Los Alamos National Lab, Biomagnetics to develop and commercialize IOBS system

Mar 30 2011

Biomagnetics Diagnostics Corp., (PINK SHEETS:BMGP) a developer of revolutionary diagnostic systems and technology for HIV, hepatitis, tuberculosis, cholera and malaria detection, and other innovative technologies, today announced further details in next steps to be taken toward full commercialization of the Company's flagship Integrated Optical Biosensor (IOBS) diagnostic system. Biomagnetics is currently in collaboration with Los Alamos National Laboratory to develop the world's first integrated optical biosensor in a portable, handheld technology format designed to substantially lower unit costs and raise the detection levels of some of the world's most prevalent diseases.

Clayton Hardman, CEO of Biomagnetics Diagnostics Corp. stated, "We can now confirm that we are in the preliminary phase of design engineering as we work toward actual commercialization of the IOBS, a significant goal that represents the culmination of our efforts over the past year. After conferring with our design partner, Lathrope Engineering, we will be taking a twofold approach to best reach sales as soon as possible." Mr. Hardman continued, "Specifically, we will "ruggedize" the design of our bench top model for shipment and laboratory use, while concurrently miniaturizing the IOBS technology to fit within an easy-to-use hand held unit. We expect to receive a budget and schedule outlining the time-frame-to-completion for this project from Lathrope Engineering in the next two weeks."