QuantRx Biomedical Announces First Distribution Agreement for Veterinary Market with Entry into Europe
DOYLESTOWN, PA – May 7, 2010 – QuantRx® Biomedical Corporation (OTCBB:QTXB), a broad-based diagnostic company focused on the development and commercialization of innovative diagnostic products, today announced that it has entered into a two-year agreement with VetRed BV for the European distribution of products developed by QuantRx (QN Diagnostics) for veterinary applications. This is the first distribution agreement for QuantRx (QN Diagnostics) in the animal healthcare market and marks the commercial launch of its first product developed for the segment.
Privately held VetRed will begin to market QuantRx’s newly developed thyroid panel diagnostic kit accompanied by the QV-Reader. A thyroid panel is a diagnostic testing process used to evaluate thyroid gland function and diagnose thyroid disorders. The hormones produced by the thyroid travel through the bloodstream and impacts metabolism.
“Today’s announcement reflects important progress for QuantRx in the launching of new products for new vertical markets, along with the introduction of another revenue stream to complement our efforts in human diagnostics,” said Walter Witoshkin, Chairman and CEO of QuantRx. “Thyroid testing is one of the largest and fastest growing segments of the animal healthcare market. Our new products leverage our multi-faceted point-of-care technology platform to deliver radically new procedures and more effective diagnostic applications. VetRed is a well respected distributor focusing on medical technology for the veterinary market in the European Union. Our agreement with VetRed in Europe is just the first strike by QuantRx in the veterinary market as we are completing distribution agreements in North America, the largest region in the world for veterinary products. We believe these agreements will have a significant impact on both our short term and long term revenues.”
“We are very excited about becoming QuantRx’s liaison in Europe. QuantRx has unique, proprietary technologies that allow veterinarians to run in-clinic assays, which were not available before, along with other beneficial testing processes,” said VetRed Chief Executive Officer Floris de Haan, DVM. “In-clinic diagnostics has been the fastest growing segment of veterinary medicine with the most potential for the foreseeable future. New medical technologies and applications, such as those being developed by QuantRx (QN Diagnostics), are opening new avenues for veterinarians to expand their practices with reliable diagnostic procedures.”
Through its network of agents and local distributors, VetRed is well positioned to assist QuantRx in assuring its products reach all European Community (“EC”) member nations. Europe is second only to the United States in the number of feline and canine pets with approximately 52 million dogs and 66 millions cats, according to a recent survey by NAVC. With an addressable market estimated to be in excess of $4 billion, sales of animal health products in the European Union’s 27 member countries represent well over a quarter of the global market value.
VetRed is a fast growing participant in the EC veterinarian supplies market. Based on the success of its 2009 introduction of the Pandora™ Slide Strainer, a tabletop fully automated unit intended to replace microscope evaluations, VetRed has been pursuing the addition of select products for its distribution channels. The company is led by an industry veteran with more than 25 years of accomplished veterinary sales experience. VetRed has representation in all regions of the EC.
About QuantRx Biomedical (www.quantrx.com)
QuantRx Biomedical Corporation (OTCBB: QTXB) is focused on the development and commercialization of innovative products for advanced diagnosis of serious disease and health conditions. With synergistic expertise in the discovery of diagnostic platforms leveraging a vast portfolio of intellectual property, QuantRx’s mission is to introduce products for use by medical professionals, institutions, and consumers that deliver more accurate, reliable, and faster diagnoses which result in improved patient care and a reduction in overall healthcare costs.
The QuantRx strategy targets significant market opportunities estimated to be in excess of $7 billion worldwide. The Company's technology portfolio, with more than three dozen patents, patents pending and licensed patents, includes: (1) its core RapidSense® point-of-care lateral flow diagnostics, and QuantRx’s state-of-the-art Q-Reader™ and QV-Reader™ technologies, providing comprehensive tools for improved cost effective healthcare (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.
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.
Jordan M. Darrow
Darrow Associates, Inc.