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QuantRx(R) Biomedical Announces Successful Completion by FluoroPharma of Its Phase I Trial for Healthy Subjects for CardioPET

DOYLESTOWN, PA--(Marketwire - June 28, 2007) - QuantRx® Biomedical Corporation (OTCBB: QTXB), an emerging leader in the research and development of medical diagnostic platforms and products, today announced that FluoroPharma, a QuantRx affiliate, completed 12 healthy volunteers in a Phase I clinical trial for CardioPET. The Phase I trial is a single center, open label study, designed to evaluate safety, distribution, and dosimetry of CardioPET as a PET tracer for myocardial imaging in healthy subjects. The study was led by Dr. Alan Fischman, Director of the Nuclear Medicine Division at Massachusetts General Hospital. CardioPET™ was exceedingly well tolerated, with no adverse events or clinically significant laboratory findings observed. Total radiation exposure was minimal and well within safety limits. Based on these results, IRB approved the initiation of CardioPET™ in a small group of stable CAD patients.

CardioPET is a novel cardiac viability imaging agent in development that allows acute and chronic coronary artery disease to be assessed while patients are at rest. Approximately 20% of patients with suspected coronary artery disease cannot undergo sufficient physical exertion on a treadmill, which is a standard test to assess the disease. It is the first of three cardiovascular imaging agents being developed by FluoroPharma that include BFPET, a novel cardiovascular blood flow imaging agent, and VasoPET for the identification of vulnerable plaque.

"We are delighted to see FluoroPharma complete the initial safety dosimetry and biodistribution in the healthy volunteer subjects, and we are looking forward to the initiation of the IRB approved CAD group," said Walter Witoshkin, a FluoroPharma board member and Chairman and CEO of QuantRx Biomedical Corporation.

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, with more than two dozen patents, patents pending 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.

About FluoroPharma (www.fluoropharma.com)

FluoroPharma is a molecular imaging company engaged in the discovery and development of proprietary products for the PET market. FluoroPharma is advancing three proprietary products for assessment of acute and chronic forms of coronary disease. These agents have been designed to rapidly target either the myocardial cells within the heart or vulnerable plaques within the coronary arteries.

David Elmaleh, FluoroPharma's scientific founder, is a leader in imaging. In addition to his current role as director of Contrast Media Chemistry at Massachusetts General Hospital, he created several important imaging agents that are in human use and he was the scientific founder of Molecular Insight Pharmaceuticals.

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.

Investor Relations Contact:
Adam P. Lowensteiner
Wolfe Axelrod Weinberger Assoc. LLC
(212) 370-4500
(212) 370-4505 fax

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