QuantRx Announces Expansion of its Molecular Imaging Technology Platform for Development of Diagnosis and Treatment Agents for Alzheimer’s Disease (AD)
Doylestown, PA, March 27, 2008 – 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, todayannounced that its molecular imaging group, FluoroPharma, Inc., a company developing breakthrough cardiovascular molecular imaging agents for the PET market, has entered into a license agreement with Massachusetts General Hospital (MGH) for the development and commercialization of agents for diagnosis and treatment of Alzheimer’s disease (AD). The licensed technologies, which were co-developed by FluoroPharma and MGH scientists, target multiple biological processes associated with Alzheimer’s disease. Currently, there is no single diagnostic test that proves a person has Alzheimer’s. Development of new options for early detection and treatment of Alzheimer’s has the potential to improve patient care and create new paths for AD management for the more than 5 million Americans that suffer from dementia and other cognitive deficits as a result of AD.
“Our molecular imaging approach to treating AD includes multiple molecular compositions that target AD associated phenomena - low acetylcholine and amyloid plaque formation. With some agents, it may be possible to improve brain function by inhibiting the breakdown of acetylcholine, and with others we may be able to prevent the formation of amyloid plaque by inhibiting protein misfolding. As PET imaging tracers, these agents also have potential applications in both diagnosis of the disease and monitoring of the therapy, by differentially accumulating in regions of the brain,” explained Dr. David Elmaleh, FluoroPharma’s Chairman and Scientific Founder.
“The technology has the potential to be highly effective due to the agents’ enhanced accumulation in the brain,” said Dr. Kundakovic, FluoroPharma’s President. “In combination with high resolution PET imaging, these agents may provide valuable information in patients where early diagnostic and therapeutic information is likely to have the greatest benefit.”
Walter Witoshkin, Chairman and Chief Executive Officer of QuantRx, commented, “We are extremely pleased with this development. The expansion of the molecular imaging technology platform adds tremendous value to our company’s portfolio. FluoroPharma has made significant progress to date in the development of agents for coronary disease. This news will help us round out our portfolio of potential agents for the burgeoning PET market.”
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.
About QuantRx Biomedical
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.
Adam Lowensteiner (Investors)
Alisa Steinberg (Media)
Wolfe Axelrod Weinberger Associates, LLC