QuantRx(R) Biomedical Announces Agreement With ALT Bioscience to Develop Diagnostic Tests for Oral Health
DOYLESTOWN, PA -- (MARKET WIRE) -- May 21, 2007 -- QuantRx® Biomedical Corporation (OTCBB: QTXB), an emerging leader in the research and development of medical diagnostic platforms and products, today announced that it has entered into an agreement with ALT BioScience, LLC to develop a portfolio of healthcare products related to oral health for distribution in the consumer and medical marketplaces.
The first QuantRx-developed product is a consumer quick-check test for detection of bad breath, to be marketed by ALT BioScience, and is based on ALT BioScience's oral health platform technology. Product introduction into the market is anticipated in late 2007.
Leslie J. Herzog, President and Chief Executive Officer of ALT BioScience, stated, "There is a need today for better oral health care due to emerging data that suggest that periodontal disease is linked to pre-term births and systemic diseases such as heart disease and diabetes. These connections are driving awareness that a healthy mouth may lead to a more healthy body. As a result, we believe saliva tests ranging from halitosis to moderate to severe periodontal disease could possibly drive consumer awareness from a hygiene and health benefit while providing medical and dental professionals innovation for better overall patient management in high-risk patients."
Ms. Herzog added, "We are pleased to partner with QuantRx due to its unmatched ability to develop advanced technologies into point-of-care products ranging from consumer to medical diagnostics."
Cynthia E. Horton, QuantRx Vice President-Diagnostics, said, "This oral care product is the first of several that QuantRx is developing for ALT BioScience, and we view it as the beginning of an extended productive business relationship. This project again demonstrates the industry's confidence in QuantRx lateral flow technology and its ability to partner with other companies to accelerate development of lateral flow products for rapid launch into the marketplace."
About ALT BioScience, LLC
Based in Lexington, Kentucky, ALT BioScience, LLC () is a specialty bioscience company that discovers, develops and commercializes diagnostic and biomedical technologies focused on oral-systemic health, neurodegenerative diseases and nucleotide photoaffinity labeling for basic protein research. The basic foundation of the company, nucleotide photoaffinity labeling, is a research tool for nearly 300 research, biotech and pharmaceutical companies worldwide, and allows for the identification of enzyme-protein differences in diseases such as Alzheimer's, ALS, and cancer. Founded in 1997, ALT BioScience, LLC, is a privately held company located in Lexington, Kentucky.
About QuantRx Biomedical
QuantRx Biomedical Corporation (OTCBB: QTXB) 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. Other QuantRx technology platforms are genome-based diagnostic chips for the laboratory-based diagnostic market 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.