Business Wire - July 24, 2006
After extensive research and design, including in-depth patent searches, the company made the decision to move forward and file for its third patent, "SYSTEM AND METHOD FOR DETECTING SPECIFIC BINDING REACTIONS USING MAGNETIC LABELS." Currently blood banks across the United States have to conduct eight different tests for different diseases and STDs to ensure that the donor blood is not tainted and that it meets the strict standards that of the FDA.
The specific tests currently performed are listed below:
-- Hepatitis B surface antigen (HBsAg)
-- Hepatitis B core antibody (anti-HBc)
-- Hepatitis C virus antibody (anti-HCV)
-- HIV-1 and HIV-2 antibody (anti-HIV-1 and anti-HIV-2)
-- HTLV-I and HTLV-II antibody (anti-HTLV-I and anti-HTLV-II)
-- Serologic test for syphilis
-- Nucleic acid amplification testing (NAT) for HIV-1 and HCV
-- NAT for WNV
Clayton Hardman, president and CEO of BioMag Corp., stated, "In today's marketplace most blood banks operate at a loss every year having to extrapolate eight different tests per donor that arrives at their centers. Providing a single test that can screen for all of the above listed tests, which can produce results in minutes rather than days, has the potential to immediately reverse the losses that these blood banks experience into profits."
The American Association of Blood Banks estimates that eight million volunteers donate blood each year. According to the National Blood Data Resource Center (NBDRC), about 15 million units of whole blood and red blood cells were donated in the United States in 2001.
About BioMag Corp.
BioMag Corp., 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.
For more information please visit: www.biomagcorp.com
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: Crosscheck Capital
Alex Johnston, 800-727-2197 (Investor Relations), E-mail: info@crosscheckcapital.com
SOURCE: BioMag Corp.
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