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BIOMAGNETIC TECHNOLOGIES REPORTS RESULTS FOR FY 1993

 SAN DIEGO, Jan. 13 /PRNewswire/ -- Biomagnetic Technologies Inc. ("BTi") (NASDAQ: BTIX) today reported a net loss of $10,989,000, or $1.11 per share, for the fiscal year ended Sept. 30, 1993, compared to a net loss of $8,700,000, or $0.98 per share, for fiscal 1992. Revenues for fiscal 1993 totaled $4,327,000 vs. $10,048,000 for fiscal 1992.
 "The increased net loss in fiscal 1993 was essentially driven by lower product revenues while maintaining research and development expenses at essentially 1992 levels," said James V. Schumacher, president and chief executive officer since July 1993. "The reductions in staff levels during 1993 were not enough to balance the lower revenues that were caused by the company's lack of sufficient short-term progress in making the transition to the commercial clinical market. Over the last several months, we have taken appropriate and basic steps to correct this issue and have seen some positive results. These include the reimbursement for presurgical mapping procedures, the first order for a system to be used primarily for clinical use and the timely clinical research agreement with University of California, San Francisco Medical Center. In addition, our 1993 calendar year-end backlog of $6.7 million is substantially higher than at the same period last year," Schumacher added.
 The fiscal 1993 results included a qualified opinion on the financial statements of BTi related to the company's liquidity and indicates the company needs to obtain additional financing to continue as a going concern. Schumacher said that BTi has put forth substantial efforts in its financing activities, and he is confident that such efforts will be successful.
 BTi is the recognized leader in the development of magnetic source imaging ("MSI") for medical applications. The MSI system is distributed in Europe through it wholly owned subsidiary, Biomagnetic Technologies GmbH, and in the Asian market by its exclusive distributor, Sumitomo Metal Industries Ltd. Magnes is a registered trademark of Biomagnetic Technologies Inc. The company is headquartered at 9727 Pacific Heights Blvd., San Diego, Calif., 92121-3719; 619-453-6300.
 -0- 1/13/94
 /CONTACT: James V. Schumacher or Peter L. Millikin of Biomagnetic Technologies, 619-453-6300/
 (BTIX)


CO: Biomagnetic Technologies Inc. ST: California IN: HEA SU: ERN

JM-LS -- SD006 -- 1067 01/13/94 12:04 EST
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Date:Jan 13, 1994
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