QuantRx(R) Biomedical Announces Addition to Scientific Research Leadership
DOYLESTOWN, PA -- (MARKET WIRE) -- 05/01/2007 -- QuantRx® Biomedical Corporation (OTCBB: QTXB), an emerging leader in the research and development of medical diagnostic platforms and products, today announced that Anthony Burgess-Cassler, Ph.D., has been named senior scientist at the QuantRx Corporate Research Center in Portland, Oregon. Dr. Burgess-Cassler brings to QuantRx more than a dozen years of experience as a researcher and consultant in the field of in vitro diagnostic testing. He reports to Cynthia E. Horton, QuantRx Vice President-Diagnostics.
At QuantRx, Dr. Burgess-Cassler, who joins QuantRx from Calypte Biomedical Corp., is focused on the development of new products related to the QuantRx RapidSense® point-of-care testing products, based on its core intellectual property related to lateral flow techniques that rapidly provide medical information directly to the healthcare provider or patient.
"As we build the scientific leadership at QuantRx, we are pleased to have a scientist of Dr. Burgess-Cassler's caliber on board. He joins the team at our R&D center in Portland, Oregon, and his experience bolsters our efforts to accelerate the development of lateral flow products and introduce them to the marketplace," Cynthia Horton, QuantRx Vice President-Diagnostics, said.
At Calypte, Dr. Burgess-Cassler developed rapid immunochromatography tests to detect antibodies against human immunodeficiency virus (HIV) in blood and oral fluid; his responsibilities also included process development, product transfer and product support. Calypte markets its HIV tests outside the U.S. under the Aware™ brand name. He earlier was with Orasure Technologies, Inc., where he was the lead scientist for the OraQuick® rapid HIV strip test project, the first of its kind approved for use in the United States. Dr. Burgess-Cassler is co-inventor on two patents related to rapid testing platforms, one of which is employed by a second FDA-approved rapid HIV test, Clearview® Complete, marketed by Inverness Medical Professional Diagnostics. Dr. Burgess-Cassler has co-authored numerous peer-reviewed scientific articles and abstracts. He earned a bachelor's degree in chemistry from Valparaiso University in Indiana and a doctorate degree in biochemistry from the University of Illinois-Urbana.
About QuantRx Biomedical
QuantRx Biomedical Corporation is an emerging leader in the development of products for advanced diagnosis of serious disease and health conditions. With synergistic expertise in the discovery of diagnostic platforms and the commercialization of products for use by either medical professionals or consumers, QuantRx is focused on providing more accurate, reliable and faster diagnoses that result in improved patient care.
The QuantRx strategy is one of sustained growth and targets significant market opportunities estimated to be in excess of $4 billion worldwide. The Company's technology portfolio, leveraging 15 patents and licenses, includes RapidSense® point-of-care testing products, based on QuantRx core intellectual property related to lateral flow techniques that rapidly provide medical information directly to the healthcare provider or patient. QuantRx affiliate FluoroPharma is developing important molecular imaging agents for positron emission tomography -- PET -- and fluorescence imaging, addressing significant unmet medical needs by providing clinicians with important tools for early discovery and assessment of disease. Initial application is in the treatment of cardiovascular disease with additional use in tumor detection and blood flow analysis. Other QuantRx technology platforms are genome-based diagnostics chips for medical professionals and institutions and pad technology for diagnosis and treatment of women's health concerns and other medical needs.
QuantRx has corporate offices in Doylestown, Pennsylvania, and its research and development center in Portland, Oregon. The Company holds a majority position in FluoroPharma, Inc., a Boston-based molecular imaging company, and a significant position in 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, management's current 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 general economic conditions, QuantRx' 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.