QuantRx® Biomedical Announces Expansion of Its International Intellectual Property: Company Receives Patent in Canada for PAD-based Diagnostic Collection System
DOYLESTOWN, PA --March 12, 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 the Canadian Intellectual Property Office (CIPO) has approved its PADKit® patent application. This patent enhances the international protection for QuantRx’s proprietary Miniform based diagnostic sample collection systems, trademarked PADKit®, for laboratory sample collection, and PADChek™, for consumer testing.
QuantRx plans to use this key sample collection and home testing technology to enter the laboratory testing markets for oncology and cardiovascular disease, as well as the consumer testing market; an estimated $7 billion global opportunity. This additional patent expands protection on the unique QuantRx Miniform technology, adding support for the strong existing US and European IP positions. QuantRx plans to begin clinical validation with various marketing partners for several new products in 2008 using this patented technology.
William Fleming, Ph.D., QuantRx Chief Science Officer, said, “This addition to our significant IP portfolio provides key international protection for our new PADChek™ market development efforts and continues to support QuantRx’s corporate goal of introducing new products and cutting edge technology into the world-wide diagnostic markets.”
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.
QuantRx has corporate offices in Doylestown, Pennsylvania, and its research and development center in Portland, Oregon. The Company holds a majority position in FluoroPharma, Inc., a Boston-based molecular imaging company, and a significant position in Genomics USA, Inc., a Chicago-based developer of microarray technology for DNA testing.
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.
Adam Lowensteiner (Investors)
Alisa Steinberg (Media)
Wolfe Axelrod Weinberger Associates, LLC