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BIOMAGNETIC TECHNOLOGIES REPORTS RESULTS FOR SECOND QUARTER 1993

 SAN DIEGO, April 29 /PRNewswire/ -- Biomagnetic Technologies Inc. (NASDAQ: BTIX) (BTi) today reported a net loss of $2,976,000, or $0.30 per share for its second fiscal quarter ended March 31, 1993, compared to a net loss of $725,000, or $0.09 per share for the second quarter last year. Revenues for the quarter were $1,048,000, compared to $5,247,000 in the second quarter of fiscal 1992. BTi's net loss for the six months ended March 31, 1993, was $6,369,000, or $0.64 per share, compared to a net loss of $3,074,000, or $0.37 per share for the comparable period last year. Six-month revenues were $1,302,000, compared to $7,091,000 for the first six months of the prior year.
 Stephen O. James, president and chief executive officer, said the modest revenue for the second quarter is reflective of the fact that BTi is still dependent upon sales to the research market and has not yet begun to make Magnes(R) system sales to the larger clinical market. He said the company believes it will begin to make clinical sales when large medical centers become aware of BTi's applications success. Until then, revenue and operating results could continue at levels approximating the past several quarters.
 During the second quarter, BTi expanded its applications development efforts and by the end of the quarter more than 1,900 magnetic source imaging examinations had been performed at the company's four clinical applications development sites, including examinations on 173 patients who were scheduled for brain surgery. Four scientific papers presenting important clinical findings by physicians using the Magnes system were accepted for publication, including one in the journal Neurosurgery. And, one of BTi's applications sites initiated a program to obtain patient payment and insurance company reimbursement for Magnetic Source Imaging (MSI) examinations.
 On April 16, 1993, the Japanese Ministry of Health and Welfare (JMHW) designated Kyushu University Hospital as a Highly Advanced Medical Technology facility for the Magnes system. That designation permits the hospital to charge patients for diagnostic tests performed with the Magnes system. In addition, it allows Kyushu University Hospital to receive reimbursement from the Japanese national health insurance for tests associated with the Magnes procedure, including MRI and CT, but not for the Magnes test itself. James said this designation by JMHW will substantially reduce the costs to patients for Magnes diagnostic tests and is an important step in the process of gaining full reimbursement in Japan.
 In March, BTi announced completion of a restructuring in support of a market-driven strategy that is designed to enable the Company to more effectively explore and implement commercial applications for its Magnes system. James said the Company has emerged as a smaller, expensed reduced, more efficient company.
 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 on 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.
 -0- 4/29/93
 /CONTACT: Stephen O. James, president and CEO, or William L. Stephan of Biomagnetic Technologies, 619-453-6300/
 (BTIX)


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

BP-MS -- SD001 -- 2427 04/29/93 08:03 EDT
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Date:Apr 29, 1993
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