Biomagnetics Applies for Gates Foundation Grand Challenge Grant

SAN FRANCISCO--(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 it has submitted an application to the Bill & Melinda
Gates Foundation for a grant to further develop the Integrate Optical Biosensor
Sensor (IOBS) technology it is plans to bring to market. The topic for the Grand
Challenge Grant is Low Cost Diagnostics for Global Priory Health Conditions,
which includes both malaria and tuberculosis.

"The availability of low cost diagnostics for malaria and tuberculosis are major
concerns for not only health care professions, but also for the Gates
Foundation. The technology we plan to introduce reduces the cost of traditional
malaria testing by up to two-thirds," commented Clayton Hardman, CEO of
Biomagnetics Diagnostics. "The IOBS platform produces test results measured in
only minutes, whereas traditional methodologies often take many days.
Additionally, the handheld IOBS platform can be utilized in the field at point
of care by relatively untrained personnel. We believe the IOBS platform holds
the promise to revolutionize testing for not only malaria, but also for many
other diseases including tuberculosis and HIV/AIDS. We believe the Gates
Foundation had a device such as IOBS in mind when it devised the specifications
for the Challenge Grant."

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 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