QuantRx Biomedical Signs Letter of Intent to Acquire Global Cancer Diagnostics
Combination Would Form an Integrated CLIA-certified Laboratory Company with Multiple Commercial Products
TUALATIN, Ore.--(BUSINESS WIRE)-- QuantRx® Biomedical Corporation ("QuantRx" or the "Company") (OTCBB: QTXB) and Global Cancer Diagnostics Inc. (“Global”), a privately held laboratory, jointly announce that they have signed a letter of intent to combine. Global, a CLIA-certified diagnostics laboratory based in Tempe, Arizona, has developed a low cost, highly accurate over-the-counter lung cancer screening test marketed under the name “The Lung Cancer Test™”. Global’s proprietary technology combines low reagent and labor costs to provide an affordable self-pay solution. “The Lung Cancer Test™” serves as a screening tool providing risk assessment, and is being sold as a laboratory developed test. Global’s management brings deep industry knowledge and expertise in the areas of medical laboratory operations and CLIA laboratory licensing, as well as the marketing of blood tests.
Dr. Shalom Hirschman, Chairman & CEO of QuantRx, stated, “The combination of our intellectual property and proprietary PadKit diagnostic products for female and fetal health with Global’s CLIA laboratory will enable the integrated company to market a multitude of non-invasive diagnostic tests in addition to The Lung Cancer Test™, beginning with endometrial and cervical cancer screens, non-invasive HPV infection screening, fetal fibronectin to monitor pregnancy, and fetal gender determination. I believe the combination of commercial operations with a certified CLIA laboratory will prove invaluable in our plan to launch a series of important patent protected molecular diagnostics tests over the next 12 – 24 months.”
William Gartner, CEO of Global Diagnostics Inc., said, “The Lung Cancer Test™ has demonstrated clinical accuracy at the level of a spiral CT scan with fewer false positives. With nearly 43 million smokers and 50 million former smokers in the United States alone, we are very excited about the opportunity to provide millions of people with a reliable, accurate and affordable solution for annual lung cancer screening. Our enthusiasm is supported and validated by several large drug store chains, many of which have expressed significant interest in the product’s potential especially in light of the importance of early detection and its profound impact on prognoses and survival rates. Moreover, the combination of QuantRx and Global provides an ideal platform to develop and launch numerous additional proprietary and non-invasive diagnostic tests to establish the new company as leading provider of unique and non-invasive diagnostic solutions dedicated to advancing patient outcomes.”
