BIOTECH Development Partners provides funds to Biomagnetics

Apr 20 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 it has begun receiving funds 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 Laboratories.

Clayton Hardman, CEO of Biomagnetics Diagnostics Corp. commented, "We are excited to be working with the experienced individuals at BIOTECH Development Partners, LLC. From this group we will not only receive meaningful funding, but also access to the member's extensive contacts in the biotech and medical diagnostics equipment industries. We believe these experienced individuals realize the true potential of a point of care device that can quickly and economically diagnose tuberculosis, cholera, HIV/AIDS, malaria and other diseases in the future. The group has also acquired an option to invest an additional $10 million in the future."

Mr. Hardman continued, "I am also happy to announce that the funding we have already received and the additional funds we plan to acquire from BIOTECH Development Partners places the members of the funding group's interest directly in line with those of management and the shareholders of Biomagnetics. We were able to negotiate this financing round so that it is free of any convertible or toxic debt features. This is a good solid equity-based financing that will significantly help us complete the development of this groundbreaking, life-saving technology."