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. 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.
