A Letter From the President of Biomagnetics Diagnostics Corp.
21 Dezembro 2010 - 12:00PM
Business Wire
This is a statement from Clayton Hardman, President and CEO of
Biomagnetics Diagnostics Corp. (PINK SHEETS:BMGP), a developer of
revolutionary diagnostics systems and technology for HIV,
hepatitis, tuberculosis and malaria detection, and other innovative
technologies, to clear misunderstandings:
“Over the past few months, we have communicated to our
shareholders and business community regarding specific activities
Biomagnetics has undertaken to increase share value and obtain
additional capital required to bring our products to market without
causing further stock dilution. Clearly, the information provided
has created confusion rather than clarification.”
“Biomagnetics holds a Patent License Agreement with Los Alamos
National Security, LLC. This License Agreement is in full force and
effect from the Effective Date and remains in effect until the
expiration of the last to expire of the patents included within the
Licensor’s Patent Rights. The Collaborative Research and
Development Agreement (CRADA) we have with Los Alamos National
Laboratories provides Biomagnetics with an updated bench top
Integrated Optical Biosensor (IOBS) System. The CRADA includes the
development of two diagnostic assays, TB and cholera. The new
system will be sent to Lathrop Engineering in San Jose, CA. They
will engineer a laboratory production model and miniaturize this
model into the hand held battery operated unit.”
“The reason for accepting the opportunity to involve
Biomagnetics in the Low-Carbon Fuel and Biodegradable plastic film
projects in China; Biomagnetics will receive capital and a
substantial number of shares in both companies which will increase
the Company’s share value and asset base allowing us to bring our
products to market without further share dilution.”
“The market for Low Carbon Fuel and Biodegradable Plastic Film
is immense. We plan to sell all rights in the Fuel project,
purchase an OTCBB shell, merge the plastic program into the shell,
retain 60-70 percent ownership and pass the management to others
who are qualified in those industries.”
“Taking these steps during development of our core product, the
IOBS System, we can remain focused on sales and organizing
distribution through existing channels.”
“By year’s end all documents will be ready for submission to SEC
and shortly thereafter (60-90 days) we will move up to the OTCBB.
The Pink Sheets News Service has placed a “CE” (Caveat Emptor)
warning on our symbol due to the lack of updated corporate
information, a direct result of the time it took to complete our
audit. The 2008 and 2009 audits are completed, the 1st and 2nd
quarters have been reviewed, the 3rd quarter is being completed by
our CPA and we expect to have the audit for 2010 completed by the
end of the 1st quarter of 2011.”
“Last week, I attended the TB symposium in Santa Fe, sponsored
by Los Alamos National Laboratories. Arrangements were made for
Lathrop Engineering to meet with key personnel at Los Alamos to
collaborate in the next phase of product development, the
miniaturization plan leading to clinical trials.”
“I met with the co-founder and chief scientific officer of
“Foundation for Innovative Diagnostics” (FIND), once we have the
IOBS system ready, and he is satisfied with the technology, he
agreed to conduct validation studies. I met with Dr. Willem Sturm,
Dean of the Nelson R. Mandela School of Medicine in KwaZulu-Natal,
South Africa, who agreed to have us send him a bench top unit for
validation of the TB assay, assist us with clinical trials and
development of an assay for HIV.”
“This information should clarify any misunderstandings.”
About Biomagnetics Diagnostics Corp.
Biomagnetics Diagnostics Corporation is an advanced medical
device and biotechnology company. 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.
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