QuantRx(R) Biomedical Announces Expansion of FluoroPharma Management Team and Scientific Advisory Board
DOYLESTOWN, PA -- (MARKET WIRE) -- 07/31/07 -- QuantRx® Biomedical Corporation (OTCBB:), an emerging leader in the research and development of medical diagnostic platforms and products, today announced that FluoroPharma, its majority owned affiliate, and a company developing breakthrough cardiovascular PET molecular imaging diagnostics, has made several recent additions to its management and scientific leadership team, including Dr. Todd R. Nelson as an Independent Director and Dr. Elazer Edelman as a Scientific Advisory Board member.
Dr. Todd R. Nelson is the current Vice President of Corporate Development and Strategy at Invitrogen Corporation. Dr. Nelson's previous positions include Managing Director and Head of Global Life Sciences Corporate Strategy and Research at the Royal Bank of Canada Capital Markets (formerly Dain Rauscher Wessels), and as First Vice President Corporate Research and Economics at Merrill Lynch. Throughout his career, Dr. Nelson has been involved with numerous mergers and acquisitions, IPOs, licensing agreements, and the formation of strategic alliances within the life sciences and medical technology sectors.
Joining FluoroPharma's Scientific Advisory Board, Dr. Elazer Edelman is the Thomas D. and Virginia W. Cabot Professor of Health Sciences and Technology at MIT, as well as Professor of Medicine at Harvard Medical School, and a coronary care unit cardiologist at the Brigham and Women's Hospital in Boston. Dr. Edelman has pioneered significant findings in vascular biology and currently directs the Harvard-MIT Biomedical Engineering Center (BMEC).
"We share the vision of expanding PET molecular imaging technologies," said Dr. David Elmaleh, FluoroPharma's founder and Chairman of the Board. "The combination of Todd's extraordinary track record in finance, corporate development and operation, and Elazer's experience in advancing science and new concepts in cardiology, further strengthens FluoroPharma's foundation."
"We are pleased to welcome these distinguished individuals to our FluoroPharma management team. I believe that the diverse backgrounds of these individuals will complement the current management in enabling FluoroPharma to become a major presence in the molecular imaging field," said Mr. Walter Witoshkin, Chairman and CEO of QuantRx Biomedical Corporation and a FluoroPharma board member.
About QuantRx Biomedical
QuantRx Biomedical Corporation (OTCBB:) 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.
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
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