QuantRx® Biomedical Announces the Launch of Affirm®; Its Lateral Flow Rapid Drug Test Product Line
DOYLESTOWN, PA – November 1, 2007 - QuantRx® Biomedical Corporation (OTCBB: QTXB), a broad-based diagnostics company focused on the development and commercialization of innovative diagnostic products based on its patented technology platforms for the worldwide healthcare industry, today announced that it has launched the QuantRx Affirm Drugs-of-Abuse Test product line in both the U.S. and European markets. This product line, along with its RapidSense line, enables QuantRx to offer its customer base a complete spectrum of drugs-of-abuse test product lines.
Affirm is a quick and easy test that determines if an individual is under the influence of an illegal substance; a cost-effective way to detect the presence of a drug metabolite or a drug’s natural compound in a urine sample. Affirm is fast and reliable, producing results in less than five minutes, with an accuracy rate greater than 99 percent. Affirm, FDA and CE approved, is supplied with 25 devices per box and is available for OEM production.
Cindy Horton, Vice President of Diagnostics, stated, “I am pleased to announce the launch of Affirm to the U.S. and European markets. The Affirm line offers quick and accurate results for institutional, professional, and workplace testing. I anticipate that the sale and distribution of this new product line will have a positive impact on the Company’s revenue in 2007 and beyond.”
About QuantRx Biomedical (www.quantrx.com)
QuantRx Biomedical Corporation (OTCBB: QTXB) is a broad-based diagnostics company focused on the development and commercialization of innovative diagnostic products based on its patented technology platforms for the worldwide healthcare industry. With synergistic expertise in the discovery of diagnostic platforms and the commercialization of products for use by healthcare professionals and consumers, QuantRx is focused on providing more accurate, reliable, and faster diagnoses that result in improved patient care.
The QuantRx strategy targets significant market opportunities estimated to be in excess of $5 billion worldwide. The Company's technology portfolio, with more than three dozen patents, patents pending and licensed patents, includes: (1) RapidSense® point-of-care testing products based on QuantRx core intellectual property related to lateral flow techniques for the consumer and healthcare professional markets; (2) genome-based diagnostic chips for the laboratory and healthcare professional markets; (3) molecular imaging agents for positron emission tomography (PET) and fluorescence imaging, with initial application in cardiovascular disease, addressing significant unmet medical needs by providing clinicians with important tools for early discovery and assessment; and (4) 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, the Company’s need for additional funds, 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.
Cindy Horton, Vice President-Diagnostics
QuantRx® Biomedical Corporation
Adam Lowensteiner (Investors)
Alisa Steinberg (Media)
Wolfe Axelrod Weinberger Associates, LLC