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BioMag Corporation Acquires Biospectrum Technologies, Inc., a Biomedical Company That Designs and Patents Diagnostic Equipment and Immunoassays
Monday May 1, 11:34 am ET
ORANGEVALE, Calif.--(BUSINESS WIRE)--May 1, 2006--BioMag Corporation (OTC:BMGC - News), announced today that it has acquired Biospectrum Technologies, Inc., a biomedical diagnostics company.
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BioMag Corp. through its wholly owned subsidiary, Biospectrum Technologies, holds revolutionary patented technologies that can potentially re-vitalize the diagnostics industry. The first product is the patented High Throughput Screening-Magnetic Testing Platform (HTS-MTP) diagnostic system. The Company believes that clinical trials will confirm that the system will offer the medical industry a unique method that provides confirmatory and viral load diagnostics at the same cost of screening assays. It is also expected that the HTS-MTP will detect any virus or bacteria and count the viral load in a matter of minutes and has the capabilities of screening several hundred percent more assays per hour at a fraction of the cost of current technologies.
The HTS-MTP patented diagnostics system uses Magnetic Resistance (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.
The company defines its markets for its first line of products as public/private laboratories and blood banks worldwide. According to S & P's Industry Surveys, Biotechnology, December 29, 2005 revenues for all publicly traded biotech companies (US and non-US biotech-related concerns trading on major US stock markets) are expected to reach $50 billion in 2005.
About BioMag Corporation
Biomag 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.
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.
Contact:
BioMag Corporation
Clayton M. Hardman, 916-987-7078
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Source: BioMag Corporation
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