MOFFETT FIELD, Calif. & ROCHESTER, N.Y.--(BUSINESS WIRE)--Aug. 17, 2004-- Biophan Technologies, Inc. (OTCBB: BIPH), announced today that its TE-Bio subsidiary has signed an agreement with NASA for characterization and joint development of high-density, nanoengineered thermoelectric materials for use with implantable medical devices. Research will be conducted at the NASA Ames Research Center for Nanotechnology in Moffett Field, CA.

Successful outcomes of the agreement are anticipated to provide breakthrough power generation systems for use in implanted medical devices, such as pacemakers, as well as long-life, light-weight power for use in future space exploration applications. Specifically, NASA is supporting Biophan's efforts and hoping to utilize its technology to further develop on-board power for astronaut health monitors.

The Nanotechnology Center at NASA Ames will provide access to expertise in a collaborative arrangement for the benefit of both parties. The agreement combines NASA's expertise with thermoelectric materials and state-of-the-art nanotechnology development with Biophan's innovative power solution that has the potential to greatly improve patient quality of life and lower healthcare costs.

"This agreement with NASA highlights our commitment to collaborate with world-class development centers for commercializing the technologies that are part of Biophan's portfolio," stated Michael Weiner, CEO of Biophan. "Crew health and safety is a key concern in the U.S. space programs and we expect this relationship to be mutually beneficial. With each new agreement, the viability of our research and that of our subsidiaries grows, and we look forward to a long, fruitful development alliance with NASA."

"We are pleased to be working with Biophan on a joint research initiative to help advance the concept of an implanted biothermal power source to power medical sensing and therapeutic devices. On deep space missions such as a trip to Mars, having efficient ways to monitor and treat astronauts can be very useful, the benefits for humans with implanted devices is very clear," said David Lackner, technology partnership manager at NASA Ames Research Center.

Biophan recently acquired a majority interest in TE-Bio, the research and development company that is developing the long-life power source serving as the subject of the agreement with NASA.

About the NASA Ames Center for Nanotechnology

NASA Ames' nanotechnology effort started in early 1996 and has steadily grown to establish a Center for Nanotechnology. The research work focuses on experimental research and development in nano and biotechnologies as well as on a strong complementary modeling and simulation effort that includes computational nanotechnology, computational nanoelectronics, computational optoelectronics, and computational modeling of processes encountered in nanofabrication. The Center has about 55 scientists working on the above aspects; in addition, graduate students, faculty on sabbatical or summer visits, and undergraduate and high school students work at the Center through various internship programs.

The Center's vision is to develop novel concepts in nanotechnology for NASA's future needs on electronics, computing, sensors, and advanced miniaturization of all systems; and to develop highly integrated and intelligent simulation environment that facilitates the rapid development and validation of future generation electronic devices as well as associated materials and processes through virtual prototyping at multiple levels of fidelity. For more information, please visit www.ipt.arc.nasa.gov.

Conference Call and Webcast
The Company will discuss the impact and market opportunity represented by this joint development agreement on a conference call and webcast on Thursday, August 19 at 12:00 pm Eastern. Following the discussion, Michael Weiner, CEO of Biophan, will be available to answer questions regarding the technology which the Company and NASA Ames Research Center may develop. Participants may ask questions during the Q & A segment of the call or, if they prefer, may e-mail questions in advance of the call to Michael Briola, executive vice president of Trilogy Capital Partners, michael@trilogy-capital.com. To access the call, Investors should call 800. 553.0351, or from an international location by calling 612.332.0820, and request the "Biophan Conference Call."

News Announcement: Video
To view the online joint announcement from the NASA Ames Development Center at Moffett Field California, go to www.trilogy-capital.com.

About Biophan Technologies
Biophan Technologies develops and markets cutting-edge technologies designed to make biomedical devices 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 16 issued U.S. patents and 60 patents pending, in areas including nanotechnology (nanomagnetic particle coatings), radio frequency filters, polymer composites, biothermal batteries, 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.