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Biomagnetics and Los Alamos National Laboratory Agreement Produce Validated Assay for Tuberculosis Biomarker - Company Prepares

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  Published in Health and Fitness on Wednesday, April 20th 2011 at 6:11 GMT by Market Wire
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SAN FRANCISCO--([ BUSINESS WIRE ])--Biomagnetics Diagnostics Corp., (PINK SHEETS: [ BMGP ]) a developer of revolutionary diagnostic systems and related technology for detecting HIV, hepatitis, tuberculosis, cholera and malaria, and other innovative technologies, today announced it has now completed a series of payments to Los Alamos National Laboratory (LANL) pursuant to the cooperative research and development agreement (CRADA) executed in 2010 between the two organizations.

To date for the CRADA, LANL has constructed a new bench-top type waveguide based biosensor system, developed a validated assay for a Tuberculosis biomarker, evaluated multiple assays developed using the bench top system specifically built for Biomagnetics, and is working on re-optimizing the proximity based assay for the cholera toxin on the newly constructed system.

Clayton Hardman, CEO of Biomagnetics Diagnostics Corp. states, aWith 100% of our financial commitment under the cooperative research and development agreement now behind us, we are preparing to begin accepting deliverables from LANL which will continue through the middle of this year. We are particularly excited about the tuberculosis related deliverables as we believe a validated tuberculosis diagnostics assay holds tremendous commercial potential. We look forward to further validating the TB biomarker assay in a clinical setting in the near future.a

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 ].