BIOPHAN REPORTS FISCAL 2007 RESULTS  

ROCHESTER, NY—MAY 17, 2007 – Biophan Technologies, Inc. (OTCBB: BIPH; FWB: BTN), a developer of next-generation biomedical technology, today announced the results of their operations for the fiscal year ended February 28, 2007. 

Revenues for the year ended February 28, 2007 were $0.990 million compared to $1.045 million in 2006.  Fiscal 2007 revenues consisted of $0.563 million in license fees and $0.427 million from MRI testing services and consulting fees.  This compares to $0.704 million in development payments and license fees from licensing agreements and $0.341 million from MRI testing services and consulting fees for the same period last year.  Revenue for the fourth quarter of fiscal 2007 was $0.108 million as compared to $0.515 million for the same period of 2006.   

Net loss for the year ended February 28, 2007 was $17.7 million or $(0.23) per share as compared to $14.5 million or $(0.19) per share for fiscal 2006.  Net loss for fiscal years 2007 and 2006 included non cash charges totaling approximately $9.0 million and $5.7 million respectively.  These charges were related to the accounting for stock options, amortization of Myotech, LLC patents, and the accounting for the senior secured convertible note of $7.25 million.  Net loss for the fourth quarter of fiscal 2007 was $5.5 million or $(0.07) per diluted share as compared to a net loss of $2.7 million or $(0.03) per diluted share for the fourth quarter of fiscal 2006. 

Mr. Stan Yakatan, Director and member of Biophan’s Executive Committee, stated, “When you exclude non cash charges from the net loss for the fiscal years 2006 and 2007, operating expenses remained consistent on a yearly basis.  The management will continue to strive to keep costs down, as is evident by the decrease in the burn rate from $1.0 million per month in the fourth quarter of fiscal 2006 to $0.70 million per month in the fourth quarter of fiscal 2007.  Going forward our goal is to limit future monthly expenses to $0.25 million per month through cost cutting initiatives including staff reductions.  Establishing the right corporate direction and reducing costs throughout the organization will remain the primary focus in our effort to achieve top line revenue growth and ultimately, future profitability.”   

About Biophan Technologies, Inc.:Biophan is dedicated to providing technologies that offer innovative and competitive advantages to the medical device industry.  The Company’s technologies that improve the MRI safety and image compatibility of medical devices are licensed to leading device manufacturers.  In addition, the Company is helping to commercialize the Myotech Circulatory Support System which has significant potential to improve the treatment of many forms of heart disease.  Biophan Technologies, Inc. holds a 44% interest in Myotech with rights to acquire a majority position, and is leading Myotech’s business development efforts.  Biophan is traded on the OTC market under the symbol BIPH, and is also listed on the Frankfurt Stock Exchange under the symbol BTN.  For more information on Biophan, please visit our website at 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. 

Click here to view SEC Form 10-K for fiscal year ended February 28, 2007

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