Document:

II.

NOTE AND PLEDGE AGREEMENT

      NOTE AND PLEDGE AGREEMENT (this "Agreement") dated as of the day of
February, 2005 by and among Biophan Technologies, Inc., a Nevada corporation
("Obligor"), TomoVation GmbH, a company organized under the laws of Germany
("TomoVation"), Prof. Dr. Andreas Melzer ("Melzer" and collectively with
TomoVation, the "Sellers").

Statement of the Premises

      Pursuant to the Purchase Agreement among Obligor, Sellers, aMRIs GmbH, a
company organized under the laws of Germany (the "Company"), and Dr. Michael
Friebe dated as of February 24, 2005 (the "Purchase Agreement" according to I.1
above), Obligor acquired from the Sellers a 51% interest in the Company which
amounts to (euro) 12,750 (the "Company Interest"). Pursuant to the Purchase
Agreement, this Agreement must be entered into as partial consideration for the
Company Interest.

Statement of Consideration

      Accordingly, in consideration of the premises, all the parties hereto
agree as follows.

Agreement

      Definitions. The term "Liabilities" means all debts, liabilities and
obligations of Obligor to the Sellers pursuant to and under this Agreement.

      The term "Collateral" means shares of the Company in the nominal amount of
(euro) 1,150 . whereby the Collateral is granted by shares in the nominal amount
of (euro) 400 to TomoVation and in the nominal amount of (euro) 750 to Melzer
and in all increases, profits or rights received therefrom, in all substitutions
and additions, together with any proceeds except for rights to the shares which
relate to the ownership of the shares exclusively and cannot be transferred
without title to the shares.

      The term "Event of Default" shall occur if:

            (a) Obligor shall fail to make any payment of principal or interest
      when due hereunder and such failure is not cured within five (5) days
      after written notice thereof by either Seller to Obligor provided,
      however, that no written notice of default shall be required for a failure
      to pay on the Maturity Date; or

            (b) Obligor's obligation to make capital contributions pursuant to
      Section 1.4 of the Purchase Agreement between the Parties has been
      suspended in accordance with Section 1.4(e) of the Purchase Agreement (the
      Purchase Agreement is signed by the Parties of this Agreement, and the
      Parties herewith refer to this Section 1.4 and waive the right to attach
      this to this Agreement); or

<PAGE>

                                      -2-

            (c) Obligor fails to perform any term, condition or covenant of this
      Agreement with respect to the Collateral or under the Capital Pledge
      Agreement between between Obligor, TomoVation GmbH and Dr. Andreas Melzer,
      and such failure is not cured within thirty (30) days after written notice
      thereof by either Seller to Obligor; or

            (d) Obligor fails to perform any material term of the License
      Agreement of even date therewith (the "License"), between aMRIs Patent,
      GmbH ("AMP") and obligor and such failure is not cured within thirty (30)
      days after written notice thereof by AMP or either Seller to Obligor; or

            (e) Obligor shall make an assignment for the benefit of creditors,
      or file a voluntary petition under the United States Bankruptcy Code, as
      amended, or any other federal or state insolvency law, or apply for or
      consent to the appointment of a receiver, trustee or custodian of all or
      part of his property, which assignment, petition or appointment remains
      outstanding for more than sixty (60) days; or

            (f) an involuntary petition shall be filed against Obligor under the
      United States Bankruptcy Code, as amended, or if a proceeding shall be
      commenced against Obligor seeking the appointment of a trustee, receiver
      or custodian of all or part of Obligor's property, which petition or
      proceeding shall remain undismissed for more than ninety (90) days; or

            (g) Obligor, without prior written consent of Sellers, sells or
      purports to sell, transfer, assign, pledge or hypothecate all or any
      portion of the Collateral (except to Sellers pursuant to the terms of this
      Note and Pledge Agreement); or

            (i) Obligor sells all or substantially all of its assets; or

            (j) more than 50% of the capital stock of the Obligor is sold or
      otherwise transferred incident to a stock purchase, share exchange, merger
      or consolidation of Obligor with another person such that the holders of
      more than 50% of the capital stock of Obligor immediately prior to the
      transaction holder less than 50% of the outstanding capital of the
      surviving entity after the transaction.

      Promise to Pay; Interest Rate. FOR VALUE RECEIVED, Obligor hereby promises
to pay to Sellers the principal sum of Two Hundred Thousand United States
Dollars (US $200,000.00), with interest on the principal amount outstanding from
time to time until paid in full at the rate of two and seventy-four one
hundredths percent (2.74%) per year compounded monthly. Interest payable
hereunder shall be calculated based on a 360 day year and the actual number of
days elapsed in any period. In the event any principal payment due hereunder is
not made when due, such unpaid principal amount bear interest at a rate equal to
12% per annum until paid. In the event any interest on the principal amount is
not paid when due, such unpaid interest amount shall bear interest at a rate
equal to 6.74% until paid.

<PAGE>

                                      -3-

      Payments. The entire principal and interest accrued thereon shall be paid
in a single payment due on June 1, 2005 (the "Maturity Date"). Principal and
interest may be prepaid at any time with no penalty. All payments under this
Agreement shall be made fifty percent (50%) to Tomovation and fifty percent
(50%) to Melzer. All payments hereunder shall be made to Sellers in lawful money
of the United States by wire transfer to such accounts as shall be designated by
Sellers. Each Seller shall provide account information for such accounts to
Obligor in writing no less than five (5) business days after Obligor has
requested such account information. All payments shall be applied first to the
payment of interest accrued to the date received and then to the payment of
principal. After the occurrence and during the continuance of any Event of
Default, payments shall first be applied to the costs of collection, then to
interest, then to principal.

      Grant of Security Interest. As security for the payment of the
Liabilities, Obligor hereby grant(s) to Sellers a security interest in, a
general lien upon and/or right of set-off against (as applicable) the
Collateral. This security interest is granted to Tomovation with respect to
shares of the Company in the nominal amount of (euro) 400 and to Melzer with
respect to shares of the Company in the nominal amount of (euro) 750.

      Release of Security Interest. The security interest in the Collateral
shall be released as Obligor fulfills its liabilities under this Agreement.

      Covenants. As long as any part of the Liabilities remain unpaid Obligor
      agrees to:

      (a) defend the Collateral against all claims, keep the collateral free
      from other security interests, liens, pledges or other encumbrances, and
      not dispose of any portion of the Collateral without Sellers' written
      consent;

      (b) notify Sellers promptly of any changes in Obligor's name or address;

      (c) notify Sellers of any change in legal entity structure, if applicable;

      (d) execute and deliver any financing statements or other documents, pay
      any costs of title searches and filing fees, and take any other action
      Sellers request in relation to the security interest;

      (e) pay all taxes and other charges which may be levied against the
      Collateral.

      Warranties. As long as any part of the Liabilities remain unpaid Obligor
warrants to Sellers that:

      (a) each document representing the Collateral is genuine;

      (b) Obligor owns the Collateral (except to the extent that Obligor did not
      get good title to the Collateral from the Sellers) free and clear of all
      liens, encumbrances, charges or security interests, other than those in
      favor of Sellers under this Agreement;

      (c) Obligor is fully authorized to enter into this Agreement.

      Default. Upon the occurrence and during the continuance of an Event of
Default, all Liabilities shall, at the written election of Sellers given to
Obligor, become immediately due and payable without any further presentment,
demand or other notice of any kind, all of which are hereby waived, provided
that if there shall occur an Event of Default under Subparagraphs (e) or (f) of
the definition of Event of Default, then all Liabilities shall automatically
become forthwith due and payable without any demand, and in each case the same
shall become due and payable without presentment, protest or notice of any kind,
all of which are hereby waived.

<PAGE>
                                      -4-

      Upon the occurrence of an Event of Default and giving notice of such Event
of Default then Sellers may, at their discretion at any time prior to Obligor
curing such Event of Default (if by its nature it can be cured), collect the
Collateral and sell it in a public auction which shall be announced to Obligor
and publicly in accordance with applicable law. The public auction may take
place anywhere in Germany. Sellers may be the purchaser at such auction, and
Sellers shall not be liable for any reduction in the value of the Collateral by
reason of Sellers' exercising any discretion they may have under applicable law
as to whether or when to proceed with any such auction or to postpone an auction
once scheduled.

      Obligor agrees to pay on demand or, if a requirement to such payment on
demand is not permitted under applicable law, as otherwise provided under
applicable law all costs and expenses incurred by Sellers in enforcing this
Agreement and in realizing upon any Collateral, including, without limitation
reasonable attorneys' fees and legal expenses. After deducting all expenses
incurred by Sellers in protecting or enforcing their rights in the Collateral,
the residue of any proceeds of collection shall be applied to the payment of the
Liabilities and any excess shall be promptly paid over to Obligor except as
otherwise required by applicable law. Nothing contained herein shall be deemed
to release Obligor from its obligation to pay any deficiencies under the
Liabilities.

      Dividends/income. So long as no Event of Default has occurred and is
continuing, Obligor shall have the right to receive all cash income from the
Collateral. If Sellers receive any cash income before the occurrence of an Event
of Default, Sellers agree to turn it over to Obligor. Once an Event of Default
occurs, Obligor will no longer be entitled to receive any cash income and if
Obligor receives any, Obligor agrees to turn it over to Sellers. Sellers may
apply the net cash payments to the Liabilities but Sellers will account for it
and pay over to Obligor any cash which remains on hand after the Liabilities are
satisfied.

      Custody of Collateral. Sellers agree to use reasonable care to protect any
Collateral in their possession. However, Sellers shall not be required to:

      (a) vote the shares of the Company representing the Collateral;

      (b) collect any debt;

      (c) exercise any conversion rights;

      (d) take any steps necessary to preserve rights against prior parties;

      (e) notify Obligor of any maturities, calls, conversions, or other similar
      matters concerning the Collateral, except for forwarding to Obligor those
      communications which are addressed to Obligor;

      (f) act upon any request Obligor may send Sellers.

      Except as otherwise required under applicable law, the existence of the
Collateral does not confer on Sellers any rights or obligations as a
shareholders of the Company.

<PAGE>

                                      -5-

      Changes in Collateral. Whether or not an Event of Default has occurred,
Obligor authorizes Sellers to:

      (a) receive and hold as additional collateral any non-cash increases in or
      profits on the Collateral;

      (b) surrender the Collateral and receive any payment or distribution upon
      redemption, dissolution or liquidation of the issuer of the Collateral.

If Obligor receives any of the payments or distributions described above,
Obligor agrees to turn them over to Sellers.

      Modification. This Agreement cannot be modified, waived, discharged or
terminated except upon payment in full of the Liabilities or by a written
agreement signed by the party to be charged therewith.

      Miscellaneous. No delay or omission on the part of Sellers in exercising
any right under this Agreement shall operate as a waiver of any other rights of
Sellers, nor shall any delay, omission, or waiver on any one occasion be deemed
a bar to or waiver of any other right on any future occasion. This Agreement
shall be binding upon the Obligor and the Obligor's successors and assigns and
shall inure to the benefit of Sellers and Seller's successors. In the event of
any conflict between the terms of this Agreement and the Purchase Agreement, the
terms of this Agreement, as to the specific term or provision which may be in
conflict, shall be superceding and controlling. Any term or provision of this
Agreement that is invalid or unenforceable under applicable law shall be
ineffective to the extent of such invalidity or enforceability and shall not
affect the validity or enforceability of the remaining terms and provisions of
this Agreement. Any such term or provision shall be construed so as to be valid
and enforceable in any situation or jurisdiction where such validity or
enforceability is permitted. Any such invalid term or provision shall be
enforceable to the fullest extent permitted by applicable law.

      Notices. Obligor waives any right to notice of any action Sellers may take
with respect to the Collateral, except as otherwise required by applicable law.
Notices given under this Agreement shall be given as provided in the Purchase
Agreement. Obligor agrees that notice of foreclosure sale sent at least five
days before the sale, except as otherwise provided by applicable law, provides
Obligor with a reasonable opportunity to exercise its right of redemption of the
Collateral and any other legal rights.

      Governing Law. This Agreement shall be governed by and construed and
interpreted in accordance with the laws of Germany.

                                      III.EXHIBIT A

NEITHER THIS NOTE NOR THE SECURITIES  INTO WHICH THIS NOTE IS  CONVERTIBLE  HAVE
BEEN  REGISTERED  WITH THE SECURITIES AND EXCHANGE  COMMISSION OR THE SECURITIES
COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION  FROM  REGISTRATION  UNDER
THE SECURITIES ACT OF 1933, AS AMENDED, (THE "SECURITIES ACT") AND, ACCORDINGLY,
MAY  NOT BE  OFFERED  OR  SOLD  EXCEPT  PURSUANT  TO AN  EFFECTIVE  REGISTRATION
STATEMENT  UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE  EXEMPTION FROM,
OR IN A  TRANSACTION  NOT  SUBJECT  TO,  THE  REGISTRATION  REQUIREMENTS  OF THE
SECURITIES  ACT AND IN  ACCORDANCE  WITH  APPLICABLE  STATE  SECURITIES  LAWS AS
EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE  TRANSFEROR  TO SUCH EFFECT,  THE
SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY.

                           CONVERTIBLE PROMISSORY NOTE

$2,000,000                                                         May ___, 2005

         FOR VALUE RECEIVED,  the  undersigned,  Biophan  Technologies,  Inc., a
corporation  organized under the laws of the State of Nevada, with its principal
offices at 150 Lucius Gordon Drive,  Suite 215, West  Henrietta,  New York 14586
("Debtor"), hereby promises to pay to Biomed Solutions, LLC, a limited liability
corporation  organized  under  the  laws of the  State  of New  York,  with  its
principal offices 150 Lucius Gordon Drive,  Suite 215, West Henrietta,  New York
14586 ("Creditor"),  the principal sum of two million dollars ($2,000,000.00) or
such lesser  amount as shall have been  advanced  pursuant to the Line of Credit
Agreement,  together with  interest  thereon at a rate of eight percent (8%) per
annum, in lawful money of the United States of America.

            1. Repayment.  The entire amount of principal and interest due under
this Note  shall be payable  within  fifteen  (15)  business  days after  demand
therefor,  which demand may be made at any time after six (6) months has elapsed
from the date of the issuance of this Note. Debtor may prepay all or any part of
this Note at any time  without  premium or  penalty,  provided  that  Debtor has
provided  fifteen (15) days' prior written  notice (the "Notice  Period") of its
intent to prepay and  Creditor  has not  elected  to convert  all or part of the
outstanding obligation prior to the expiration of the Notice Period.

            2.  Interest  Calculations.   Interest  under  this  Note  shall  be
compounded  monthly.  Partial  payments  shall be applied  first to accrued  and
unpaid interest and then to principal.

            3. Events of Default. Upon the occurrence and during the continuance
of any of the  following  events (each of which shall be an "Event of Default"),
Creditor  may declare the  principal  of and interest on this Note to be due and
payable upon thirty (30) days' prior  written  notice,  and the principal of and
interest  on this Note shall,  upon such  declaration,  become due and  payable,
anything in this Note to the contrary notwithstanding:

<PAGE>

            (a)   Debtor fails to pay any  principal of or interest on this Note
                  when due; or

            (b)   Debtor is dissolved or liquidated; or

            (c)   Debtor  makes an  assignment  for the  benefit  of  creditors,
                  commences (as the debtor) a case in  bankruptcy,  or commences
                  (as the debtor) any proceeding under any other insolvency law;
                  or

            (d)   A  case  in  bankruptcy  or any  proceeding  under  any  other
                  insolvency law is commenced against Debtor (as the debtor) and
                  a court having jurisdiction in the premises enters a decree or
                  order for relief  against Debtor as the debtor in such case or
                  proceeding, and such case or proceeding is continued for sixty
                  (60)  days,  or  Debtor  consents  to or admits  the  material
                  allegations against it in any such case or proceeding; or

            (e)   A trustee,  receiver or agent (however  named) is appointed or
                  authorized to take charge of substantially all of the property
                  of Debtor for the  purpose of  enforcing a lien  against  such
                  property or for the purpose of general  administration of such
                  property for the benefit of creditors.

            4.    Conversion.

            (a)   Investment by the Creditor. The entire principal amount of and
                  accrued  interest on this Note may, at the Creditor's  option,
                  be  converted  into shares of the  Debtor's  common stock (the
                  "Note  Shares")  at any time  prior to  payment  in full.  The
                  number of Note Shares to be issued upon such conversion  shall
                  be  equal  to  the  quotient  obtained  by  dividing  (i)  the
                  principal  and interest  amount of this Note that the Creditor
                  desires  to  convert  by (ii) the  Conversion  Price  (defined
                  below),  rounded to the nearest  whole share.  The Note Shares
                  shall bear "piggyback" registration rights as set forth in the
                  Line of Credit Agreement.

            (b)   Conversion  Price.  The Conversion  Price for each Advance (as
                  defined  in the Line of  Credit  Agreement)  shall be equal to
                  ninety  percent (90%) of the average of the closing prices for
                  the twenty (20) trading days prior to the applicable Advance.

            (c)   Mechanics and Effect of  Conversion.  No fractional  shares of
                  the Debtor's  common stock will be issued upon  conversion  of
                  this  Note.  In lieu of any  fractional  share  to  which  the
                  Creditor would  otherwise be entitled,  the Debtor will pay to
                  the Creditor in cash the amount of the  unconverted  principal
                  and  interest  balance  of this Note that would  otherwise  be
                  converted into such fractional  share. Upon conversion of this
                  Note pursuant to this Section 4, the Creditor shall  surrender
                  this  Note,  duly  endorsed,  along  with  written  notice  of
                  Creditor's intent to convert,  at the principal offices of the
                  Debtor or any  transfer  agent of the Debtor.  At its expense,
                  the Debtor will, as soon as practicable thereafter,  issue and
                  deliver  to  such  Creditor,   at  such  principal  office,  a
                  certificate or certificates  for the number of shares to which
                  such Creditor is entitled upon such conversion,  together with
                  other  securities  and  property  to  which  the  Creditor  is
                  entitled  upon such  conversion  under the terms of this Note,
                  including a check payable to the Creditor for any cash amounts
                  payable as described herein. Upon conversion of this Note, the
                  Debtor will be forever  released  from all of its  obligations
                  and liabilities under this Note with regard to that portion of
                  the principal  amount and accrued  interest  being  converted,
                  including,  without  limitation,  the  obligation  to pay such
                  portion of the principal amount and accrued interest.

                                      -2-
<PAGE>

            5. Severability.  The invalidity,  illegality or unenforceability of
any provision of this Note shall not render  invalid,  illegal or  unenforceable
any other provision hereof.

            6. No  Waiver  of  Remedies.  No  failure  or  delay  on the part of
Creditor in the  exercise of any power or right in this Note shall  operate as a
waiver  thereof,  and no exercise or waiver of any single power or right, or the
partial exercise thereof, shall affect Creditor's rights with respect to any and
all other rights and powers.

            7. Maximum  Interest.  This Note is subject to the express condition
that at no time shall  Debtor be  obligated  or required to pay  interest on the
unpaid  principal  balance  due  hereunder  at a rate  which is in excess of the
maximum  interest rate permitted  under  applicable law. If by the terms of this
Note,  Debtor is at any time required or obligated to pay interest on the unpaid
principal  balance due hereunder at a rate in excess of such maximum rate,  then
for such time as the rate of interest under this Note would be deemed excessive,
its application  shall be suspended and there shall be charged instead  interest
at such maximum rate.

            8.  Notices.  Any and all  notices  to be  delivered  in  connection
herewith  shall be in  writing  and  shall be deemed  given  when  delivered  if
delivered personally,  ten days after being sent if properly sent by airmail, or
three days after  being sent if  properly  sent by  recognized  express  courier
service guaranteeing  delivery during such period, in each case addressed to the
other party at the  address  set forth above or such other  address as any party
may furnish by notice to the other as herein provided.

            9.  Successors and Assigns.  This Note shall inure to the benefit of
Creditor,  any holder of this Note and their respective successors and permitted
assigns.  Whenever  Debtor  or  Creditor  is  referred  to in  this  Note,  such
references  shall be deemed  references to its successors and permitted  assigns
and, in the case of Creditor,  any other holder of this Note.  Neither party may
assign  its rights or  obligations  under this Note  without  the prior  written
consent of the other party.

            10.  Headings and Captions.  Any headings or captions  preceding the
text of the separate  sections  hereof are intended  solely for  convenience  of
reference  and shall not  constitute a part of this Note,  nor shall they affect
its meaning, construction or effect.

                                      -3-
<PAGE>

            11.  Governing Law;  Jurisdiction.  This Note shall be construed and
interpreted  in  accordance  with the laws of New York without  reference to New
York's  choice of law rules.  Debtor and Creditor  agree that any  litigation in
connection  with this Note shall be commenced  and conducted by any of them only
in New York in the  County  of  Monroe,  or in the  U.S.  District  Court  whose
jurisdiction   includes   such  county,   which  courts  shall  have   exclusive
jurisdiction thereof. Debtor and Creditor submit to the venue of such courts and
agree  that  service of process  upon them  shall be valid if  delivered  to the
applicable address specified herein.

                                    BIOPHAN TECHNOLOGIES, INC.

                                    By:
                                       -----------------------------------------
                                              Guenter Jaensch, Chairman

                                      -4-

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