Biomagnetics signs agreement with LANL to develop validated TB biomarker assay

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, "With 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."

Source: Biomagnetics Diagnostics Corporation