QuantRx(R) Biomedical Corporation Selects Synova Healthcare as the Exclusive Distributor of Its PAD Technology -- to Be Used for the Treatment of Hemorrhoids
AMBLER, PA -- (MARKET WIRE) -- July 17, 2006 -- QuantRx® Biomedical Corporation (OTCBB: QTXB) announced today that it has entered into an exclusive distribution agreement for its PAD technology with Synova Healthcare, a distributor of diagnostic products. Under this agreement, QuantRx® received an up-front payment of $500,000 and is eligible to receive royalties, based upon sales, estimated to be worth multi-million dollars, over the term of the multi-year agreement in return for granting Synova exclusive rights to distribute the PAD technology for sales of Hemorrhoid Products in North America.
QuantRx'® patented PAD technology is an innovative Miniform PAD that has applications in feminine hygiene, drug delivery, and medical sample collection. The addition of the key technology recently acquired by QuantRx® under a technology license agreement with The Procter & Gamble Company, when added to our PAD technology platform, significantly expanded QuantRx'® ability to effectively enter and successfully compete in the hemorrhoid market.
"The completion of this multi-million dollar, multi-year agreement with Synova is an important step for QuantRx® in commercializing its technology platforms," said Walter Witoshkin, President and CEO of QuantRx®. "We believe the combination of our PAD technology platform, combined with the technology we recently licensed from The Procter & Gamble Company, gives the platform broad applications in a number of promising healthcare markets. We are confident that Synova Healthcare will be successful in its marketing and distribution efforts."
About QuantRx® BioMedical Corporation
QuantRx® BioMedical Corporation is a medical technology company with products targeting worldwide diagnostic and health needs. QuantRx® BioMedical Corporation has developed a broad spectrum of intellectual property targeted to its three proprietary business lines; the patented inSync® miniform Interlabial PAD (ILP), Rapid-Sense® technology and the PADKit® Sample Collection System. QuantRx® also holds significant positions in FluoroPharma, a molecular imaging company and Genomics USA, a Microarray Detection for DNA technology.
About Synova Healthcare Group, Inc.
Synova Healthcare Group, Inc. through its subsidiaries Synova Healthcare, Inc. and Synova Pre-Natal Healthcare, Inc. is focused on the development, distribution, marketing and sale of non-invasive medical diagnostic tests that allow consumers and healthcare professionals to rapidly and accurately diagnose and monitor the onset of certain medical conditions. The Company's efforts are currently concentrated in the women's healthcare sector. Its goal is to supplant traditional, more invasive, and costly diagnostic testing techniques, such as blood or serum assays, by offering rapid, non-invasive test alternatives. The Company's products afford consumers discreet use from home, and allow clinicians to offer streamlined healthcare services by providing rapid and accurate tests results from within their offices.
Safe Harbor Statement
Certain statements in this press release constitute "forward-looking statements" or statements which may be deemed or construed to be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange of 1934, and as that term is defined in the Private Litigation Reform Act of 1995. The words "forecast," "project," "intend," "expect," "should," "would," and similar expressions and all statements, which are not historical facts, are intended to identify forward-looking statements. These forward-looking statements involve and are subject to known and unknown risks, uncertainties and other factors which could cause QuantRx® BioMedical Corporation's actual results, performance (finance or operating) or achievements to differ materially from future results, performance (financing and operating) or achievements expressed or implied by such forward-looking statements.