Biomagnetics Diagnostics to accelerate development of assay test cartridge for malaria, HIV/AIDS, hepatitis and TB

Feb 11 2010

Biomagnetics Diagnostics Corp. (Pink Sheets:BMGP), a developer of revolutionary diagnostic systems and technology for malaria, HIV/AIDS, hepatitis, tuberculosis and detection, announced today the implementation of a program to accelerate the availability of the world's first Integrated Optical BioSensor (IOBS) platform. The Company is currently reviewing research and manufacturing partnerships to develop simple to replicate bench top versions of the IOBS platform on which single pathogen or multiple pathogen testing assay cartridges can be developed. This strategy is expected to significantly accelerate the availability of this life and cost saving technology.

“It is important for us to accelerate assay test cartridge development as we are currently scheduling our malaria clinical trial with one of the most prestigious malaria research institutions in India with additional trials being organized in Kenya and Mexico”

The Company’s initial strategy was to fully produce the handheld version of the IOBS platform and to then use that platform to develop all of the many different types of pathogen testing assay cartridges. By taking a slightly different direction and developing desktop versions of the IOBS platform, which can be produced more quickly, the Company will be able to develop the single test assay cartridges for malaria, cholera, human tuberculosis, bovine tuberculosis and HIV/AIDS in parallel to the production of the handheld units. This approach will significantly reduce time-to-market and make this important technology available to the world much sooner and will allow the corporation to accelerate its revenue growth rate.

“It is important for us to accelerate assay test cartridge development as we are currently scheduling our malaria clinical trial with one of the most prestigious malaria research institutions in India with additional trials being organized in Kenya and Mexico,” commented Clayton Hardman, CEO of Biomagnetics Diagnostics Corp. “We are very anxious to begin demonstrating this technology in real world settings as we believe we will be able to lower the cost of malaria, tuberculosis, cholera and HIV/AIDS testing to unprecedented levels while at the same time reducing the time it takes to receive results from days or hours to a matter of a few minutes. While we believe the production of this device will yield significant returns for our shareholders, and this is clearly an important priority, we have never lost sight of the fact that there are tens of thousands of lives we may be able to save through our important endeavors in this area.”