QuantRx(R) Biomedical Receives Grant and Incentives From Portland Development Commission for New R&D Facility in Pacific Northwest
DOYLESTOWN, PA -- (MARKET WIRE) -- January 10, 2007 -- QuantRx® Biomedical Corporation (OTCBB: QTXB), an emerging leader in the research and development of medical diagnostic platforms and products, today announced that, as part of its plan for expansion of its research and development capabilities, the Company was selected to receive a grant and other incentives from the Portland Development Commission (PDC) to open the Company's new research center in Portland, Oregon.
The PDC funds are allocated to a new 7,000-square-foot state-of-the-art Portland R&D facility, scheduled to open mid-February, which is to be registered with the United States Food and Drug Administration for development and manufacturing of QuantRx lateral flow devices, PAD kit technology and other biotechnology and biomedical projects.
QuantRx Biomedical is one of the first companies to benefit from joint PDC and Oregon Bioscience Association efforts to attract firms within the biotechnology and biomedical industries to the Pacific Northwest and, particularly, to the Portland metropolitan area.
"QuantRx is building on its R&D capabilities, developing its infrastructure and strengthening its scientific team. The diligence of the PDC and Oregon Bioscience Association in ensuring the success of this program dovetails with our continued effort to grow and mold a company that creates and delivers innovative diagnostic platforms and products for the professional, institutional and consumer markets," Walter Witoshkin, QuantRx Chairman and Chief Executive Officer, said.
Mr. Witoshkin added that the Portland infrastructure is conducive to growth across the Company's range of technology platforms -- rapid point-of-care testing products, PAD technology that provides the basis of a variety of diagnostic and treatment products, diagnostic molecular imaging products for use in the PET -- positron emission tomography -- market and clinically optimized genome-based diagnostic microarray chips with an initial focus on detecting immune system-related disorders.
"We are pleased to see this effort lead to a positive consequence, with QuantRx essentially spearheading new growth within the Pacific Northwest biotech community," Robert Lanier, Director of the Oregon Bioscience Association, said. "This relationship with QuantRx helps establish a footprint for success and growth in this region."
Colin Sears, Economic Development Manager of the Portland Development Commission, said, "QuantRx is emblematic of the successful public-private sector partnership that is the PDC mission -- to recruit businesses to the Portland area and to support them in realizing their goals of growth and success and to help us drive our local economy. QuantRx will be adding a number of technical-level jobs at this new facility in Portland's important Airport Way Urban Renewal Area."
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 Center in Portland, Oregon. Additionally, the Company holds significant positions in FluoroPharma, Inc., a Boston-based molecular imaging company, and Genomics USA, a Chicago-based developer of microarray technology for DNA testing.
For more information about the Portland Development Commission, see .
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.