Brigham and Women's Hospital to Conduct Clinical Study of Magna-Lab's Cardiac View Probe and Surface Coil.

Business Editors

LYNNFIELD, Mass.--(BUSINESS WIRE)--Oct. 15, 2001

Magna-Lab Inc. (OTCBB: MAGLA), a developer of non- and minimally-invasive products designed to make MRI technology more effective for the detection and diagnosis of Coronary Artery Disease ("CAD"), announced today that Brigham and Women's Hospital ("BWH"), an affiliate of Harvard Medical School, has agreed to commence a clinical study of the Company's Cardiac View Probe(TM) and Cardiac View Surface Coil(TM).

The purpose of the study is to further investigate the clinical utility of using the Company's proprietary MRI coils in diagnosing heart disease. BWH physicians have suggested several hard to image areas associated with heart disease as targets for the study. They plan to use the device clinically in patients undergoing cardiac MRI studies to obtain anatomic information prior to catheter-based treatment of atrial fibrillation. In addition, they plan to study patients who are undergoing transesophageal electrocardiography to compare ease-of-use as well as comfort, tolerance and diagnostic quality. Imaging of the coronary tree will also be an objective in imaging these patients. To the extent that BWH concludes to do any non-clinical cases, those would require the completion of a review by the hospital's Institutional Review Board. The Company expects the studies to begin as soon as possible and take place over a period of six months. E. Kent Yucel, M.D., Director of Cardiovascular Imaging; Department of Radiology, will serve as the principal investigator.

Dr. Yucel commented, "Cardiac research is an area of vital importance for BWH. We are hopeful that our combined efforts will lead to a greater understanding of heart disease and enhance the ability of medical professionals to diagnose and treat this major health concern."

Brigham and Women's Hospital ("BWH") is a 716-bed nonprofit teaching affiliate of Harvard Medical School and a founding member of Partners HealthCare System, an integrated health care delivery network. Internationally recognized as a leading academic health care institution, BWH is committed to excellence in patient care, medical research, and the training and education of health care professionals. The hospital's preeminence in all aspects of clinical care is coupled with its strength in medical research. A leading recipient of research grants from the National Institutes of Health, BWH conducts internationally acclaimed clinical, basic and epidemiological studies.

Reflecting on this important development, John R. Geisel, Chief Executive Officer, commented, "BWH is one of the world's leading clinical and medical research institutions. We are pleased that they have chosen to work with us to further investigate our Cardiac View Probe and Surface Coil. We appreciate Dr. Yucel's leadership of the study and look forward to collaborating with him."

Mr. Geisel continued, "It is our belief that the Cardiac View Probe and Surface Coil can be valuable tools in enhancing MRI's superior ability to image soft tissues."

The Cardiac View Probe is a transesophageal receiving coil designed to operate in conjunction with an MRI system to non-invasively aid in the production of high resolution MR images of the aortic arch, the descending aorta and the coronary vessels of the heart to advance the definitive diagnosis of Coronary Artery Disease. The Cardiac View Surface Coil is an MRI receiver coil that is placed on the surface of the patient's chest and is intended, when used in conjunction with the Cardiac View Probe, to facilitate complete MR imaging of the heart and associated structures in the thoracic regions of the body.

Certain statements in this press release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements. The Company's future operating results are dependent upon many factors including, but not limited to the Company's ability to: (i) obtain sufficient capital or a strategic business arrangement to fund its plan of operations when needed, (ii) successfully develop and continuously improve its products and planned products, Cardiac View and Artery View, (iii) successfully accomplish its business development and marketing efforts to gain market acceptance and commercialize and develop sufficient reimbursement for procedures involving any products developed, (iv) develop relationships with the physician community as well as to recruit new collaborators necessary to gain wide exposure of the Company's technology, (v) develop products which do not infringe the intellectual property rights of others, (vi) protect its intellectual property rights from infringement by others with patents and other protections, (vii) build the management and human resources and infrastructure necessary to support the growth of its business, as well as (i) competitive factors and developments beyond the Company's control and (ii) general economic conditions and conditions in the financial, technology and medical markets, as well as other matters discussed in the Company's filings with the Securities and Exchange Commission.