Press Release: Source Biomagnetics Diagnostics Corporation

BioMag Receives Second Patent on Its High Throughput Screening - Magnetic Testing Platform (HTS-MTP) Wednesday May 10, 9:00 am ET

ORANGEVALE, Calif.--(BUSINESS WIRE)--May 10, 2006--BioMag Corp. (OTC: BMGC - News), through its wholly owned subsidiary Biospectrum Technologies Inc., announced today that it has received its second patent from the U.S. Patent office on its revolutionary High Throughput Screening - Magnetic Testing Platform (HTS-MTP) that is designed to produce both qualitative (yes/no) and quantitative (viral load) results from a single test.

Clayton Hardman, president and CEO of BioMag Corp., stated, "In addition to the HTS-MTP patent that was received from the U.S. Patent office in July of 2003, we have just received our second patent, further establishing our technology and enabling a broad spectrum of applications in which our product applies, in both medical testing and diagnostics. It is safe to say that our product is one of a kind in which can potentially revolutionize the diagnostic industry."

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.

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: Paul Hardman, (916) 987-7078
Source: BioMag Corp.