BMGP receives BIOTECH Development Partners offer to commercialize optical biosensor

Mar 9 2011

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 with 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.