Magna-Lab Engages Eminent Research Systems in Connection With Commercialization of Cardiac View.

Business Editors

SYOSSET, N.Y.--(BUSINESS WIRE)--March 27, 2001

Project Goal is to Facilitate Physician Adoption of

Cardiac View Product

Magna-Lab Inc. (OTCBB: MAGLA) announced today that it has retained Eminent Research Systems, Inc. ("Eminent"), a fully integrated global clinical and marketing development management organization, to develop post clearance marketing information for the Company's Cardiac View product. Cardiac View is a transesophageal magnetic resonance imaging ("MRI") receiver coil that is placed, non-invasively, directly behind the heart via the nasal passages or esophagus and is intended to aid in the production of MRI images of the heart and coronary vessels. Magna-Lab filed a 510(k) Notification with the FDA for this product in February 2001.

The project with Eminent will begin with the formation of a Clinical Focus Group of physicians to develop the clinical information needed by physicians to facilitate adoption of the technology in their practices. This is expected to lead to the establishment of clinical protocols for the product to assist in commercialization.

Founded in 1997, Eminent has brought together pre-eminent leaders in all aspects of clinical management to provide medical device companies with an integrated solution for product development, approval pathways as well as to provide necessary clinical information for physicians to facilitate commercial introduction. Eminent offers leading physician investigators and research centers, a single integrated source which unifies all aspects of clinical and product introduction management.

Martin B. Leon, M.D., a physician and founder of Eminent Research Systems, stated, "We are pleased that Magna-Lab has chosen Eminent to oversee the post clearance marketing studies for Cardiac View. Eminent has expertise in all phases of clinical testing, including cardiology. We look forward to managing Magna-Lab's study with the utmost integrity and quality of service. Eminent's trial study services include testing and validation, site management services, safety surveillance, reporting and a cost-effectiveness analysis."

Daniel M. Mulvena, Chairman, commented, "Martin Leon and the other clinical leaders at Eminent are some of the most highly regarded thought leaders in interventional cardiology. I have worked with several of them before and welcome their participation in our commercialization efforts."

John R. Geisel, Chief Executive Officer, concluded, "This agreement is the latest step in the implementation of our strategic business plan. The work of Eminent will help to focus physicians on the benefits of our Cardiac View product. Our efforts are supported by a dedicated management team and a solid financial base, which, at February 28, 2001, is highlighted by cash and equivalents of approximately $5.7 million."

Magna-Lab Inc. is the developer of products that are designed to help make MRI technology more effective for the detection and diagnosis of Coronary Artery Disease. The products are non-invasive or minimally invasive disposable medical devices intended to permit the imaging of the major vessels of the heart.

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. Such factors include, among others, the following: delays in product proprietary rights; competition; material costs and availability; changes in business strategy or development plans; quality of management; availability, terms and deployment of capital; business abilities and judgment of personnel; availability of qualified personnel; changes in, or the failure to comply with, government regulations as well as other matters discussed in the Company's filings with the Securities and exchange Commission.