QuantRx® Forms Joint Venture with NuRx for the Global Launch of Innovative Point-of-Care Products
Significant Funding Received to Support Growth Initiatives
DOYLESTOWN, PA – July 31, 2009 -- QuantRx Biomedical Corporation (OTCBB: QTXB) announced today the creation of a joint venture with NuRx Pharmaceuticals, Inc. (OTCBB: NUXP) to accelerate efforts to capitalize opportunities in the fast growing market for Point-of-Care (POC) products. In addition to benefiting from the collaboration of executive management of the founding partner companies, NuRx has agreed to provide Portland, Oregon-based QN Diagnostics in excess of $5 million in cash for working capital to be used through the commercial launch and revenue generation of its innovative POC family of products.
The new joint venture, QN Diagnostics, LLC, equally owned by QuantRx and NuRx, leverages 30 years of diagnostic healthcare research and development expertise. QN Diagnostics is the new broad-based diagnostic company focused on accelerating the commercialization of innovative diagnostic products utilizing QuantRx’ RapidSense® rapid diagnostics technology. Among the initial products is a revolutionary line of hypersensitive Clinical Laboratory Improvement Amendments (CLIA) waived quantitative POC lateral flow diagnostics, with reliable and repeatable sensitivity in the low picograms per milliliter needed to provide laboratory level results to the POC market. With this novel product line, QN Diagnostics will address a growing and underserved world-wide market.
“The formation of QN Diagnostics is an extraordinary milestone for QuantRx, its shareholders and the global healthcare community,” stated Mr. Walter Witoshkin, Chairman and CEO of QuantRx. “Through this joint venture, we will be a leader in one of the most compelling healthcare market opportunities of the 21st century and we have gained access to the funding necessary to capitalize on this opportunity. Strengthened by QuantRx’ recently acquired testing technology and the accomplished team at NuRx, we believe the creation of this joint venture will dramatically accelerate the introduction of our innovative Point-of-Care product line which includes both quantitative and qualitative new diagnostic products.”
Dr. Harin Padma-Nathan, CEO of NuRx Pharmaceuticals, Inc. added that “we believe the technology within QN Diagnostics, LLC promises to produce a paradigm shift in Point of Care diagnostics. As NuRx Pharmaceuticals evolves to broaden its Life Sciences focus, this joint venture will become a critical part of our health care portfolio. QN Diagnostics, LLC is the product of two synergistic equals.”
“Our FDA market clearances and recent demonstration of Oral THC tests that meet full Substance Abuse and Mental Health Services Administration (SAMSA) guidelines mark the culmination of over a decade of development by our research and development team,” stated Dr. William Fleming, Chief Scientific Officer of QuantRx. “RapidSense®, with its exceptional low level sensitivity, coupled with our unique device technology allows QN Diagnostics to capitalize on our collective knowledge base to create tests that, until now, have been limited to laboratory or simple qualitative testing.”
With a market size estimated at $5 billion annually and growing at nearly 15% per year, POC devices facilitate diagnosis principally of infectious disease, drugs of abuse and other medically relevant conditions through biological samples such as blood, urine, and saliva. POC products are designed to provide diagnostic testing at home or as a front-line examination by a healthcare professional in order to ensure timely diagnosis, more immediate treatment, earlier intervention, limiting of the spread of the disease (within the patient and to others), and patient convenience. All of these benefits ultimately lead to a reduction in medical costs that is a significant driver behind President Obama’s healthcare reform campaign.
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 (QN Diagnostics); (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.
About NuRx Pharmaceuticals, Inc. (www.nurxpharmaceuticals.com):
NuRx Pharmaceuticals, Inc (OTCBB: NUXP) is a Life Sciences company with a strong R&D focus in oncology and oncology supportive products as well as medical diagnostics applications within oncology and more broadly in medical and veterinary care. NuRx Pharmaceuticals, Inc was initially established to explore the broad application of second and third generation of retinoid and rexinoid compound. It has evolved into a more broad Life Sciences company with R&D interests in additional novel cancer therapeutics and, more recently, novel delivery of Point of Care diagnostics.
Forward Looking Statements Disclaimer for QuantRx Biomedical Corporation: 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