QuantRx® Biomedical Announces Positive Phase I Safety Results for CardioPET™, Coronary Artery Disease (CAD) Imaging Tracer for Positron Emission Tomography (PET)
DOYLESTOWN, PA --March 3, 2008 -- QuantRx® Biomedical Corporation (OTCBB:QTXB), 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, today announced that FluoroPharma, Inc., a company developing breakthrough cardiovascular molecular imaging agents for the PET market, presented positive Phase I safety results for CardioPET, its lead product. The trial was designed to evaluate safety, distribution and dosimetry of CardioPET as a PET tracer for myocardial imaging in healthy subjects and patients with Coronary Artery Disease (CAD). Dr. David Elmaleh, Chairman and scientific founder of FluoroPharma, presented findings from the Phase I trial at the “Clinical Trials Update” session at a Society of Nuclear Medicine conference in Denver, Colorado.
CardioPET is a novel metabolic cardiac PET imaging agent that allows assessment of acute and chronic coronary artery disease while patients are at rest. FluoroPharma anticipates that CardioPET may be an accurate alternative to standard treadmill stress-testing and for patients that are unable to exercise.
“The CardioPET trial achieved all safety endpoints and experienced no safety issues,” said Alan J. Fischman, MD, PhD, Principal Investigator of the CardioPET study. “CardioPET performed well in both healthy volunteers and patients with CAD.” Dr. Fischman is a Professor of Radiology at Harvard Medical School and the former Director of Nuclear Medicine at Massachusetts General Hospital.
H. William Strauss, MD, the trial’s medical monitor, was also optimistic about CardioPET’s potential. “The promise of utilizing PET imaging with a fatty acid analog such as CardioPET to assess integrity of the heart encompasses a wide range of potential indications, and we look forward to validating CardioPET’s continued safety in Phase II clinical trials. The PET technology we are studying today shows early promise and may hold the key to better quality CAD diagnoses.” Dr. Strauss is the Clinical Director of Nuclear Medicine at Memorial Sloan Kettering Cancer Center and Professor of Radiology at Cornell University’s Weill School of Medicine.
“We are very pleased with the progress made to date on CardioPET, a breakthrough cardiovascular molecular imaging agent,” said Walter Witoshkin, Chairman and Chief Executive Officer of QuantRx. “With this milestone we are continuing our commitment to make meaningful contributions to the early and accurate diagnosis of coronary disease.”
“The FluoroPharma team is pleased and encouraged by the Phase I results of the company’s lead product,” said Ljiljana Kundakovic, PhD, President of FluoroPharma. ”We look forward to advancing two other cardiovascular PET molecular imaging agents - BFPET for assessment of myocardial perfusion and VasoPET for assessment of atherosclerotic plaque formation.”
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® 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.
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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