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Biomagnetics Diagnostics Corporation (BMGP) Details Spin Off of Global Bio Energy



3/19/2012 7:11:22 AM

SAN FRANCISCO--(BUSINESS WIRE)--Biomagnetics Diagnostics Corp., (PINK SHEETS:BMGP) a developer of revolutionary diagnostic systems and technology for HIV, hepatitis, tuberculosis and malaria detection, and other innovative technologies, today announced the Company has received a commitment for financing to advance the companies growth programs.

The company has taken an equity position of 5,000,000 shares in Global Bio Energy a firm organized by Company CEO, Clayton Hardman, to hold the technology rights to the unique manufacturing process for a highly biodegradable form of plastics called PVA. A Chinese entity has committed $10 million to set up manufacturing in China to increase current output of PVA.

Global Bio Energy will license the PVA technology to this Chinese entity with Biomagnetics Diagnostics Corporations' fees to be used by the company to complete development of and begin manufacturing of the integrated optical biosensor device, developed in conjunction with Los Alamos national laboratory.

“This is an innovative financing arrangement, but one that is necessary due to the intricacies of financing ventures China,” commented Clayton Hardman, CEO. “The market for PVA plastic in China is robust and we are confident our fees and share interest will be significant enough to allow us to complete the development of this important life-saving biosensor diagnostic technology.”

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.

Contact:

Biomagnetics Diagnostics Corp.

Paul Hardman, 916-987-7078


Read at BioSpace.com


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