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BIOMAGNETIC TECHNOLOGIES INC. REPORTS RESULTS FOR THIRD FISCAL QUARTER 1992

 BIOMAGNETIC TECHNOLOGIES INC. REPORTS RESULTS
 FOR THIRD FISCAL QUARTER 1992
 SAN DIEGO, July 28 /PRNewswire/ -- Biomagnetic Technologies Inc. (BTi) (NASDAQ: BTIX) today reported a net loss of $2,569,000 or $0.28 per share for its third fiscal quarter ended June 30, 1992, compared to a net loss of $1,909,000 or $0.28 per share for the third quarter last year. Revenues for the quarter were $1,475,000 compared to $2,324,000 in the third quarter of fiscal year 1991. BTi's net loss for the nine months ended June 30, 1992, was $5,643,000 or $0.66 per share, compared to a net loss of $3,776,000 or $0.56 per share for the comparable period last year. Nine-month revenues were $8,566,000 compared to $9,031,000 for the first nine months of the prior year.
 Stephen O. James, president and chief executive officer, said the third quarter was one of progress and accomplishment for BTi in its effort to develop clinical applications for its Magnes(R) system. He noted that the third quarter's financial performance was a reflection of the uneven flow of shipments and related revenue recognition that is typical for a developing medical instrumentation company and that it was in line with the company's operating plan.
 During the third quarter, physicians from The Scripps Research Institute (Scripps) and the Veterans Affairs Medical Center in Albuquerque, N.M. (VA) presented important Magnetic Source Imaging (MSI) clinical case studies at BTi sponsored seminars held in conjunction with meetings of the American Association of Neurological Surgeons (AANS), the American Academy of Neurology (AAN) and the American Society of Neuroradiology (ASNR). More than 65 key physicians from leading medical institutions participated in these seminars and were presented clinical data from selected brain studies.
 The company continued its applications development program during the quarter by measuring 257 patients and normal control subjects using BTi's evaluation protocols and the Magnes systems installed at its three primary applications development sites (Scripps, the VA and the University of Tokyo), bringing the cumulative total of clinical evaluations to 723 by the end of June. These evaluations include pre-surgical functional mapping of epilepsy and brain tumor patients as well as the evaluation of ischemic disease and trauma. Also, as part of BTi's multicenter applications evaluation program, patients from five medical centers were referred to Scripps and the VA for MSI evaluations, bringing the total number of medical centers participating in the program to eight.
 In late June, BTi announced the order of a Magnes system and the formation of a clinical collaboration program with a group of distinguished physicians at the University of Rennes in France. By the end of the quarter, the company had eight Magnes systems installed worldwide, three of which are dedicated to clinical applications development.
 During the quarter, BTi completed the sale of 1,559,000 shares of common stock to the public at a price of $9 3/4 per share yielding net proceeds to the company of approximately $13.9 million. PaineWebber Inc. and Kidder, Peabody and Co. Inc. co-managed the offering. The net proceeds will be used to support commercial product and clinical applications development, capital equipment expenditures and for general corporate purposes.
 BTi is the leader in magnetic source imaging and has developed the Magnes system -- an instrument called a biomagnetometer which noninvasively measures magnetic fields created by the human body. Magnes is a registered trademark of Biomagnetic Technologies Inc. BTi common stock is traded in the NASDAQ National Market System under the symbol BTIX. The company is headquartered at 9727 Pacific Heights Blvd., San Diego, CA 92121-3719; 619-453-6300.
 -0- 7/28/92
 /CONTACT: Stephen O. James, President and CEO, or William L. Stephan, VP and CFO of Biomagnetic Technologies, 619-453-6300/
 (BTIX) CO: Biomagnetic Technologies Inc. ST: California IN: CPR SU: ERN


KJ -- SD003 -- 3907 07/28/92 09:27 EDT
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Date:Jul 28, 1992
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