QuantRx® Continues to Expand its Intellectual Property Suite with a new Lateral Flow Technology Patent
DOYLESTOWN, PA – June 2, 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 extending QuantRx’ lateral flow testing intellectual property suite. This new patent offers significant new protection as QuantRx enters the market with its hypersensitive point-of-care lateral flow based system. Coupling this technology with the patented Q-reader technology enables QuantRx to provide CLIA (Clinical Laboratory Improvement Amendments) waived Point-of-Care (POC) tests that other technologies cannot offer.
“This milestone event for QuantRx marks the culmination of over a decade of research by our exceptional R&D team” stated Dr. William Fleming, President of Diagnostics at QuantRx. “RapidSense® with its exceptional low level sensitivity, coupled with our unique device technology, allows QuantRx to capitalize on its knowledge base to create tests that, until now, have been limited to laboratory or simple qualitative testing. QuantRx believes that it will offer products that uniquely meet the healthcare needs described by the new U.S. Administration.”
“Our continually expanding intellectual property suite allows QuantRx to enter untouched markets,” stated Mr. Walter Witoshkin, QuantRx’ Chairman and CEO. “We are excited by these recent developments which provide a clear path to bring real innovation to the broad U.S. POC marketplace.”
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) PAD technology for over-the-counter applications, and the diagnosis and treatment of women's health concerns and other medical needs, and (3) significant investments in: (a) genome-based diagnostic chips for the laboratory and healthcare professional markets; and (b) 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.
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.
Dr. William Fleming
CSO & President of Diagnostics
QuantRx Biomedical Corporation