QuantRx(R) Biomedical Appoints Former FDA Commissioner Dr. Arthur Hull Hayes, Jr. to Board of Directors
DOYLESTOWN, PA -- (MARKET WIRE) -- September 19, 2006 -- QuantRx® Biomedical Corporation (OTCBB: QTXB), a bio-medical company that seeks to develop, acquire, and commercialize proprietary medical technology and products for diagnostics and therapeutic purposes, today announced the appointment of Dr. Arthur Hull Hayes, Jr. to the Company's Board of Directors.
Dr. Hayes is considered a leading authority on healthcare and medical technology issues and has applied his expertise for the creation and growth of significant public and private organizations. Among the accomplishments of Dr. Hayes's notable career, he served as Commissioner of the United States Food and Drug Administration from 1981 to 1983. His career spans over 40 years in healthcare, including leadership positions in government and academia and executive posts in the medical and pharmaceutical industries.
"Dr. Arthur Hull Hayes, Jr. brings to the QuantRx Biomedical Board of Directors an immense range of experiences in medicine, healthcare and pharmacology. We know that he will be a superb asset to the Company. His addition to the Board demonstrates our stated dedication to high standards in everything we do at QuantRx Biomedical -- in our people, our research, our product innovation, and in the service we provide to our customers and business partners. It is this focus on excellence that, in turn, is expected to deliver value for QuantRx Biomedical shareholders," stated Walter Witoshkin, QuantRx Biomedical's President and Chief Executive Officer.
"QuantRx Biomedical is assembling a very powerful portfolio of diagnostic medical products which I believe represent important contributions to the improvement of healthcare in the United States," said Dr. Arthur Hull Hayes, Jr. "I am pleased to have been appointed to the Board of Directors for the Company and look forward to participating in the development of its strategic direction and growth initiatives."
The addition of Dr. Hayes, effective September 1, 2006, brings membership of the QuantRx Biomedical Board of Directors to five.
Dr. Hayes founded and was President and Chief Operating Officer of MediScience Associates, Inc., a consulting organization that works with pharmaceutical firms, biomedical companies and foreign governments, from July 1991 to January 2006, and Clinical Professor of Medicine and Pharmacology at the Pennsylvania State University College of Medicine from 1981 to 2004. From 1986 to 1990, Dr. Hayes was President and Chief Executive Officer of E.M. Pharmaceuticals, a North American subsidiary of Germany's E. Merck AG, and from 1981 to 1983 was Commissioner of the United States Food and Drug Administration.
In addition to QuantRx Biomedical, several other leading and emerging growth life sciences companies have relied on Dr. Hayes for direction and counsel. He currently is a member of the board of directors of Opt-e-Scrip and Quandex. He has been a member of the board of directors of Celgene Corporation, Myriad Genetics, Inc., Tapestry Pharmaceuticals, Inc., Gradipore, Inc., and The Josiah Macy, Jr. Foundation. He also was a member of the board of advisors of Applecare Foundation and is a member of the editorial advisory board of numerous professional publications. The recipient of many scientific and public service awards and honors, Dr. Hayes has also been chairman of the Council on Family Health. He has published more than 100 scientific and public policy articles and book chapters.
A Rhodes scholar, Dr. Hayes in 1964 earned a medical degree from Cornell University. After his internship, residency and two years in the United States Army, Dr. Hayes in 1968 began his career in clinical pharmacology at Cornell. From Cornell he went to Pennsylvania State University College of Medicine, where he was clinical professor of medicine and pharmacology. In 1981 Dr. Hayes was appointed to the FDA, leaving in 1983 to become dean and provost of New York Medical College, where he also served as professor of medicine, pharmacology and family and community medicine, and director of the Institute of Human Values in Medical Ethics.
QuantRx Biomedical Corporation (OTCBB: QTXB) is a medical technology company that develops and commercializes healthcare products based on its core intellectual property. Using established distribution networks, the Company licenses and markets products within its four lines of business: the patented inSync® Miniform disposable feminine hygiene product; the Unique® Miniform, which addresses the need for hemorrhoid pain relief; the proprietary Rapid-Sense point-of-care sample-testing technology; and the PADKit sample collection system. All of QuantRx's products are technologically enhanced to address different healthcare requirements.
Founded in 1987, QuantRx has offices in Doylestown, Pennsylvania, and a Research and Development site in the Portland, Oregon. The Company holds significant positions in FluoroPharma, Inc., a Boston-based molecular imaging company, and Genomics USA, a Chicago-based developer of microarrray technology for DNA testing.
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.