QuantRx Announces Multi Year Agreement with CytoCore for Exclusive Distribution of QuantRx’s PADKit® for Cytology and Human Papilloma Virus
Doylestown, PA, May 20, 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 entered into an agreement with CytoCore Inc. to supply its PADKit® Collection Kit to provide samples for Cytology and Human Papilloma Virus (HPV) diagnostics, for the worldwide women’s health laboratory market.
Richard Domanik, President and Chief Operating Officer of CytoCore, stated, “We are excited to be able to expand our support of the worldwide women’s health market with this truly innovative product. QuantRx has done a remarkable job in perfecting the pad technology and we are pleased to move into the next phase of our partnership. QuantRx will be our exclusive manufacturer for this product, which allows us to introduce a new paradigm in sample collection for gynecological cytology. PADKit® provides us with a convenient and largely technique independent means for collecting a gynecological sample that can be used in cytological and other tests where the current leading sample collection methods are complex, difficult to use, invasive or otherwise unsatisfactory.”
CytoCore also intends to add other QuantRx products, as they are introduced to the market. This agreement is expected to positively impact QuantRx revenue beginning in 2008.
“CytoCore is a natural fit for QuantRx as they are focused on the cytology market, and bring a decade of expertise to this market. This agreement will allow QuantRx to accelerate its PAD technology to the market, and focus our in-house R&D efforts on new applications,” said William Fleming, QuantRx’s Chief Science Officer. “The completion of this project revalidates QuantRx’s strategic position in the diagnostic market as a developer and manufacturer of new products and cutting edge technology.”
About CytoCore Inc.
CytoCore (OTCBB:CYOE) develops cost-effective, highly accurate screening systems for early detection of gynecological cancers and sexually transmitted diseases. Designed for easy deployment at a laboratory or at the point-of-care, the CytoCore suite of sample collection technologies assists in the detection of cervical, endometrial, and other cancers, as well as the human papilloma virus. The CytoCore Solutions™ System is being developed to provide medical practitioners with highly accurate, low-cost, cervical and uterine cancer screening systems that can be seamlessly integrated into existing medical models. More information is available at: www.CytoCoreInc.com.
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