ORANGEVALE, Calif.--(Business Wire)--
Biomagnetics Diagnostics Corp., (PINK SHEETS:BMGP) a developer of revolutionary
diagnostic systems and technology for HIV, hepatitis, tuberculosis, and malaria
detection, today announced the Company has completed business negotiations with
one of the U.S. Government's top national security research institutions
regarding the acquisition of rights to the Integrated Optical Biosensor System
(IBOS) technology developed by the laboratory personnel. Biomagnetics
Diagnostics plans to utilize this technology to enter the significantly
underserved market for handheld biosensors capable of detecting a broad range of
disease-causing viruses, bacteria and fungi.
"We are very pleased to complete our negotiations as the market`s interest level
in this form of technology is significant," commented Clayton Hardman, CEO of
Biomagnetics Diagnostics Corporation. "We have already signed a letter of intent
with Bright Dairy, which is China's third largest dairy operation and several
other organizations have contacted us about availability of the IBOS platform.
In November, we will be meeting with India`s Health Ministry Blood Bank, in New
Delhi, specializing in malaria with the goal of conducting clinical trials for
product commercialization throughout India. We have also begun to prepare our
application for Round 4 of the Bill and Melinda Gates Foundation Grand
Challenges grant due November 2nd. The topic of Round 4 is the creation of
low-cost diagnostics for priority global health conditions, which include
malaria, tuberculosis, and HIV/AIDS. The Gates Foundation states the proposed
diagnostics will ultimately need to fill many of the criteria found in the
acronym ASSURED: Affordable by those at risk of infection, Sensitive, Specific,
User-friendly (simple to perform with minimal training), Rapid and Robust,
Equipment-free or minimal equipment, and Delivered to those who need it. We
believe the IBOS technology we plan to introduce to the market fills the
criteria very adequately and thus, we believe our chances of winning a Gate`s
Foundation grant are very high. We look forward to bringing this state of the
art technology to market over the coming months."
According to the World Health Organization, some 3.2 billion people, or about
half the world's population is at risk of malaria transmission in 107 countries
and territories worldwide. While there are between 350 million and 500 million
new cases of malaria each year, there are very few reliable and field deployable
diagnostic tools available. In the case of malaria, early detection
substantially improves treatability and survivability. Field deployable
Integrated Optical Biosensor Systems (IBOS), such as those Biomagnetics
Diagnostics is planning to soon introduce hold the promise to significantly
speed the diagnostic testing process and to meaningfully lower costs and improve
lives.
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
Biomagnetics Diagnostics, Corp
Clayton Hardman, 916-743-2914
CEO
or
Emerging Growth Research, LLP
Joe Noel, 925-922- 2560
Copyright Business Wire 2009
