ACGT

The company will focus on the creation of a separate Chinese Corporation (a subsidiary of Biomagnetics Diagnostics (BMGP)) to establish a functioning presence in China. ACGT currently has a separate operating division based in China. Biomagnetics's goal is to use ACGT's expertise and connections to help form BMGP's Chinese division and qualify it for funding assistance from the Chinese government's high tech incubator program.

In addition, Biomagnetics intends to develop revenues from its core diagnostics system as a solution for current needs within China's healthcare and food industry. The company is finalizing preliminary letters of intent for providing BMGP's testing technology for use within the Chinese food and medical industry.

The company said that it will also explore stem cell and genetic engineering application opportunities within China.

Clayton Hardman, CEO of BMGP, also announced that the company is currently reviewing a proposal from an Austria-based genetic engineering company and an independent research foundation. The proposal will grant BMGP access to their patented cancer treatment system, viral painting technology, scientists and laboratories to further explore BMGP's proprietary technology.

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2. developing revenues from BMGP'S core diagnostics system as a solution for current needs within China's healthcare and food industry. The company is finalizing preliminary letters of intent for providing BMGP's testing technology for use within the Chinese food and medical industry.

3. exploring stem cell and genetic engineering application opportunities within China. Unlike the United States, China has no restrictions on stem cell research. Couple that with a highly trained and skilled labor force makes China ideal for biotechnology development.

Clayton Hardman, CEO of BMGP also announced that the company is currently reviewing a proposal from an Austrian based genetic engineering company and an independent research foundation. The proposal will grant us access to their patented cancer treatment system, viral painting technology, scientists, and laboratories to further explore BMGP's proprietary technology.

He further stated that this is the direction that BMGP intends to pursue to leverage its assets. "The international scientific community is standing on the forefront of advances and breakthroughs not seen since the telecommunications industry fifteen years ago. BMGP is committed to aggressively seeking opportunities in the stem cell and genetic engineering industries while developing our core technologies, in an effort to enhance shareholder value."

About ACGT Corporation

Founded in 1995, ACGT Corp. has become a leader in DNA sequencing and synthesis related services in Canada. Its roots come from the Canadian Genetic Diseases Network system, supplying product and services to both clinical and research interests across the country.

About Biomagnetics Diagnostics Corporation

BMGP is an advanced medical device and biotechnology company. Our revolutionary diagnostics system tests for any viral, or bacterial disease using any body fluid. Initial tests will include HIV, Hepatitis B, H-Pylori, and HPV. Our system will detect the presence of the viruses/bacterium itself, and not for antibodies produced by the body's immune system which may take weeks/months to appear. This allows for earlier detection and treatment, while delivering the tests at a fraction of current costs. BMGP will perform clinical trials in Mexico, Thailand, India and China in the first/second quarter of 2009 followed by trials in the US and Europe. Biomagnetics plans to have products in use in China by late 2009/ early 2010, followed by US and European sales sometime in 2011.

Biomagnetics (OTC BMGP) intends to follow the lead of established Western drug makers and biotech's Merck & Co. Wyeth, Eli Lilly & Co., Schering-Plough, Genentech, Bristol Meyers Squibb and many others that are ramping up investments in China, India and Singapore. BMGP is exploring opportunities within the international stem cell/ genetic engineering/ biotechnology industry, and is working to establish a separate Chinese operating company with the intent to apply for listing on the Shenzhen or Hong Kong Stock Exchange.

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 performances 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.

SOURCE: Biomagnetics Diagnostics Corp.

Biomagnetics Diagnostics Corp 
Paul Hardman, 916-987-7078

ACGT has long been ahead of the curve in cancer research and funds some of the country's most successful scientists/researchers. Since cancer is a gene-based disease, ACGT believes replacing a damaged or missing gene has the greatest potential to not only treat cancer patients, but also ultimately realize a cure for cancer. Since 2001, ACGT has funded close to $20 million in substantial research grants to 32 researchers pursuing this innovative form of research.

"ACGT is thrilled to support this nationwide effort to encourage research with collaborative and innovative strategies," said Margaret Cianci, executive director of ACGT. Cianci also noted that before, during and after the SU2C telethon, ACGT will be communicating the importance of cancer gene therapy and why it is moving forward as a viable option for treating cancer.

Dr. Judah Folkman (1933-2008), ACGT Scientific Advisory Council founding member, and first recipient of the ACGT Lifetime Achievement Award, is featured on the SU2C website and is one example of instrumental medical researchers who have already made a difference in the fight against cancer. The untimely death of Dr. Folkman earlier this year has been a huge loss to the field of cancer research; however, Dr. Folkman and his work continue to inspire other researchers who carry on his groundbreaking efforts. The video tribute to Dr. Folkman can be viewed at http://su2c.standup2cancer.org/sutv.

"ACGT believes very strongly that now is the time to stand up to cancer and build on these successes and find a cure for cancer," noted Cianci. Stand Up To Cancer airs at 8:00 p.m. EDT & PDT, Friday, September 5, 2008, on ABC, CBS and NBC.

One hundred percent of all funds raised by ACGT go directly to support medical research. ACGT is founded by Greenwich, Conn., residents Barbara and Edward Netter. To learn more, visit www.acgtfoundation.org.

Note to Media: Expert sources available for cancer information, research trends and to localize stories.

This news release was distributed by GlobeNewswire, www.globenewswire.com

SOURCE: Alliance for Cancer Gene Therapy

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         Jenifer Howard
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