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BIPH News Dutton Associates Announces Investment Opinion: Biophan Technologies Rating Maintained At Neutral In Update By Dutton Associates

EL DORADO HILLS, Calif.--(BUSINESS WIRE)--Dutton Associates updates its coverage of Biophan Technologies (OTCBB:BIPH) maintaining a Neutral rating. The 12-page report by Dutton senior analyst Richard W. West, CFA is available at www.jmdutton.com, and from First Call, Bloomberg, Zacks, Reuters, Knobias, and other leading financial portals.

Since our September 26, 2006, report, several events have affected Biophan Technologies, Inc.’s (Biophan) balance sheet and its progress toward commercialization of its technologies by licensees. Biophan commented in its SEC Form 10Q for November 30, 2006, that it believes the Company has adequate working capital resources for the upcoming four to six months of operations. However, the Company’s need for capital prompted us to reduce our rating of Biophan on February 21, 2007, to a Speculative Buy with a new price target of $2.00 per share. We then lowered our rating to Neutral on February 28, 2007, in response to Biophan’s filing an SEC Form 8-K on February 27, 2007, detailing the Forbearance Agreement dated February 16, 2007, with the holders (the Note Holders) of its Senior Subordinated Convertible Notes, due October 12, 2009. We believe the closing of a Forbearance Agreement is positive for Biophan in this situation and indicates that the Note Holders are willing to discuss new terms for the Notes. We further believe that Biophan’s MRI technologies (both for safety and image compatibility) and the MYOTECH MYO-VAD technology are unique to the industries addressed and, given time, will provide Biophan revenue and earnings. However, during this period of limbo for Biophan’s finances, we reiterate our Neutral rating and will review the rating upon resolution of this financing.

About Dutton Associates

Dutton Associates is one of the largest independent investment research firms in the U.S. Its 31 analysts, primarily CFAs, have expertise in many industries. Dutton Associates provides continuing analyst coverage of over 140 enrolled companies, and its institutional-quality research, estimates, and ratings are carried in all the major databases serving institutions and online investors.

The cost of enrollment in our one-year continuing research program is US $35,000 prepaid for 4 Research Reports, typically published quarterly, and requisite Research Notes. Dutton Associates received $35,000 from the Company for 4 Research Reports with coverage commencing on 4/13/2006. We do not accept payment of our fees in company stock. Our principals and analysts are prohibited from owning or trading in securities of covered companies. The views expressed in this research report accurately reflect the analyst's personal views about the subject securities or issuer. Neither the analyst's compensation nor the compensation received by us is in any way related to the specific ratings or views contained in this research report or note. Please read full disclosures and analyst background at www.jmdutton.com before investing.

For more information on this release, or on enrolling a company for research coverage, please contact John Dutton at 916-941-8119.