PORTLAND, Ore., July 14, 2011 /PRNewswire/ -- 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 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 (www.quantrx.com)
QuantRx Biomedical Corporation (OTCBB: 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 Fleming
President and CSO
QuantRx Biomedical Corporation
wfleming@quantrx.com
Investor Relations:
Ann Carter
Executive Vice President, Marketing
acarter@quantrx.com
SOURCE QuantRx Biomedical