Exhibit 10.1


                        EXTENSION OF LINE OF CREDIT AGREEMENT



Biomed Solutions, LLC


August 19, 2002


Mr. Guenter Jaensch
Chairman
Biophan Technologies, Inc.
150 Lucius Gordon Drive, Suite 215
West Henrietta, NY 14586


Re:  Credit Facility

Dear Guenter:
     This letter agreement is intended to formalize our proposal to increase
by $100,000 the current funding provided by Biomed Solutions, LLC ("Biomed")
to Biophan Technologies, Inc. ("BIPH") (the "Loan") in accordance with the
following terms and conditions:

     1.  The proceeds from the Loan will be utilized to satisfy certain
         obligations, including payment of American Express charges, payroll
         and for general working capital.

     2.  Except as provided herein, the Loan shall have the same terms and
         conditions as the first credit facility in the amount of $250,000.

     3.  The credit facility documents dated June 4, 2002 shall be amended to
         extend until December 1, 2002 (rather than September 1, 2002) the
         time by which BIPH must repay Biomed the amounts it currently owes
         Biomed.  Biomed will receive warrant coverage for this extension as
         provided in paragraph 6 of the Credit Agreement.

     4.  Paragraph 3(b) of the Convertible Promissory Note dated June 4, 2002
         shall be amended to read as follows:  "The conversion price shall be
         equal to the lesser of (i) the closing bid price on June 4, 2002;
         (ii) the closing bid price on the date of conversion; or (iii) the
         lowest per share purchase price paid by any third party between June
         4, 2002 and the conversion date."

     5.  Current warrants held by Biomed will be amended so that the exercise
         price associated with said warrants shall be as follows:  The
         exercise price shall be equal to the lesser of (i) the closing bid
         price on June 4, 2002; (ii) the closing bid price on the date of
         exercise; or (iii) the lowest per share purchase price paid by any
         third party between June 4, 2002 and the exercise date.

     6.  Biomed shall have the option to convert to common stock all or part
         of the amounts due to it by BIPH under the terms of the loan
         agreement.  The conversion price shall be equal to the lesser of (i)
         the closing bid price on the date of closing of the Loan; (ii) the
         closing bid price on the date of conversion; or (iii) the lowest per
         share price paid by any third party between the closing of the Loan
         and the conversion date.

     7.  Repayment of the Loan to Biomed shall occur as soon as BIPH has
         sufficient cash flow, but, in no event no later than 12 months from
         the date of this letter agreement.

     8.  As additional consideration, BIPH shall pay to Biomed 33% of any
         revenue (cash, stock, property or other consideration) that it
         receives from the sale or licensing of its shielding or filtering
         technologies, up to a maximum of $300,000.  Payments of principal on
         the Loan shall be credited toward the calculation of the $300,000
         ceiling.

If you are in agreement with these terms and conditions, please execute below
and return a signed copy to me.


                                                 Sincerely,



                                                 BIOMED SOLUTIONS, LLC

                                                 By: Michael L. Weiner
                                                    --------------------


Agreed to and accepted by: BIOPHAN TECHNOLOGIES, INC.

By: Guenter Jaensch, Chairman
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Dated: 8/19/2002
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