Comprehensive Report on Biophan Technologies Published by Cohen Independent Research Group.

Business Editors/Health/Medical Writers

BIOWIRE2K

ROCHESTER, N.Y.--(BUSINESS WIRE)--May 26, 2004

Highly Detailed Report Provides Institutional-Quality Analysis to

Assist Retail Investors

Biophan Technologies, Inc. (OTCBB:BIPH), a leading developer of next generation biomedical technology, announced today that a comprehensive analytical report on the Company has been published by Cohen Independent Research Group and is available for viewing and/or download for all interested parties. The report provides extensive details about the Company, its recent acquisition, and its vision for the future. Interested parties can access the report at www.biophan.com/reports/BIPH_052404.pdf.

The highly detailed fifty-five page report, which was paid for by the company, provides three potential scenarios: pessimistic, base, and optimistic with proforma share price targets of $4.46, $7.80, and $10.59.

Michael Weiner, CEO of Biophan, remarked, "In our unwavering commitment to maximum disclosure and transparency, we are pleased to have this report readily available for all our current and potential investors. With all the scrutiny that equity research has come under in recent years, we like the fact that Cohen Independent Research Group has generated such a highly detailed, institutional-quality report on the Company."

D. Paul Cohen, president of Cohen Independent Research Group, noted, "Although we were engaged by the Company to publish this report, we take great pride in maintaining our independence and to offer a fair and balanced view. We believe today's investors are highly sophisticated. As a result, it is our objective to present significant data using multiple valuation models, and to let the investors reach the appropriate buy, sell or hold conclusions."

About Cohen Independent Research Group

Cohen Independent Research Group provides Wall Street Research-Analyst Coverage for selected companies with outstanding business models. These companies have no Wall Street Research-Analyst Coverage, or have minimal analyst coverage. Individual companies and institutional money managers comprise the client list of Cohen Independent Research Group. More than 20 of the top 100 institutions in the USA are on the firm's client list, as are many public corporations. Cohen Independent Research Group is also hired by institutional investors to do special project, fundamental, investigative, and accounting research. The firm is considered by many to be the leading independent research firm in the USA. www.cohenresearch.com.

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 nanotechnology (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 and Disclaimer

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. In addition, the company paid for the Cohen Independent Research Group report discussed in this release. The compensation was $25,000 in cash.