QuantRx® Announces Multi Year Technology License Agreement with Church & Dwight
DOYLESTOWN, PA – February 2, 2009 – 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 it has entered into a Technology License Agreement with Church & Dwight Co., Inc. (NYSE:CHD). Under the terms of the agreement, Church & Dwight acquired exclusive world-wide rights to use certain QuantRx technology related to a jointly developed at-home diagnostic test for the consumer Over-the-Counter market. QuantRx expects that the product will be launched by Church & Dwight under its First Response® brand and will be available at the retail level in the second quarter of 2009. Under the long-term agreement, QuantRx has received a commercialization fee and shall receive royalties on net sales of the product.
“We are pleased to have been chosen by Church & Dwight to develop a new at-home diagnostic test to help fuel their continued growth in the Over-the-Counter market.” stated Dr. William Fleming, President of QuantRx’ Diagnostic Group. “This partnership helps underscore our ability to rapidly apply our technological expertise to meet the market needs of our partners. It also provides QuantRx with a long-term revenue stream, while we continue developing a robust proprietary product pipeline to bring innovative products to the point-of-care market.”
“QuantRx has been developing professional and OTC diagnostic products for our partners for several years, and has focused on rapid integration of technology to meet the market needs of its partners around the world. Our unique technologies, technical expertise, and flexibility allow QuantRx to successfully meet the needs of both large and small partners,” stated Dr. Fleming.
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 being made by QuantRx 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