Health & Fitness
Health and Fitness
Health and Fitness 
Wed, March 9, 2011
Biomagnetics to Receive Funding From BIOTECH Development Partners for Commercialization of Biosensor
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, and other innovative technologies, today announced it has received an offer for funding 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 worlda™s first integrated optical biosensor, which is being developed in conjunction with Los Alamos National Laboratory.
"We are impressed with this groupa™s experience in the biotechnology marketplace. The members of this group have funded dozens of similar companies and have an impressive track record"
aWe are impressed with this groupa™s experience in the biotechnology marketplace. The members of this group have funded dozens of similar companies and have an impressive track record,a commented Clayton Hardman, CEO of Biomagnetics. aWith this group we are not only receiving strong financial backing, but will also be able to leverage talent from licensing technology to branding products. The initial investment in Biomagnetics will be from $200,000 to $300,000 with an option to invest up to $10.8 million. We are very excited to have BIOTECH Development Group on the Biomagnetics Diagnostics team. We believe the optical biosensor for disease diagnostics is a potential game changer within the diagnostics industry and are excited by be working on a technology that holds the promise of saving millions of lives around the world.a
BIOTECH Development Partners is an investment fund concentrating on the funding of early stage public biotech, medical diagnostic, medical information technology and selected other technology sector companies.
About Biomagnetics Diagnostics Corp.
Biomagnetics Diagnostics Corporation is an advanced medical device and biotechnology company and an acquirer of other innovative technologies. The Company is currently developing a waveguide-based advanced integrated optical biosensor through its cooperative research and development agreement with Los Alamos National Security, LLC, which will initially be used for cholera, tuberculosis and malaria diagnosis. More information on Biomagnetics Diagnostics Corp. can be seen at [ www.biomagneticsbmgp.com ].