About Biomagnetics Diagnostics Corporation
Biomagnetics Diagnostics Corporation (OTC: BMGP) through its wholly owned subsidiary, Biospectrum Technologies holds patented technologies that can potentially revolutionize the stem cell, genetic engineering and biotechnology industries.
BMGP is developing a portfolio of patented technologies covering a wide range of bacterial and viral assays for use with the Company's diagnostics systems. The Company was issued two patents relating to Systems and Methods for Biochemical Assay in 2003 and 2006, which allowed BMGP to protect its current technology and product offering and pave the way for a broad spectrum of applications in both testing and diagnosis. BMGP has also filed a third patent for a new diagnostic system designed for multi-analytic testing for blood banks (System and Method for Detecting Specific Binding Reactions Using Magnetic Label).
The first product being readied for market is the High Throughput Screening - Magnetic Testing Platform (HTS-MTP). This diagnostic equipment is designed to detect the target virus by measuring and defining a single paramagnetic microsphere attached to each virus molecule in a fraction of the time and cost of existing immuno assays.
It is important to note that the HTS-MTP is designed to detect both bacterial and viral pathogens as well as drugs of abuse using a medium of blood, serum, saliva, urine, hormonal or even spinal fluid. This is accomplished through the use of proprietary electronics, and chemistry which include specially designed sensors, which will detect paramagnetic-microspheres coated with specific antibodies, and will bind to any antigen (or other specified target) within the sample. Specific software programs will be designed for each type of pathogenic assay.
Additionally, no current screening, or confirmatory tests, have the ability to measure viral load; a critical measurement in developing drugs and vaccines and determining the effectiveness of health care treatments. The HTS-MTP is designed to detect the virus and count the viral load in a matter of minutes, and has the capabilities of screening many more assays per hour, at a fraction of the cost of current technology. This will revolutionize the diagnostics industry and be of significant importance to blood banks around the world.
Company management has identified certain immediacy in the Latin American and Asian markets. Therefore, initial Company efforts will focus upon conducting clinical trials and product registrations, not just in the United States but in Mexico, Thailand, China and Sweden (Sweden will register our products throughout Europe) as well.Upon completion of clinical trials in Latin America and Asia, the company will initiate a 510K registration with the U.S. Food and Drug Administration (F.D.A). In 2002, HIV diagnostics tests conducted in the US were 22.158 million and in 2002, Hepatitis B diagnostic tests in the US is estimated at 31 million.