The funds invested will allow Biomagnetics Diagnostics to continue its commercialization of integrated optical biosensor, which is being developed in conjunction with Los Alamos National Laboratory.

Biomagnetics CEO Clayton Hardman said with this group they are not only receiving strong financial backing, but will also be able to leverage talent from licensing technology to branding products. The initial investment in Biomagnetics will be from $200,000 to $300,000 with an option to invest up to $10.8m.

"We are very excited to have BIOTECH Development Group on the Biomagnetics Diagnostics team. We believe the optical biosensor for disease diagnostics is a potential game changer within the diagnostics industry and are excited by be working on a technology that holds the promise of saving millions of lives around the world," Hardman said.

BIOTECH Development Partners is an investment fund concentrating on the funding of early stage public biotech, medical diagnostic, medical information technology and selected other technology sector companies.