Press Release: Source Biomagnetics Diagnostics Corporation

Biomagnetics Signs Contract With Los Alamos National Security Monday Nov 30, 10:00 am ET

SAN FRANCISCO--(BUSINESS WIRE)--Biomagnetics Diagnostics Corp. (PINK SHEETS:BMGP), a developer of revolutionary diagnostic systems and technology for HIV, hepatitis, tuberculosis and malaria detection, today announced the Company has finalized a "Patent License Agreement with Los Alamos National Security." Under the agreement, Biomagnetics will have access to the Triggered Optical Biosensor and Integrated Optical Biosensor System (IBOS) technology, developed at Los Alamos National Laboratory.

IOBS are a relatively new classification of pathogen detection equipment that use advanced fiber optic-based technology to detect a wide variety of human and animal pathogens. These devices are specifically designed to be field deployable and ultra-portable, allowing for the rapid detection of various viral and bacterial pathogens by relatively untrained personnel outside of the laboratory setting.

“We are very excited to have completed this agreement with Los Alamos National Security, which gives us access to some of the most technologically advanced and exciting biosensor technology in existence. The Integrated Optical Biosensor (IBOS) we plan to introduce into the marketplace, the technology developed at Los Alamos National Laboratory, is truly revolutionary. Additionally, the platform was specifically designed to be operated by personnel with only minimal training. These features make IBOS the perfect platform for field and point of care testing for the diagnosis of HIV/AIDS, hepatitis, malaria, cholera and potentially dozens of other diseases that kill millions of people each year. We look forward to working with the lab personnel on this and other endeavors.”

According to the World Health Organization, some 3.2 billion people, or about half of the world's population is at risk for malaria transmission in 107 countries and territories worldwide. While there are between 350 million and 500 million new cases of malaria each year, there are very few reliable and field deployable diagnostic tools available. In the case of malaria, early detection substantially improves treatability and survivability. TB (tuberculosis) is the second leading cause of death from infectious disease worldwide. Bovine TB is a growing problem throughout the world with an estimated 1.3 billion cattle at risk. In the United States, where the cattle industry is valued at $60 billion annually, the use of existing diagnostic tests currently adds $5.00 to $15.00 on average per head to the cattle industry's costs. Field deployable, integrated optical biosensor systems hold the promise of significantly speeding the diagnostic testing process and meaningfully lower costs.

About BioMag Corporation

Biomag Corporation, through its wholly owned subsidiary, Biospectrum Technologies, Inc., a company that has designed and patented revolutionary diagnostic equipment and immunoassays, will identify market inadequacies and fill those needs with new technologies and highly specific and sensitive assays that are qualitative, (yes/no) and quantitative (viral load/degree of infection), easily performed and cost effective.

Contact: Biomagnetics Diagnostics, Corp
Joe Noel, 925-922-2560