanEquityResearchUpdate043002.doc.

About Resnik Research Services

Resnik Research Services provides research reports on and advisory services to emerging growth companies. Paul Resnik, its principal, has over thirty years of experience in the investment industry. Mr. Resnik is also the President of Resnik Asset Management Co., Inc. (RAMCO), a registered investment advisor. Prior to founding RAMCO, he held executive positions at major investment firms including Merrill Lynch, Paine Webber, E.F. Hutton, Shearson Lehman Brothers and Smith Barney.

Mr. Resnik's career has been a blend of portfolio and security analysis and investment strategy. At E.F. Hutton, he created the firm's Equity Research Marketing Department. In this position, he provided investment guidance to the firm's representatives and, at public seminars across the country, to individual investors. At Lehman Brothers, he was a member of the highly rated Equity Research Department's Investment Policy Committee, which, in addition to working with security analysts in determining common stock investment rating, selected the firm's well-known annual "Uncommon Values" list.

He has trained thousands of industry professionals in economic relationships, portfolio management, and stock analysis and selection. Many people who have worked for him have gone on to become top-rated analysts.

His professional designations include Chartered Financial Analyst and Registered Supervisory Analyst. He is a member of the Association for Investment Management and Research (AIMR).

About Biophan Technologies

Biophan, based in Rochester and Clarence, New York, is engaged in designing, developing, and marketing new technology and related products to enable cardiac pacemakers and the other life sustaining medical devices to be safe and compatible with magnetic resonance imaging (MRI) and other equipment using magnetic fields and radio waves. This MRI-compatible technology can be utilized in implantable pacemakers, implantable cardioverter defibrillators, left ventricular assist devices, insulin pumps, drug pumps, pain reduction devices, and other medical equipment. The underlying technology is based upon pending patents and proprietary knowledge developed by Wilson Greatbatch (inventor of the first successful implantable cardiac pacemaker) and others. For more information, please visit www.biophan.com.

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.