Press Release: Biomagnetics Diagnostics Corp.

Biomagnetics and Los Alamos National Laboratory Agreement Produce Validated Assay for Tuberculosis Biomarker – Company Prepares for Deliveries

SAN FRANCISCO-- April 20, 2011 (BUSINESS WIRE)--Biomagnetics Diagnostics Corp., (PINK SHEETS: BMGP - News)a developer of revolutionary diagnostic systems and related technology for detecting HIV, hepatitis, tuberculosis, cholera and malaria, and other innovative technologies, today announced it has now completed a series of payments to Los Alamos National Laboratory (LANL) pursuant to the cooperative research and development agreement (CRADA) executed in 2010 between the two organizations.

To date for the CRADA, LANL has constructed a new bench-top type waveguide based biosensor system, developed a validated assay for a Tuberculosis biomarker, evaluated multiple assays developed using the bench top system specifically built for Biomagnetics, and is working on re-optimizing the proximity based assay for the cholera toxin on the newly constructed system.

Clayton Hardman, CEO of Biomagnetics Diagnostics Corp. states, “With 100% of our financial commitment under the cooperative research and development agreement now behind us, we are preparing to begin accepting deliverables from LANL which will continue through the middle of this year. We are particularly excited about the tuberculosis related deliverables as we believe a validated tuberculosis diagnostics assay holds tremendous commercial potential. We look forward to further validating the TB biomarker assay in a clinical setting in the near future.”

 

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.

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