QuantRx(R) Biomedical Announces Patent Issuance Related to Collection Device of Oral Fluids in Medical Diagnostic Tests
DOYLESTOWN, PA -- (MARKET WIRE) -- October 10, 2006 -- QuantRx® Biomedical Corporation (OTCBB: QTXB), an emerging leader in the research and development of medical diagnostic platforms and products, today announced that the United States Patent and Trademark Office has issued U.S. Patent 6,998,273 relating to an innovative QuantRx device that enables collection of oral fluids in a lateral flow device.
The patent covers the QuantRx oral fluid collection device specifically designed for rapid lateral flow tests -- the only one-step oral fluid testing device now on the market. It was developed by QuantRx for use with its patented RapidSense® technology.
The new QuantRx patented device has applications in the growing market for fluid-sample collection for issues ranging from drug-abuse testing, biological evidence for criminal investigation, screening for numerous communicable diseases including HIV/AIDS and other STDs, as well as other health concerns.
The QuantRx device -- an industry first -- incorporates a removable barrier that prevents test chemicals from washing into the oral cavity during the collection process, and allows the controlled start of the test or tests within the device.
Because the innovative lateral flow collection device is designed for either a single test or multiple tests using the same sample, it is ideal for emerging drugs of abuse testing and HIV testing. Additionally, the patented technology has a feature that provides a more secure "chain of custody" system, helping to ensure the identity and integrity of a specimen from collection through the reporting of test results.
"We are pleased to add another patent to the growing QuantRx Biomedical portfolio of intellectual property. It is especially gratifying for us to be able to bring to market this novel one-step oral fluid testing device, which addresses important and numerous challenges in medical testing, especially those presented by HIV/AIDS and other sexually transmitted diseases," Walter Witoshkin, QuantRx president and chief executive officer, said, adding that the company's overall plans call for the 2007 introduction of tests based on this innovative technology.
About QuantRx Biomedical
QuantRx Biomedical Corporation (OTCBB: QTXB) is an emerging leader in the research and development of medical diagnostics, specializing in creating, acquiring and commercializing diagnostic platforms and developing products, based on its core intellectual property, for both professional and consumer use. The company's technology portfolio includes rapid point-of-care testing products that bring medical information directly to the healthcare provider or the patient; genome-based diagnostics chips for medical professionals and institutions; PAD technology for diagnosis and treatment of women's health concerns and other medical needs; and diagnostic imaging products for the positron emission tomography (PET) market.
QuantRx has corporate offices in Doylestown, Pennsylvania, and its research and development and pre-manufacturing facility in Portland, Oregon. The Company holds significant positions in FluoroPharma, Inc., a Boston-based molecular imaging company, and Genomics USA, Inc., a Chicago-based developer of microarray technology for DNA testing.
This release may contain forward-looking statements within the meaning of the federal securities laws. Such forward-looking statements reflect, among other things, management's current expectations, plans and strategies, and anticipated financial results, all of which are subject to known and unknown risks, uncertainties and factors that may cause our actual results to differ materially from those expressed or implied by these forward-looking statements. Many of these risks are beyond our ability to control or predict including the company's need for additional funds, the company's dependence on a limited number of imaging compounds, the early state of the products the company is developing, uncertainties relating to clinical trials and regulatory reviews, competition and dependence on collaborative partners, the company's ability to avoid infringement of the patent rights of others, and the company's ability to obtain adequate patent protection and to enforce these rights. Because of these risks, uncertainties and assumptions, you should not place undue reliance on these forward-looking statements. Furthermore, forward-looking statements speak only as of the date they are made. QuantRx does not undertake any obligation to update or review any such forward-looking information, whether as a result of new information, future events or otherwise.