QTXB QuantRx Biomedical Corporation (CE)

QuantRx® Biomedical Corporation (OTCBB:QTXB), an emerging leader in the development and commercialization of innovative diagnostic products based on its patented technology platforms for the worldwide point-of-care healthcare industry, today announced that Walter Witoshkin, Chairman and Chief Executive Officer, has stepped down from his posts as part of the consolidation and relocation of the Company’s operations to Portland, Oregon. Shalom Hirschman, M.D., who has served as a member of the Board of Directors of QuantRx since September 2005, has been appointed Chairman, and Mr. Barry London has been appointed Interim Chief Executive Officer and a member of the Company’s Board of Directors, based in the Company’s Portland offices.

“Walter Witoshkin has been an innovative leader in the industry and has made considerable progress to position QuantRx to benefit from its platform of novel point-of-care diagnostic testing technologies,” said Shalom Hirschman, M.D., Chairman of QuantRx. “We are grateful for Walter’s efforts during the past six years and appreciate his dedication and sincere services for the Company. With the consolidation of operations in Portland, it is important to have centralized leadership that also reflects our transition from the developmental stage to a growth-oriented organization focused on the execution of marketing and manufacturing strategies. The appointment of Barry London as our Interim CEO, with a well qualified and consultative approach to sales and marketing, ensures that we have the appropriate stewardship as we move forward to both aggressively market our present novel products and develop new technology platforms to spawn a stream of future products for the market.”

Barry London is an innovative and practical businessman and attorney. With over 30 years of business and legal experience, he has worked with companies of all sizes in a variety of industries including finance and health care. His extensive knowledge of business and financial matters, together with his creative approach to solving problems, have enabled Mr. London to help create and execute key business decisions critical to a company’s longevity. Mr. London has authored several publications and presented at numerous professional conferences and events. Mr. London graduated with honors from the Wharton School of Finance and Commerce, and the University of Pennsylvania School of Law.

Shalom Hirschman, M.D. has served as a Director of QuantRx and it’s predecessor, A-Fem Medical, since September 1995. Dr. Hirschman was Professor of Medicine, Director of the Division of Infectious Diseases and Vice Chairman of the Department of Medicine at Mt. Sinai School of Medicine and the Mount Sinai Hospital. He served nearly three decades at Mt. Sinai until his retirement, when he became CEO, President, and Chief Scientific Officer of Advanced Viral Research Corporation, from which he retired in 2004.

About QuantRx Biomedical (www.quantrx.com)

QuantRx Biomedical Corporation (OTCBB: QTXB) is focused on the development and commercialization of innovative 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 medical professionals, institutions, and consumers that deliver more accurate, reliable, and faster 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 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 (QN Diagnostics); (2) PAD technology for over-the-counter applications, and the diagnosis and treatment of women's health concerns and other medical needs, and (3) significant investments in: (a) genome-based diagnostic chips for the laboratory and healthcare professional markets; and (b) 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.

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.

QuantRx Biomedical (CE) (USOTC:QTXB)
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