QuantRx Biomedical Settles Suit: Launches New PAD-Based Genomic Diagnostic Products
Last update: 7/14/2011 7:00:00 AM
PORTLAND, Ore., July 14, 2011 /PRNewswire via COMTEX/ -- QuantRx® Biomedical Corporation (QTXB), an emerging leader in the development and commercialization of innovative diagnostic products based on its patented technology platforms for the worldwide healthcare industry, today announced that it has settled the lawsuit with NURX, its prior Joint Venture partner, with prejudice, and will be focusing its operations to expand its over-the-counter products and laboratory diagnostics to better serve its growing market demands. The settlement allows NURX to become QN Diagnostics, complete the development of the technology that was the basis of the QND Joint Venture, and provides QuantRx shareholders with 12 million shares of the new entity while voiding 4 million warrants in QuantRx.
The operational changes will facilitate the transition by QuantRx from the Joint Venture-based developmental stage company to an enterprise focused on the marketing and manufacturing of innovative over-the-counter (OTC) healthcare products and expanding its genomic-based diagnostic technology targeting the monitoring of recurring cancers and serious fetal genomic disease and health conditions to the market. The company's OTC pads for daily feminine hygiene and intergluteal pads for the temporary relief of hemorrhoids are being readied for market launch. Of special significance, the company is initiating a clinical study to confirm its innovative, and potentially practice changing, approach to fetal genomic diagnostics using its patented PadKit technology.
"Now that the settlement with our former joint venture partner has been successfully concluded, we will focus our efforts on bringing our products to the market as quickly as possible," said Shalom Hirschman, MD, QuantRx Chairman and CEO. "As we now move to manufacturing and distribution of our unique products, and establish our brand names, we will need to focus our initial efforts on our market-ready products and validating our key research assumptions. We look to our OTC pads to provide our initial revenue base that will allow the company to pursue its creative diagnostic technologies."
The imminent entry into clinical investigations to develop our novel approach to fetal genomic diagnostics is especially exciting," stated Dr. William Fleming, QuantRx's President & Chief Scientific Officer. "The refocusing of our efforts will enable us to rapidly enter the market and build shareholder value back into QuantRx with revenue and exciting new technology."
About QuantRx Biomedical ()
QuantRx Biomedical Corporation (QTXB) is focused on the development and commercialization of innovative over-the-counter and genomic products for advanced diagnosis of serious disease and health conditions. With synergistic expertise in the discovery of diagnostic platforms leveraging a vast 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: PAD technology for over-the-counter applications, and the diagnosis and treatment of women's health concerns and other medical needs, and significant investments in genome-based diagnostic chips for the laboratory and healthcare professional markets, addressing 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.
CONTACTS:Dr. William FlemingPresident and CSOQuantRx Biomedical Corporationwfleming@quantrx.com
Investor Relations:Ann CarterExecutive Vice President, Marketingacarter@quantrx.com
SOURCE QuantRx Biomedical
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