QuantRx® Biomedical Announces Second Agreement with ALT Bioscience to Develop Diagnostic Tests for Oral Health
DOYLESTOWN, PA -- February 14, 2008 -- QuantRx® Biomedical Corporation (OTC BB: 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 a second development and manufacturing agreement with ALT BioScience, LLC to continue the development of their professional periodontal screening product, the second oral healthcare product in their portfolio. The products will be available for distribution in the dental and consumer marketplaces with applications including halitosis, gingivitis, and periodontal disease.
The first QuantRx-developed product is a consumer quick-check test for detection of halitosis and gingivitis and is also based on ALT BioScience's oral health platform technology. Product introduction into the professional market is anticipated in early 2009.
The U.S. dental industry revenues exceeded $85 billion in 2007 and are expected to grow 6-7% per year. U.S. sales of dental equipment are expected to growth 4% per year and exceed $8 billion by year-end 2011. The need for dental diagnostics for early detection of oral disease is valuable since available treatments are very effective in treating diseases in the early-stage; ultimately reducing overall health-care costs.
Leslie J. Herzog, President and Chief Executive Officer of ALT BioScience, stated, "There is an unmet need for a broad-based periodontal screening that will capture more patients and improve overall periodontal health. While emerging evidence continues to suggest a link between systemic diseases and oral health, our innovative pipeline will help drive awareness among consumers and professionals for better overall general health. There is a paradigm shift in the way professionals and healthcare plans approach better patient management in addition to how consumers take more ownership of their health. We are in the forefront of change with the technology to support the breadth of applications across markets.”
Ms. Herzog added, "We are pleased to continue our relationship with QuantRx on the development of our point-of-care diagnostics and to manufacture our technologies across applicable markets.”
Cindy Horton, QuantRx Vice President-Diagnostics, said, “We are pleased with the expansion of our collaboration with ALT. It revalidates QuantRx’s expertise in the point-of-care diagnostics field. QuantRx’s ability to develop, manufacture, and commercialize point-of-care diagnostic products puts us in a unique position of developing breakthrough products with category leaders in the medical field. We feel this partnership gives QuantRx an entry point to the fast growing oral care market. We feel this collaboration will greatly enhance our revenue base.”
About ALT BioScience (www.altbioscience.com)
ALT BioScience, LLC is a specialty bioscience company that discovers, develops, and commercializes diagnostic and biomedical technologies focused on oral-systemic health, neurodegenerative diseases and nucleotide photoaffinity labeling for basic protein research. The basic foundation of the company, nucleotide photoaffinity labeling, is a research tool for nearly 300 research, biotech and pharmaceutical companies worldwide, and allows for the identification of enzyme-protein differences in diseases such as Alzheimer's, ALS, and cancer. Founded in 1997, ALT BioScience, LLC, is a privately held company located in Lexington, Kentucky.
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.
Cindy Horton, Vice President-Diagnostics
QuantRx® Biomedical Corporation
Adam Lowensteiner (Investors)
Alisa Steinberg (Media)
Wolfe Axelrod Weinberger Associates, LLC