Parsing Mysql Now() Format?

What I have is a vb app that has a datagridview bound to a MySQL database. One of the columns is a time that is updated at a set interval using the MySQL NOW() function. The format that the now function uses is MM/DD/YYYY HH:MM followed by the ante/post meridiem. What I am hoping to do is for each row in the datagridview, parse out just the time (H:MM). Then compare this time to the current time. If a minute has elapsed between the time that is parsed and the current time then throw up some kind of alert (e.g message box). I know I can loop throw the rows by using the following:

For Each DataRow As DataRow In DataSet.Tables(0).Rows
Dim time As DataColumn = DataSet.Tables(0).Columns("lastUpdateTimeStamp")
'If lastUpdateTimeStamp is greater than 60 seconds then
MsgBox("Some alert here");
Next

However I am not quite sure on how I can parse the MySQL NOW() format.