Biomagnetics To Begin Engineering Phase of Biosensor Development

SAN FRANCISCO-- March 08, 2011 (BUSINESS WIRE)--Biomagnetics Diagnostics Corp., (PINK SHEETS: BMGP)a developer of revolutionary diagnostic systems and technology for HIV, hepatitis, tuberculosis and malaria detection, and other innovative technologies, today announced it has received an offer for funding from a biotech-oriented investment group called BIOTECH Development Partners, LLC. The funds invested by this experienced group of biotech and technology investors will allow the Company to continue its commercialization of the world’s first integrated optical biosensor, which is being developed in conjunction Los Alamos National Laboratory.

“We are impressed with this group’s experience in the biotechnology marketplace. The members of this group have funded dozens of similar companies and have an impressive track record, commented Clayton Hardman, CEO of Biomagnetics. “With this group we are not only receiving strong financial backing, but will also be able to leverage talent from licensing technology to branding products. The initial investment in Biomagnetics will be from $200,000 to $300,000 with an option to invest up to $10.8 million. We are very excited to have BIOTECH Development Group on the Biomagnetics Diagnostics team. We believe the optical biosensor for disease diagnostics is a potential game changer within the diagnostics industry and are excited by be working on a technology that holds the promise of saving millions of lives around the world.”

BIOTECH Development Partners is an investment fund concentrating on the funding of early stage public biotech, medical diagnostic, medical information technology and selected other technology sector companies.

 

About Biomagnetics Diagnostics Corp.

Biomagnetics Diagnostics Corporation is an advanced medical device and biotechnology company. The Company’s revolutionary diagnostic systems, which are based on advanced magnetics, test for any viral or bacterial disease using any body fluid. The Company's technology allows laboratories to perform far more tests in the same amount of time it takes to do a single test. The HTS-MTP platform is designed to detect the actual virus and viral load in body fluids and not just simply screen for the presence of viral antibodies. More information on Biomagnetics Diagnostics Corp. can be seen at www.BiomagneticsBMGP.com.

Contacts:
Paul Hardman, (916) 987-7078
Biomagnetics Diagnostics Corp.