Biomagnetics Diagnostics Corp. (BMGP.PK) is a biotechnology company. The Company’s primary focus is on discovering, developing and marketing new diagnostic equipment and immunoassays. An immunoassay is a biochemical test that measures the concentration of a substance in a biological liquid by using the reaction of an antibody or antibodies to its antigen.
The company’s primary product is the High Throughput Screening-Magnetic Testing Platform (HTS-MTP) diagnostic system. This system’s purpose is to detect any pathogen, whether it is viral or bacterial, by using any body fluid as the primary testing median. It is the only system of its caliber and efficiency. The HTS-MTP is capable of concluding multiple tests in a matter of minutes and is more cost efficient than its existing competition. Biomagnetics’ proprietary immunoassays are also able to more effectively target HIV and Hepatitis B viruses.
The Company has several partnerships and signed letters of intent with integral institutions and agencies. These agreements and partnerships will allow for clinical trials, manufacturing and distribution of the HTS-MTP system, and shortened regulatory approval time. Some partnerships include Instituto Mexicana del Seguro Social, Bangkok RIA Group, Tianjin Automatic Science and Instrument Co., Ltd, Shanghai Jing Yin Biotechnology Co. Ltd, and Mil Industries.
The company’s product and business plans show strong competitive advantages and are attracting interest around the world. Biomagnetics claims and anticipates system and assay sales to reach approximately $10 million in 2009 and $41 million in 2010. The company plans to enter the US and EU markets.
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