Working through their subsidiary, Biospectrum Technologies, Biomagnetic Diagnostics Corporation (OTC: BMGP) attains revolutionary patented technologies that can potentially revitalize the diagnostic industry.
The company’s first product being prepped for the health care market is the High Throughput Screening – Magnetic Testing Platform (HTS-MTP). The current price for a laboratory conformity test, more commonly known as Western Blot, is between $35 and $50, with a screening test set between $2.5 and $5. If a person is infected, they are often given a periodic viral load test that measures the amount of virus in an infected person. These tests cost between $80 and $120. The advantage of BMGP’s testing system (HTS-MTP) is that it performs the screening, conformity and viral load test for a single cost of $2.50. This is the only existing test that performs all three functions in a single test. Additionally, the HTS-MTP can measure the presence of a disease in any bodily fluid—blood, semen, urine, spinal fluid, tears, saliva, and so forth.
The company’s management and research team has identified Latin America and Asian markets to be in immediate need for the HTS-MTP test. With this knowledge, the company will focus their efforts on conducting clinical trials and product registration in the United States, Mexico, Thailand, China, and Sweden. Following the completion of the clinical trials in Latin America and Asia, the company will initiate a 510K registration with the U.S. Food and Drug Administration (FDA). According to figures in 2002, HIV diagnostics test conducted in the U.S. were 22.158 million, and Hepatitis B diagnostic tests in the U.S. were estimated at 31 million.
The global size of the medical device market exceeds $200 billion and the U.S. retail market exceeds $56 billion, according to Frost & Sullivan. The company has partnered with the largest social institute in Latin America, Instituto Mexicana del Seguro Social (IMSS), to conduct trials in Mexico, and has also entered into an agreement with Bangkok RIA (BRIA) Group, a laboratory manufacturer and distributor service company in Thailand.
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