Press Release: Source Biomagnetics Diagnostics Corporation

Biomagnetics Diagnostics Announces That Lathrop Engineering Has Completed Phase IA with the Patented HTS-MTP Technology Tuesday April 3, 9:01 am ET

ORANGEVALE, Calif.--(BUSINESS WIRE)--April 3, 2007--Biomagnetics Diagnostics Corp. (OTC: BMGP - News) announced today that Lathrop Engineering Inc., a Silicon Valley design, engineering firm, has completed phase "1A" of product development on schedule for Biomagnetics' patented HTS-MTP technology.

Lathrop Engineering was engaged December 1st, 2006 to design and build our prototype diagnostics systems. Continuing with their usual commitment to excellence, Lathrop Engineering has completed Phase 1A on time and is set to engage their full arsenal of engineering talent to complete Biomagnetics HTS-MTP product.

Clayton Hardman, President and CEO of Biomagnetics Diagnostics Corp. stated, "The results of previous bench testing proved our concept was viable. However, after Lathrop's Director Of Electronics and Firmware not only validated our original tests, but concluded that the results they achieved exceeded their expectations. Our resolve has been reinforced and, if possible, we are even more excited about moving forward and bringing the HTS-MTP to market."

The HTS-MTP patented diagnostics system uses Magnetic Resonance (MR) sensors integrated into the company's exclusive technology providing High Throughput Screening (HTS) with the company's proprietary immunoassays incorporating super paramagnetic or ferromagnetic micro-spheres in a ternary complex. The company's initial immunoassays, to be developed, will target the HIV and Hepatitis B viruses.

About Lathrop Engineering Inc.

Since 1982, Lathrop Engineering has functioned as a product engineering and development team member serving over 300 clients. These clients have ranged from start-up Biotechs to FORTUNE 500 firms.

About Biomagnetics Diagnostics Corporation

Biomagnetics Diagnostics Corporation, 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.biomagneticsbmgp.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: Paul Hardman, (916) 987-7078
Source: BioMag Corp.