A composition comprising colloidal Fe.sub.3O.sub.4 particles coated with streptavidin is disclosed. These particles can be used in a method for separating biotinylated compounds from a solution in which the biotinylated compounds bind to the streptavidin-coated particles which are attracted to a surface by a magnet. Also disclosed is a method for making said streptavidin-coated composition, said method comprising the steps of forming colloidal Fe.sub.3O.sub.4 particles by mixing aqueous FeCl.sub.2 with aqueous FeCl.sub.3, adding aliquots of the mixture to an alkaline solution and adding streptavidin.

 
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