Press Release: Biomagnetics Diagnostics Corp. Releases Third CEO Video Interview

Company Discusses 2010 Business Development Progress and Strong Revenue Outlook for 2011

SAN FRANCISCO-- May 26, 2010 (BUSINESS WIRE)--Biomagnetics Diagnostics Corp., (PINK SHEETS: BMGP) a developer of revolutionary diagnostic systems and technology for HIV, hepatitis, tuberculosis and malaria detection, announced today that the Company has released its third video interview in a new series of video taped interviews with CEO Clayton Hardman. In the video series, Mr. Hardman discusses the development, distribution and very large global market opportunity facing the Company’s patented handheld Integrated Optical Biosensor (IOBS) technology, which was recently licensed under an agreement with Los Alamos National Security LLC.

In the video,which can be viewed at http://vimeo.com/11936261, Mr. Hardman outlines the swift and substantial progress the Company is making toward clinical trials, approval and distribution, beginning first in India and extending to Mexico, Africa and China in addition to other global regions. The Company is currently working with senior scientists from Los Alamos National Security, one of the world’s premiere research labs, that provides access to some of the most technologically advanced and exciting biosensor technology in existence. We have scheduled a June 2010 trip to India with a Los Alamos scientist to establish clinical trial criteria for its IOBS technology leading to commercialization of the world’s first handheld unit. An important breakthrough in the global testing market given the wide reaching nature of many illnesses beyond the convenience of a traditional laboratory environment.

In this third video, Mr. Hardman also discusses the progress Biomagnetics is making toward configuring the device to test for specific, prevalent global diseases. Overall, by the end of the year, the Company expects the IOBS to be validated and field deployed into the market place. In the following year, 2011, according to this timetable, the Company anticipates generating meaningful revenues of no less than $20 million. Finally, CEO Clayton Hardman also outlines his expectations for widespread market adoption given the economic incentives and significant cost savings presented by the IOBS’s superior technology, which can result in substantial cost savings over alternative diagnostics available in the market place today.

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