An implantable medical device that contains two coating layers disposed above at least one of its surfaces. The first coating layer contains a biologically active material; and the second coating layer contains a polymeric material and nanomagnetic material disposed on the first coating layer; the second coating layer is substantially free of the biologically active material. The nanomagnetic material has a saturation magnetization of from about 2 to about 3000 electromagnetic units per cubic centimeter, and it contains nanomagnetic particles with an average particle size of less than about 100 nanometers; the average coherence length between adjacent nanomagnetic particles is less than 100 nanometers.