Document:

Exhibit 4.2

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

$5,000,000                                                      January 24, 2006

      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 five million dollars ($5,000,000.00) 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 eighteen (18) 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:

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

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                                      -2-

            (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 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 $1.46.

            (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.

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                                      -3-

            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.

            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.

<PAGE>
                                      -4-

                               BIOPHAN TECHNOLOGIES, INC.

                               By: /s/ Darryl Canfield
                                   ---------------------------------------------
                               Name:  Darryl Canfield
                               Title: Vice President and Chief Financial OfficerExhibit 4.3

NEITHER THIS WARRANT NOR THE SHARES ISSUABLE UPON EXERCISE HEREOF HAVE BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT")
OR ANY OTHER APPLICABLE STATE SECURITIES LAWS. NEITHER THIS WARRANT NOR THE
SHARES ISSUABLE UPON EXERCISE HEREOF MAY BE SOLD, PLEDGED, TRANSFERRED,
ENCUMBERED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT UNDER THE SECURITIES ACT OR IN A TRANSACTION WHICH IS EXEMPT FROM
REGISTRATION UNDER THE PROVISIONS OF THE SECURITIES ACT OR ANY APPLICABLE STATE
LAWS. THIS WARRANT MAY NOT BE EXERCISED BY OR ON BEHALF OF A UNITED STATES
PERSON UNLESS REGISTERED UNDER THE SECURITIES ACT OR AN EXEMPTION FROM SUCH
REGISTRATION IS AVAILABLE.

                             STOCK PURCHASE WARRANT

              To Purchase up to 1,198,630 Shares of Common Stock of

                           BIOPHAN TECHNOLOGIES, INC.

      THIS CERTIFIES that, for value received, Biomed Solutions, LLC and its
assigns (the "Holder") is entitled, upon the terms and subject to the
limitations on exercise and the conditions hereinafter set forth, at any time
during the Exercise Period (as hereinafter defined), at the Exercise Price (as
hereinafter defined), to subscribe for and purchase from Biophan Technologies,
Inc., a corporation incorporated in the State of Nevada (the "Company"), up to
1,198,630 shares (the "Warrant Shares") of Common Stock, $.005 par value, of the
Company (the "Common Stock"). The Exercise Price and the number of shares for
which the Warrant is exercisable shall be subject to adjustment as provided
herein. In the event of any conflict between the terms of this Warrant and the
Line of Credit Agreement dated as of January 24, 2006 (the "Agreement") pursuant
to which this Warrant has been issued, the Agreement shall control. Capitalized
terms used and not otherwise defined herein shall have the meanings ascribed to
such terms in the Agreement.

      1. Exercise Period. Subject to vesting as described in Section 5 of the
Agreement, this Warrant shall be exercisable commencing on the date hereof and
terminating at 5:00 p.m. New York time on January 23, 2011 (the "Exercise
Period").

      2. Exercise Price. The per share price at which this Warrant may be
exercised is $1.89 (the "Exercise Price").

      3. Title to Warrant. During the Exercise Period and subject to compliance
with applicable laws, this Warrant and all rights hereunder are transferable, in
whole or in part, at the office or agency of the Company by the holder hereof in
person or by duly authorized attorney, upon surrender of this Warrant together
with the Assignment Form annexed hereto properly endorsed.

      4. Authorization of Shares. The Company covenants that all shares of
Common Stock which may be issued upon the exercise of the purchase rights
represented by this Warrant will, upon exercise of the purchase rights
represented by this Warrant, be duly authorized, validly issued, fully paid and
nonassessable and free from all taxes, liens and charges in respect of the issue
thereof (other than taxes in respect of any transfer occurring contemporaneously
with such issue).
<PAGE>

      5. Registration Rights. The Warrant Shares shall be registered under the
Securities Act, to the extent provided in the Agreement of even date herewith,
by and between the Company and the Holder of this Warrant.

      6. Exercise of Warrant.

            (a) Except as otherwise provided herein, and subject to vesting as
set forth in Section 5 of the Agreement, exercise of the purchase rights
represented by this Warrant may be made at any time or times during the Exercise
Period, by the surrender of this Warrant and the Notice of Exercise Form annexed
hereto duly executed, at the office of the Company (or such other office or
agency of the Company as it may designate by notice in writing to the registered
holder hereof at the address of such holder appearing on the books of the
Company) and upon payment of the Exercise Price of the shares thereby purchased
by wire transfer or cashier's check drawn on a United States bank, the holder of
this Warrant shall be entitled to receive a certificate for the number of shares
of Common Stock so purchased. Certificates for shares purchased hereunder shall
be delivered to the holder hereof within five Trading Days after the date on
which this Warrant shall have been exercised as aforesaid. This Warrant shall be
deemed to have been exercised and such certificate or certificates shall be
deemed to have been issued, and Holder or any other person so designated to be
named therein shall be deemed to have become a holder of record of such shares
for all purposes, as of the date the Warrant has been exercised by payment to
the Company of the Exercise Price and all taxes required to be paid by Holder,
if any, pursuant to Section 8 prior to the issuance of such shares, have been
paid.

            (b) If this Warrant shall have been exercised in part, the Company
shall, at the time of delivery of the certificate or certificates representing
Warrant Shares, deliver to Holder a new Warrant evidencing the rights of Holder
to purchase the unpurchased shares of Common Stock called for by this Warrant,
which new Warrant shall in all other respects be identical with this Warrant.

      7. No Fractional Shares or Scrip. No fractional shares or scrip
representing fractional shares shall be issued upon the exercise of this
Warrant. As to any fraction of a share that Holder would otherwise be entitled
to purchase upon such exercise, the Company shall pay a cash adjustment in
respect of such final fraction in an amount equal to such fraction multiplied by
the Exercise Price.

      8. Charges, Taxes and Expenses. Issuance of certificates for shares of
Common Stock upon the exercise of this Warrant shall be made without charge to
the holder hereof for any issue or transfer tax or other incidental expense in
respect of the issuance of such certificate, all of which taxes and expenses
shall be paid by the Company, and such certificates shall be issued in the name
of the holder of this Warrant or in such name or names as may be directed by the
holder of this Warrant; provided, however, that in the event certificates for
shares of Common Stock are to be issued in a name other than the name of the
holder of this Warrant, this Warrant when surrendered for exercise shall be
accompanied by the Assignment Form attached hereto duly executed by the holder
hereof; and the Company may require, as a condition thereto, the payment of a
sum sufficient to reimburse it for any transfer tax incidental thereto.

                                        2
<PAGE>

      9. Closing of Books. The Company will not close its stockholder books or
records in any manner which prevents the timely exercise of this Warrant.

      10. Transfer, Division and Combination.

            (a) Subject to compliance with any applicable securities laws,
transfer of this Warrant and all rights hereunder, in whole or in part, shall be
registered on the books of the Company to be maintained for such purpose, upon
surrender of this Warrant at the principal office of the Company, together with
a written assignment of this Warrant substantially in the form attached hereto
duly executed by Holder or its agent or attorney and funds sufficient to pay any
transfer taxes payable upon the making of such transfer. In the event that the
Holder wishes to transfer a portion of this Warrant, the Holder shall transfer
at least 50,000 shares underlying this Warrant to any such transferee. Upon such
surrender and, if required, such payment, the Company shall execute and deliver
a new Warrant or Warrants in the name of the assignee or assignees and in the
denomination or denominations specified in such instrument of assignment, and
shall issue to the assignor a new Warrant evidencing the portion of this Warrant
not so assigned, and this Warrant shall promptly be cancelled. A Warrant, if
properly assigned, may be exercised by a new holder for the purchase of shares
of Common Stock without having a new Warrant issued.

            (b) This Warrant may be divided or combined with other Warrants upon
presentation hereof at the aforesaid office of the Company, together with a
written notice specifying the names and denominations in which new Warrants are
to be issued, signed by Holder or its agent or attorney. Subject to compliance
with Section 10(a), as to any transfer which may be involved in such division or
combination, the Company shall execute and deliver a new Warrant or Warrants in
exchange for the Warrant or Warrants to be divided or combined in accordance
with such notice.

            (c) The Company shall prepare, issue and deliver at its own expense
(other than transfer taxes) the new Warrant or Warrants under this Section 10.

            (d) The Company agrees to maintain, at its aforesaid office, books
for the registration and the registration of transfer of the Warrants.

      11. No Rights as Shareholder until Exercise. This Warrant does not entitle
the holder hereof to any voting rights or other rights as a shareholder of the
Company prior to the exercise hereof. Upon the surrender of this Warrant and the
payment of the aggregate Exercise Price, the Warrant Shares so purchased shall
be and be deemed to be issued to such holder as the record owner of such shares
as of the close of business on the later of the date of such surrender or
payment.

      12. Loss, Theft, Destruction or Mutilation of Warrant. The Company
covenants that upon receipt by the Company of evidence reasonably satisfactory
to it of the loss, theft, destruction or mutilation of this Warrant certificate
or any stock certificate relating to the Warrant Shares, and in case of loss,
theft or destruction, of indemnity or security reasonably satisfactory to it
(which may include the posting of any bond), and upon surrender and cancellation
of such Warrant or stock certificate, if mutilated, the Company will make and
deliver a new Warrant or stock certificate of like tenor and dated as of such
cancellation, in lieu of such Warrant or stock certificate.

                                        3
<PAGE>

      13. Saturdays, Sundays, Holidays, etc. If the last or appointed day for
the taking of any action or the expiration of any right required or granted
herein shall be a Saturday, Sunday or a legal holiday, then such action may be
taken or such right may be exercised on the next succeeding day not a Saturday,
Sunday or legal holiday.

      14. Adjustments of Exercise Price and Number of Warrant Shares. The number
and kind of securities purchasable upon the exercise of this Warrant and the
Exercise Price shall be subject to adjustment from time to time upon the
happening of any of the following. In case the Company shall (a) pay a dividend
in shares of Common Stock or make a distribution in shares of Common Stock to
holders of its outstanding Common Stock, (b) subdivide its outstanding shares of
Common Stock into a greater number of shares of Common Stock, (c) combine its
outstanding shares of Common Stock into a smaller number of shares of Common
Stock, or (d) issue any shares of its capital stock in a reclassification of the
Common Stock, then the number of Warrant Shares purchasable upon exercise of
this Warrant immediately prior thereto shall be adjusted so that the holder of
this Warrant shall be entitled to receive the kind and number of Warrant Shares
or other securities of the Company which he would have owned or have been
entitled to receive had such Warrant been exercised in advance thereof. Upon
each such adjustment of the kind and number of Warrant Shares or other
securities of the Company which are purchasable hereunder, the holder of this
Warrant shall thereafter be entitled to purchase the number of Warrant Shares or
other securities resulting from such adjustment at an Exercise Price per Warrant
Share or other security obtained by multiplying the Exercise Price in effect
immediately prior to such adjustment by the number of Warrant Shares purchasable
pursuant hereto immediately prior to such adjustment and dividing by the number
of Warrant Shares or other securities of the Company resulting from such
adjustment. An adjustment made pursuant to this paragraph shall become effective
immediately after the effective date of such event retroactive to the record
date, if any, for such event.

      15. Reorganization, Reclassification, Merger, Consolidation or Disposition
of Assets. In case the Company shall reorganize its capital, reclassify its
capital stock, consolidate or merge with or into another corporation (where the
Company is not the surviving corporation or where there is a change in or
distribution with respect to the Common Stock of the Company), or sell, transfer
or otherwise dispose of all or substantially all its property, assets or
business to another corporation and, pursuant to the terms of such
reorganization, reclassification, merger, consolidation or disposition of
assets, shares of common stock of the successor or acquiring corporation, or any
cash, shares of stock or other securities or property of any nature whatsoever
(including warrants or other subscription or purchase rights) in addition to or
in lieu of common stock of the successor or acquiring corporation ("Other
Property"), are to be received by or distributed to the holders of Common Stock
of the Company, then Holder shall have the right thereafter to receive, upon
exercise of this Warrant, the number of shares of common stock of the successor
or acquiring corporation or of the Company, if it is the surviving corporation,
and Other Property receivable upon or as a result of such reorganization,
reclassification, merger, consolidation or disposition of assets by a holder of
the number of shares of Common Stock for which this Warrant is exercisable
immediately prior to such event. In case of any such reorganization,
reclassification, merger, consolidation or disposition of assets, the successor
or acquiring corporation (if other than the Company) shall expressly assume the
due and punctual observance and performance of each and every covenant and
condition of this Warrant to be performed and observed by the Company and all
the obligations and liabilities hereunder, subject to such modifications as may
be deemed appropriate (as determined in good faith by resolution of the Board of
Directors of the Company) in order to provide for adjustments of shares of
Common Stock for which this Warrant is exercisable which shall be as nearly
equivalent as practicable to the adjustments provided for in this Section 15.
For purposes of this Section 15, "common stock of the successor or acquiring
corporation" shall include stock of such corporation of any class which is not
preferred as to dividends or assets over any other class of stock of such
corporation and which is not subject to redemption and shall also include any
evidences of indebtedness, shares of stock or other securities which are
convertible into or exchangeable for any such stock, either immediately or upon
the arrival of a specified date or the happening of a specified event and any
warrants or other rights to subscribe for or purchase any such stock. The
foregoing provisions of this Section 15 shall similarly apply to successive
reorganizations, reclassifications, mergers, consolidations or disposition of
assets.

                                       4
<PAGE>

      16. Notice of Adjustment. Whenever the number of Warrant Shares or number
or kind of securities or other property purchasable upon the exercise of this
Warrant or the Exercise Price is adjusted, as herein provided, the Company shall
promptly mail by registered or certified mail, return receipt requested, to the
holder of this Warrant notice of such adjustment or adjustments setting forth
the number of Warrant Shares (and other securities or property) purchasable upon
the exercise of this Warrant and the Exercise Price of such Warrant Shares (and
other securities or property) after such adjustment, setting forth a brief
statement of the facts requiring such adjustment and setting forth the
computation by which such adjustment was made. Such notice, in the absence of
manifest error, shall be conclusive evidence of the correctness of such
adjustment.

      17. Notice of Corporate Action. If at any time:

            (a) the Company shall take a record of the holders of its Common
Stock for the purpose of entitling them to receive a dividend or other
distribution, or any right to subscribe for or purchase any evidences of its
indebtedness, any shares of stock of any class or any other securities or
property, or to receive any other right, or

            (b) there shall be any capital reorganization of the Company, any
reclassification or recapitalization of the capital stock of the Company or any
consolidation or merger of the Company with, or any sale, transfer or other
disposition of all or substantially all the property, assets or business of the
Company to, another corporation or,

            (c) there shall be a voluntary or involuntary dissolution,
liquidation or winding up of the Company;

then, in any one or more of such cases, the Company shall give to Holder (i) at
least 10 days' prior written notice of the date on which a record date shall be
selected for such dividend, distribution or right and (ii) in the case of any
such reorganization, reclassification, merger, consolidation, sale, transfer,
disposition, dissolution, liquidation or winding up, at least 10 days' prior
written notice of the date when the same shall take place. Such notice in
accordance with the foregoing clause also shall specify (A) the date on which
any such record is to be taken for the purpose of such dividend, distribution or
right, the date on which the holders of Common Stock shall be entitled to any
such dividend, distribution or right, and the amount and character thereof, and
(B) the date on which any such reorganization, reclassification, merger,
consolidation, sale, transfer, disposition, dissolution, liquidation or winding
up is to take place and the time, if any such time is to be fixed, as of which
the holders of Common Stock shall be entitled to exchange their shares of Common
Stock for securities or other property deliverable upon such disposition,
dissolution, liquidation or winding up. Each such written notice shall be
sufficiently given if addressed to Holder at the last address of Holder
appearing on the books of the Company and delivered in accordance with Section
19(d).

                                       5
<PAGE>

      18. Authorized Shares.

            (a) The Company covenants that during the period the Warrant is
outstanding, it will reserve from its authorized and unissued Common Stock a
sufficient number of shares to provide for the issuance of the Warrant Shares
upon the exercise of any purchase rights under this Warrant. The Company further
covenants that its issuance of this Warrant shall constitute full authority to
its officers who are charged with the duty of executing stock certificates to
execute and issue the necessary certificates for the Warrant Shares upon the
exercise of the purchase rights under this Warrant. The Company will take all
such reasonable action as may be necessary to assure that such Warrant Shares
may be issued as provided herein without violation of any applicable law or
regulation, or of any requirements of the Principal Market upon which the Common
Stock may be listed.

            (b) The Company shall not by any action, including, without
limitation, amending its articles of incorporation or through any
reorganization, transfer of assets, consolidation, merger, dissolution, issue or
sale of securities or any other voluntary action, avoid or seek to avoid the
observance or performance of any of the terms of this Warrant, but will at all
times in good faith assist in the carrying out of all such terms and in the
taking of all such actions as may be necessary or appropriate to protect the
rights of Holder against impairment. Without limiting the generality of the
foregoing, the Company will (i) not increase the par value of any shares of
Common Stock receivable upon the exercise of this Warrant above the amount
payable therefor upon such exercise immediately prior to such increase in par
value, (ii) take all such action as may be necessary or appropriate in order
that the Company may validly and legally issue fully paid and nonassessable
shares of Common Stock upon the exercise of this Warrant, and (iii) use
commercially reasonable efforts to obtain all such authorizations, exemptions or
consents from any public regulatory body having jurisdiction thereof as may be
necessary to enable the Company to perform its obligations under this Warrant.

            (c) Before taking any action which would result in an adjustment in
the number of shares of Common Stock for which this Warrant is exercisable or in
the Exercise Price, the Company shall obtain all such authorizations or
exemptions thereof, or consents thereto, as may be necessary from any public
regulatory body or bodies having jurisdiction thereof.

                                       6
<PAGE>

      19. Miscellaneous.

            (a) Jurisdiction. This Warrant shall be binding upon any successors
or assigns of the Company. This Warrant shall constitute a contract under the
laws of New York, without regard to its conflict of law, principles or rules,
and be subject to arbitration pursuant to the terms set forth in the Agreement.

            (b) Restrictions. The holder hereof acknowledges that the Warrant
Shares acquired upon the exercise of this Warrant, if not registered, will have
restrictions upon resale imposed by state and federal securities laws.

            (c) Nonwaiver. No course of dealing or any delay or failure to
exercise any right hereunder on the part of Holder shall operate as a waiver of
such right or otherwise prejudice Holder's rights, powers or remedies,
notwithstanding all rights hereunder terminate on the Termination Date.

            (d) Notices. Any notice, request or other document required or
permitted to be given or delivered to the holder hereof by the Company shall be
delivered in accordance with the notice provisions of the Agreement.

            (e) Limitation of Liability. No provision hereof, in the absence of
affirmative action by Holder to purchase shares of Common Stock, and no
enumeration herein of the rights or privileges of Holder hereof, shall give rise
to any liability of Holder for the purchase price of any Common Stock or as a
stockholder of the Company, whether such liability is asserted by the Company or
by creditors of the Company.

            (f) Remedies. Holder, in addition to being entitled to exercise all
rights granted by law, including recovery of damages, will be entitled to
specific performance of its rights under this Warrant.

            (g) Successors and Assigns. Subject to applicable securities laws,
this Warrant and the rights and obligations evidenced hereby shall inure to the
benefit of and be binding upon the successors of the Company and the successors
and permitted assigns of Holder. The provisions of this Warrant are intended to
be for the benefit of all Holders from time to time of this Warrant and shall be
enforceable by any such Holder or holder of Warrant Shares.

            (h) Amendment. This Warrant may be modified or amended or the
provisions hereof waived with the written consent of the Company and the Holder.

            (i) Severability. Wherever possible, each provision of this Warrant
shall be interpreted in such manner as to be effective and valid under
applicable law, but if any provision of this Warrant shall be prohibited by or
invalid under applicable law, such provision shall be ineffective to the extent
of such prohibition or invalidity, without invalidating the remainder of such
provisions or the remaining provisions of this Warrant.

            (j) Headings. The headings used in this Warrant are for the
convenience of reference only and shall not, for any purpose, be deemed a part
of this Warrant.

                                       7
<PAGE>

      IN WITNESS WHEREOF, the Company has caused this Warrant to be executed by
its officer thereunto duly authorized.

Dated: January 24, 2006

                               BIOPHAN TECHNOLOGIES, INC.

                               By: /s/ Darryl Canfield
                                   ---------------------------------------------
                               Name:  Darryl Canfield
                               Title: Vice President and Chief Financial Officer

                                       8
<PAGE>

                               NOTICE OF EXERCISE

To:   Biophan Technologies, Inc.
      150 Lucius Gordon Drive, Suite 215
      West Henrietta, New York 14586

      (1) The undersigned hereby elects to purchase ________ shares of Common
Stock (the "Common Stock") of Biophan Technologies, Inc. pursuant to the terms
of the attached Warrant, and tenders herewith payment of the exercise price in
full, together with all applicable transfer taxes, if any.

      (2) Please issue a certificate or certificates representing said shares of
Common Stock in the name of the undersigned or in such other name as is
specified below:

            ____________________________________________
            (Name)

            ____________________________________________
            (Address)

            ____________________________________________

Dated:

                                    ____________________________________________
                                    Signature

<PAGE>

                                 ASSIGNMENT FORM

                    (To assign the foregoing warrant, execute
                   this form and supply required information.
                 Do not use this form to exercise the warrant.)

      FOR VALUE RECEIVED, the foregoing Warrant and all rights evidenced thereby
are hereby assigned to

______________________________________________________ whose address is

_____________________________________________________________________________.

_____________________________________________________________________________

                                                 Dated:  ______________, _______

                             Holder's Signature: _______________________________

                             Holder's Address:   _______________________________

                                                 _______________________________

Signature Guaranteed: ____________________________________________

NOTE: The signature to this Assignment Form must correspond with the name as it
appears on the face of the Warrant, without alteration or enlargement or any
change whatsoever, and must be guaranteed by a bank or trust company. Officers
of corporations and those acting in a fiduciary or other representative capacity
should file proper evidence of authority to assign the foregoing Warrant.

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