QuantRx® Announces Additional Patent for its RapidSense® Oral Testing Products
DOYLESTOWN, PA – February 10, 2009 -- QuantRx Biomedical Corporation (OTCBB: QTXB), a broad-based diagnostic company focused on the development and commercialization of innovative diagnostic products, today announced that the U.S. Patent and Trademark Office has issued a new patent expanding QuantRx’s oral testing intellectual property suite. This new patent for QuantRx’s oral testing devices expands the Company’s protection, and will allow QuantRx to bring its ultrasensitive RapidSense® technology to address the exploding point-of-care market opportunity, in particular the oral DOA market.
“This new technology provides the Company with the ability to provide true one step CLIA waived point-of-care DOA tests that will meet the SAMSA guidelines for the first time,” stated Dr. William Fleming, President of Diagnostics at QuantRx. “RapidSense® with its exceptional low level sensitivity, coupled with our unique device technology is well on its way to entering the market and capitalizing on the burgeoning point-of-care testing markets and we believe these markets offer tremendous near-term opportunities for QuantRx.”
“We are pleased to be able to announce our continuing efforts to enhance and protect shareholder value with our continually expanding intellectual property suite,” stated Mr. Walter Witoshkin, QuantRx’s Chairman and CEO. “This oral testing device is a significant step forward in bringing real innovation to the broad U.S. market place.”
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)
Diana Bittner (Media)
Wolfe Axelrod Weinberger Associates, LLC