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 SAN DIEGO, Aug. 4 /PRNewswire/ -- Biomagnetic Technologies Inc. (NASDAQ: BTIX) (BTi) today reported a net loss of $1,947,000, or $0.20 per share, for its third fiscal quarter ended June 30, 1993, compared to a net loss of $2,569,000, or $0.28 per share, for the third quarter last year. Revenues for the quarter were $2,637,000 compared to $1,475,000 in the third quarter of fiscal 1992. BTi's net loss for the nine months ended June 30, 1993, was $8,316,000, or $0.84 per share, compared to a net loss of $5,643,000, or $0.66 per share, for the comparable period last fiscal year. Nine-month revenues were $3,939,000 compared to $8,566,000 for the first nine months of the prior year.
 James V. Schumacher, president and chief executive officer, said the current quarter results include the successful installation of the 10th Magnes(R) system worldwide, located at the University of Rennes in France. He said the modest revenue in fiscal 1993 is reflective of the fact that BTi is still dependent upon sales to the research market and has not yet begun to penetrate the larger clinical market. He also said the company believes it will begin to make clinical sales as large medical centers become aware of BTi's applications successes and as reimbursement for magnetic source imaging (MSI) procedures occurs. Until then, revenue and operating results continue to be a reflection of the uneven flow of orders and shipments typical for a developing medical instrumentation company.
 BTi's board of directors elected Schumacher as president, chief executive officer and chairman of the board on June 20, 1993, in an effort to strengthen BTi's ability to develop and penetrate the clinical market for the Magnes. Schumacher enjoyed a distinguished career at General Electric, including 21 years in the medical systems business. He assumed his new position at BTi in mid July.
 During the third quarter, BTi continued its applications development efforts. By the end of the quarter more than 2,100 MSI examinations had been performed at the company's four clinical applications development sites. Additionally, as part of its patient referral program a cumulative total of 165 patients had been referred from 35 different medical centers as part of the company's strategy to educate leading physicians about the capabilities of the Magnes system.
 During the third quarter, the company also developed a new sensor that is fully integrated into the existing Magnes system. This dual sensor system was successfully used by physicians and scientists to perform unique measurements simultaneously on both sides of the brain. A description of this new sensor and data obtained will be presented at a forthcoming international scientific conference in August.
 BTi is the leader in magnetic source imaging and has developed the Magnes system -- an instrument called a biomagnetometer that noninvasively localizes the sources of bioelectrical activity in the brain and heart. Magnes is a registered trademark of Biomagnetic Technologies Inc. BTi common stock is traded in the NASDAQ Stock Market under the symbol BTIX. The company is headquartered at 9727 Pacific Heights Blvd., San Diego CA 92121-3719; 619-453-6300.
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 /CONTACT: James V. Schumacher, chairman, president and CEO, or William L. Stephan, of Biomagnetic Technologies, 619-453-6300/

CO: Biomagnetic Technologies Inc. ST: California IN: CPR SU: ERN PER

JB-BP -- SD001 -- 9216 08/04/93 09:02 EDT
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Publication:PR Newswire
Date:Aug 4, 1993

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