QuantRx Celebrates Successful Debut of Flagship Diagnostic Reader Device (Q-Reader) at MEDICA 2009
Shareholders Approve All Proposals at Annual Meeting
DOYLESTOWN, PA – December 8, 2009 -- QuantRx® Biomedical Corporation (OTCBB: QTXB), a broad-based diagnostic company focused on the development and commercialization of innovative diagnostic products, announced today the successful debut of its new flagship point-of-care (POC) diagnostic reader device, Q-Reader™, at MEDICA 2009 on November 18-21, 2009, in Düsseldorf, Germany.
“We were extremely pleased by the interest in the Q-Reader expressed by a number of potential partners,” said Walter Witoshkin, QuantRx Chairman and Chief Executive Officer, who was among the Company executives in attendance at MEDICA 2009. “As the world’s largest medical trade fair with almost 138,000 visitors from over 100 countries surpassing last year’s attendance, we were provided with an incredible audience for the milestone of debuting our flagship POC technology.”
“Like no other product on the market today, our Q-Reader actually defines the level of metabolic markers as a front line tool for point-of-care, rather than necessitating the delayed process of third party clinical laboratory testing. The unique capabilities and diverse testing applications of the Q-Reader profoundly resonated with the healthcare industry constituents we saw at MEDICA, validating our investment in and commitment to this product,” added Mr. Witoshkin.
Dr. William H. Fleming, QuantRx Chief Scientific Officer, added, “The breadth and depth of distributors, multinational OEMs, health care professionals and administrators that visited us at MEDICA 2009 contributed toward creating an exciting ‘buzz’ for our Q-Reader. Based on the feedback we are receiving, we believe the Q-Reader is now being considered a true innovation in the paradigm shift to the use of point-of-care medical devices. We continue to hear from and respond to interested parties. As a result, we are aggressively developing a strategy to engage the strongest partners for the commercial launch of our Q-Reader.”
The Q-Reader addresses the imperative of performing advanced medical diagnostic procedures where the patient can benefit the most. In a departure from traditional and simplistic positive/negative point-of-care testing that has become a billion dollar industry, the Q-Reader for the first time provides quantified information in a POC test. To this end, QuantRx has been developing the Q-Reader platform consisting of the Q-Reader and a number of POC tests, intended to facilitate diagnosis of critical metabolic markers, such as those associated with thyroid disease, malignant cancers, therapeutic drugs and other medically relevant conditions, as part of its QN Diagnostics initiative. This unique platform technology, which combines the incredible sensitivity of QuantRx’s RapidSense® technology with the ultra-portable Q-Reader, enables the use of any biological sample, such as blood, urine, vaginal fluids, or saliva, to deliver laboratory results to the primary care provider in minutes.
Separately, the Company also announced today the results of its Annual General Meeting of Stockholders held on December 3, 2009. Stockholders overwhelmingly approved all four proposals presented for their consideration. “We are please to have the support of our shareholders as we move forward with the next phase of our growth strategy and product development,” Mr. Witoshkin concluded.
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® and Q-Reader™ 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.
Additional information on QuantRx is available at www.quantrx.com.
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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.
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Investor Relations Contact:
Jordan M. Darrow
Darrow Associates, Inc.