QuantRx® Biomedical Provides Corporate Update: Focused on Diagnostics and Feminine Hygiene Segments
PORTLAND, Ore., June 7, 2012 /PRNewswire/ — QuantRx(®) Biomedical Corporation (OTCBB: QTXB) is pleased to announce the completion of several key milestones achieved during 2011 and early 2012. The Company has made significant progress on the development of innovative diagnostic products that utilize its patented PadKit(TM) collection system and genomic technology platform for the furtherance of women’s health and fetal medicine world-wide.
The Company boasts two robust proprietary platform technologies focused on a) retail and over the counter applications of its treated and untreated miniform pads including its InSync(TM) line of feminine hygiene products and Unique(TM) line of hemorrhoid treatment products, and b) diagnostic applications utilizing its proprietary PadKit(TM) technology that enables the routine collection of biologic material for later analysis, testing and diagnosis in a laboratory setting. The Company had demonstrated clinical “proof of concept” for the non-invasive collection of fetal cells from a pregnant woman sufficient in quantity to enable the in utero diagnosis of a variety of genomic and metabolic disorders including Down’s syndrome and Tay-Sachs disease as well as numerous other metabolic and genomic disorders and abnormalities. Once fully-developed, the Company’s fetal diagnostic platform will offer a simple, safe, repeatable and cost effective solution, which could eliminate the need for existing invasive protocols, such as amniocentesis, that pose significant risk to both mother and fetus.
The Company has established a wholly owned subsidiary, QX Labs, Inc., that contains the assets and intellectual property related to the PadKit(TM) diagnostics and cell collection technologies. The Company is currently evaluating a variety of alternatives for its QX Labs subsidiary, which may include a strategic partnership, or a partial or full spin-off of QX Labs to current QuantRx® shareholders.
Additionally, we intend to separately secure financing for our women’s health over the counter products business, to fund the commercial launch of our Unique(TM) and InSync(TM) products and to explore the potential acquisition of complementary products and companies to broaden our product offerings.
Dr. Shalom Hirschman, Chairman of the Board at QuantRx Biomedical, stated, “The Company’s technologies and products offer innovative solutions for both feminine hygiene and fetal diagnostics. Our new QX Labs division enables management to provide each business opportunity with the specific resources, personnel, partners and capital necessary to drive success. Our ground breaking PadKit(TM) diagnostics technologies have the potential to define new standards of care and dramatically improve patient outcomes across a broad range of disease states including HPV detection, cancer testing, and adult and fetal genomics screening. It is a truly an exciting time to be involved with the Company and we believe separating the two businesses offers the most logical approach for funding the businesses and maximizing shareholder value.”
About QuantRx Biomedical, Inc.
QuantRx Biomedical Corporation (OTCBB: QTXB) is focused on the development and commercialization of genomic products for advanced diagnosis of serious disease and health conditions, and innovative over-the-counter miniform based products (uniqueminiform.com). With synergistic expertise in the discovery of diagnostic platforms leveraging a significant portfolio of intellectual property, QuantRx’s mission is to introduce products for use by its medical laboratory, and consumers that deliver more accurate, reliable, and cost-effective 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 $5 billion worldwide. The Company’s technology portfolio, with more than a dozen patents, patents pending and licensed patents, includes: miniform technology for over-the-counter applications, and the diagnosis and treatment of women’s health concerns and other medical needs, and significant opportunities in genomic screening and testing for adult and fetal applications, all of which are designed to address 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.
Contact: Michael S. Abrams Burnham Hill Advisors, LLC 212-980-2235
SOURCE QuantRx Biomedical Corporation