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Biomagnetics Diagnostics Corp. Inc. Announces Patent Protection
Wednesday, March 19, 2008
Orangevale, CA -- The U.S. Patent Office has granted Biomagnetics Diagnostics Corporation (OTC: BMGP) the right to file for international patent protection.
President and CEO, Clayton Hardman states "We are very excited for this FILING OF DEMAND on our second product. It is very important that we position ourselves with multiple products and to be protected internationally."
Mr. Hardman continues "It is essential that a company does not place all of its eggs in one basket, by continually developing additional products we insure Biomagnetics success."
About Biomagnetics System second product:
The Company’s second product is a new diagnostic system designed for multi-analyte testing for blood banks titled "SYSTEM AND METHOD FOR DETECTING SPECIFIC BINDING REACTIONS USING MAGNETIC LABELS". This technology uses a combination of opposing magnetic fields and light refraction.
Blood banks receive and test approximately 14 million units of blood annually. Each unit is tested for 9 infectious diseases totaling 126 million diagnostics tests. We hope to bring this new system to market in 2009. The costs of performing these diagnostics including assays, staffing and general overhead which exceeds all revenues. Our system will perform all 9 required tests in a single assay thus substantially reducing the costs blood banks will incur.
Generally speaking all blood banks operate in the red. We believe our new system will save 30 to 40 percent on blood diagnostics and turn their red into black overnight.
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.biomagcorp.com.
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 of 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 evaluation 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.
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