Biophan Closes $5 Million Equity Investment from Boston Scientific; Equity Investment Accompanies $750,000 Initial Payment for L

Biophan Technologies, Inc. (OTCBB: BIPH), a developer of
next-generation biomedical technology, has confirmed the receipt of
$5.75 million in investments and licensing payments from medical
device manufacturer Boston Scientific, called for under the Companies'
recently announced equity and licensing agreements.
   The funds include payments for both licensing and equity
investment provisions of the agreements. The terms of the agreements
call for Boston Scientific to pay Biophan an upfront license fee of
$750,000 for rights to a number of Biophan's patented technologies to
improve medical devices. Boston Scientific also invested $5 million in
the Company via the purchase of Biophan common stock, priced at a 10%
premium over the average of the closing price for the 30 calendar-day
period preceding but not including the funding date.
   The license agreement grants Boston Scientific licenses covering
patents related to Biophan's Magnetic Resonance Imaging (MRI) safety
and image compatibility technologies. The license agreement provides
for both exclusive and non-exclusive product categories. Additional
details were disclosed in Biophan's recent 10-Q filing.
   "These initial funds received through our agreements with Boston
Scientific will enable us to substantially accelerate our research and
development to continue our business strategy to develop vital new
products and solutions," said Biophan CEO Michael Weiner. "Boston
Scientific was the first major manufacturer of advanced biomedical
devices to show serious interest in our next-generation technology
solutions, which have applications across several of Boston Scientific
product lines. We are particularly excited and gratified to see
Biophan's solutions validated, and look forward to their
implementation by one of the world's most innovative medical device
manufacturers."
   Under the licensing agreement, Boston Scientific is obligated to
make milestone payments upon the launch of commercial products that
utilize the licensed technologies, in addition to annual license
maintenance fees and specified royalties on sales of products that
employ Biophan-licensed technologies.

   About Biophan Technologies

   Biophan develops and markets cutting-edge technologies designed to
make biomedical devices safe and image compatible with the magnetic
resonance imaging (MRI) environment. The Company develops technologies
that enable implanted medical systems such as pacemakers,
interventional surgical devices such as catheters and guidewires, and
devices such as stents to be safely and effectively imaged under MRI.
Biophan is developing these same technologies to provide new MRI
contrast agents. Other applications include drug delivery and power
systems derived from body heat. Four Biophan technologies include
advances in nanotechnology and thin film coatings. Committed to growth
through innovation and developmental leadership, Biophan and its
licensors now hold a total of 142 U.S. patents, licenses, or
applications. This total includes 38 issued U.S. patents, 9
recently-allowed applications that will issue as patents in the near
future, and 95 pending applications at various stages of examination
at the U.S. Patent and Trademark Office, plus international
applications. The patents cover areas including nanotechnology
(nanomagnetic particle coatings), medical device designs, radio
frequency filters, polymer composites, thermoelectric materials for
batteries generating power from body heat, and photonics. Biophan has
joint development and licensing agreements with Boston Scientific
(NYSE: BSX) and NASA's Ames Center for Nanotechnology. Biophan's goal
is to make all biomedical devices capable of safely and successfully
working with MRI, and delivering other technologies which will improve
quality of life. 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 within the meaning of applicable securities
laws. These statements reflect what Biophan anticipates, expects, or
believes may happen in the future. Biophan's actual results could
differ materially from the outcome or circumstance expressed or
implied by such forward-looking statements as a result of a variety of
factors including, but not limited to: Biophan's ability to develop
its technologies; the approval of Biophan's patent applications; the
successful implementation of Biophan's research and development
programs; the ability of Biophan to demonstrate the effectiveness of
its technology; the acceptance by the market of Biophan's technology
and products incorporating such technology, the ability of Biophan to
effectively negotiate and enter into contracts with medical device
manufacturers for the licensing of Biophan's technology; competition;
the ability of Biophan to raise capital to fund its operating and
research and development activities until it generates revenues
sufficient to do so; 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 which are
incorporated herein by reference. 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.