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Biomagnetics Diagnostics Corp. Message Board

  • betasplen1 betasplen1 Feb 18, 2010 7:25 PM Flag

    I spoke to Clayton as well after Dom

    25 minutes! Couldn't believe that a CEO can have this much of patience. He covered all the things Dom has reported and so I will not repeat those. Here are a couple of things:

    1) Their biomagnetic patents will be put on the backburner now that they have a much faster avenue to market. They will re-open the development when they have the cash from operations.

    2) There is a handheld prototype in New Mexico but that can't be taken to Mexico City or India and so the desktop version is being taken with them.

    3) The Hinduja group in Mumbai, India will help with the resources to mass produce and distribute the IOBS and the cartridges.

    4) He is not entertaining any financial help that will dilute us. He is looking for warrants that can be converted to commons at $1/share at the minimum and so the dilution will be minimum. He thinks there will be demand for that once the clinicals are done.

    5) They are going to manufacture the multi-waveguide platform from the get-go when the handhelds are ready. They are going to concentrate on a triple test for now - malaria,TB and HIV in one test - and then build upon it for cholera, rotavirus and Hepatitis as they get funds. All the circuit boards will be assembled in China to lower costs. He is thinking 4Q10 for worldwide marketing to start for the multi-test.

    6) The new website is being designed in Chennai, India and will be ready tomorrow (?) or sometime real soon.

    7) The 50% accuracy rapid tests available in the market today are wildly popular and recommended by the WHO at $1.26/test. LANL says theirs is close to 100% accurate and with the washable test strips (10 cents/test), we should be able to provide 99% accuracy at the same price or lower.

    8) CDC and LANL will conduct the tests with the IOBS in Kenya for Malaria and HIV.

    9) I told him about the recent fluff PRs and he agrees that they reflect badly on the company. He says he will make sure future ones have concrete information in them. The pinksheet financials should be ready next week. Audit should be ready to submit to SEC in 2-4 weeks depending on how long the auditor in Las Vegas and the 2nd auditor take with the data provided by the CPA from Phoenix.

    There's more but I gotta run now. Bottomline, sit tight till Dec and this will be a dandy...

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