Biomagnetics Diagnostics Announces That Lathrop Engineering Establishes 'Proof of Concept' with Biomagnetics' Patented HTS-MTP Technology.

ORANGEVALE, Calif. -- Biomagnetics Diagnostics Corp. (OTC: BMGP) announced today that Lathrop Engineering Inc., a Silicon Valley design, engineering firm, has completed phase "O" of product development on schedule and has established a "proof of concept" for Biomagnetics' patented HTS-MTP technology.
Lathrop Engineering was engaged December 1st, 2006 to design and build a prototype diagnostics system. Thus far, Biomagnetics' technology has proved itself by passing Lathrop's high review standards and Biomagnetics is now proceeding with the next phase of development. Phase 1 will take the Company through the detailed design of breadboard and integrated concept for prototype instrumentation.
Clayton Hardman, President and CEO of Biomagnetics Diagnostics Corp., stated, "Our confidence in Lathrop's capabilities has surpassed our expectations. Now that we have 'proof of concept' of our patented HTS-MTP technology we can move forward to design and develop a working prototype that will advance our Company into clinical trials and product commercialization."
The HTS-MTP patented diagnostics system uses Magnetic Resonance (MR) sensors integrated into the company's exclusive technology providing High Throughput Screening (HTS) with the Company's proprietary immunoassays incorporating super paramagnetic or ferromagnetic micro-spheres in a ternary complex. The company's initial immunoassays, to be developed, will target the HIV and Hepatitis B viruses.
About Lathrop Engineering Inc.
Since 1982, Lathrop Engineering has functioned as a product engineering and development team member serving over 300 clients. These clients have ranged from start-up Biotechs to FORTUNE 500 firms.
About Biomagnetics Diagnostics Corporation
Biomagnetics Diagnostics Corporation, through its wholly owned subsidiary, Biospectrum Technologies, Inc., a company that has designed and patented revolutionary diagnostic equipment and immunoassays, will identify market inadequacies and fill those needs with new technologies, and highly specific and sensitive assays that are qualitative (yes/no) and quantitative (viral load/degree of infection), easily performed and cost effective.
For more information please visit: www.biomagneticsbmgp.com
Forward-Looking Statement:
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. In evaluating such statements, prospective investors should review carefully various risks and uncertainties identified in this release and matters set in the company's SEC filings. These risks and uncertainties could cause the company's actual results to differ materially from those indicated in the forward-looking statements.