Press Release: Source Biomagnetics Diagnostics Corporation

BioMag Secures $250,000 in a Private Placement Tuesday December 5, 9:01 am ET

ORANGEVALE, Calif.--(BUSINESS WIRE)--December 5, 2006--BioMag Corp. (OTC: BMGC - News) announced today that it has completed a third Private Placement in the amount of $250,000, bringing the total funds raised since July 11, 2006 to $750,000.

Clayton Hardman, President and CEO of BioMag, stated, "I am pleased with the amount of interest that our company is receiving as evidenced by this most recent private placement. These funds will be used for design concepts, rendering and verification of our HTS-MTP technology as well as other operating expenses."

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.