QuantRx Announces Exclusive Manufacturing and Distribution Agreement for New Presumptive Field Narcotics Testing Products with Fieldtests LLC
Doylestown, PA, April 08, 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, today announced that it has concluded the development of the Fieldtests ID product line for identifying drugs-of-abuse residue. QuantRx has entered into an exclusive manufacturing agreement with Fieldtests LLC. These new products represent a break-through technology for the field-testing of narcotic residues in both the law-enforcement and occupational health marketplace.
Len Jonker, President of Fieldtests LLC, stated, “We are pleased with the completion of the development of this technology. QuantRx has done a remarkable job and we are excited to move into this next phase of our partnership. QuantRx will be our exclusive manufacturer for this product which allows us to introduce a new paradigm in the field-testing of narcotics. Initial feedback from law enforcement agents indicates a dramatic improvement to the current available products. Unlike the current leading technology, our product has the ability to test for multiple drugs simultaneously, in addition to being safer and easier to use.”
Fieldtests has also agreed to distribute QuantRx’s QuikSense Drugs-of-Abuse products through its distribution channels, and intends to add other QuantRx products, such as RapidSense and OralSense, as they are introduced to the market. These distribution and manufacturing agreements are expected to positively impact QuantRx revenue in 2008.
“This new product line will allow QuantRx the ability to enter into the law enforcement and occupational health market with a partner who has over 15 years of experience in the field,” said Cindy Horton, QuantRx Vice President of Diagnostics. “Mr. Jonker has developed relationships within the law enforcement market that will create significant business opportunities and immediate market credibility. The completion of this project revalidates QuantRx’s strategic position in the diagnostic market as a developer, manufacturer, and distributor of new products and cutting edge technology.”
This product is scheduled for launch in the 2nd quarter of 2008.
Fieldtests LLC is a specialty company focused on the introduction of cutting-edge drug-testing technologies for the law enforcement market and occupational health markets. Fieldtests LLC is a leader in this unique market segment due to their specialization with narcotics testing products utilized in drug related situations including roadside testing for impaired driving and drug identification.
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