DOYLESTOWN, PA--(MARKET WIRE)--Mar 5, 2008 -- QuantRx® Biomedical Corporation (OTC BB:QTXB.OB - News), 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 it has entered into a Memorandum of Understanding agreement with Jant Pharmacal to form a strategic alliance to develop and commercialize new technologies and products in the areas of diagnostics and monitoring.
QuantRx and Jant are exploring quantative Point of Care technologies in areas of oncology, cardiovascular, and other emerging markets. The technologies are supported by strong IP positions as well as proof of concept and clinical data. QuantRx and Jant plan to launch several new products in 2008.
Jack Tawfik, Managing Director of Jant Pharmacal, stated, “We are excited about our collaboration with QuantRx. We are confident that our cooperation will result in the development and commercialization of unique and innovative technologies in the diagnostic and monitoring fields.”
Cindy Horton, QuantRx Vice President-Diagnostics, said, “The opportunity to combine resources and licensing opportunities with Jant is consistent with QuantRx’s corporate goal of introducing new products and cutting edge technology into the diagnostic market. Jant has over 20 years of experience within the Point of Care marketplace and we are looking forward to the introduction of a number of new products this year.”
About Jant Pharmacal (www.accutest.net)
Jant Pharmacal Corporation, established in 1986, provides a comprehensive line of rapid immuno-diagnostic test products for clinical, consumer and workplace applications.
Products are marketed under Jant’s proprietary labels, including Accutest® and Accustrip®, through national and international distributors, as well as through client private labels.
About QuantRx Biomedical (www.quantrx.com)
QuantRx Biomedical Corporation (OTC BB:QTXB.OB - News) 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.
CONTACTS: Adam Lowensteiner (Investors) adam@wolfeaxelrod.com Alisa Steinberg (Media) alisa@wolfeaxelrod.com Wolfe Axelrod Weinberger Associates, LLC 212-370-4500
Source: QuantRx Biomedical Corp.
