a higher level than other diagnosticimaging systems have been able to achieve. This offers significantimprovement over current options for the 5.5 million cardiovascular imagingprocedures performed annually in the U.S. The molecular imaging market isestimated to be $1.3 billion dollars in North America.
Pursuant to this agreement QuantRx acquired 27.4% of FluoroPharma .QuantRx plans to increase its interest in FluoroPharma by an additional13.1% for a total of 40.5% with the exercise of options granted to QuantRxby FluoroPharma and the purchase of approximately 300,000 shares from thecurrent officers of FluoroPharma. Under the investment agreement QuantRxmay in the future acquire at its option and sole discretion a majorityinterest in FluoroPharma through a series of staged investments upon theachievement by FluoroPharma of certain milestones with respect to thesuccessful completion of Phase I and II clinical trials for certaincompounds being developed. Greenberg Traurig, LLP acted as legal advisorto QuantRx Biomedical Corporation in connection with this transaction.
Walter Witoshkin, President and Chief Executive Officer, stated, "Theaddition of FluoroPharma to QuantRx greatly enhances our ability to achieveour goal of being a global leader in the discovery, development andcommercialization of innovative products for the worldwide diagnosticmarkets. Our emerging technological leadership position in the worldwidediagnostics markets via our Rapid-Sense® lateral flow Point-of-Care (POC)products will be greatly enhanced with the addition of FluoroPharmas'intellectual properties. QuantRx is now poised to introduce breakthroughtechnologies into the diagnostic imaging marketplace, to compliment ourPoint of Care markets."
This announcement does not constitute an offer to sell or a solicitation ofan offer to buy securities of QuantRx Biomedical Corporation. Thesesecurities have not been registered under the Securities Act of 1933 orapplicable state securities laws and may not be offered or sold in theUnited States or any state thereof absent registration under the SecuritiesAct and applicable state securities laws or an applicable exemption fromthe registration requirements of the Securities Act and applicable statesecurities laws. This press release is being issued pursuant to and inaccordance with Rule 135c under the Securities Act.
About QuantRx Biomedical Corporation
QuantRx Biomedical Corporation is a medical technology company with leadingedge products targeting worldwide health needs. QuantRx BiomedicalCorporation has developed a broad spectrum of intellectual propertytargeted to its three proprietary business lines: the patented inSync®miniform Interlabial Pad (ILP), Rapid-Sense® technology, and theFluoroPharma Diagnostic Imaging System. QuantRx Biomedical Corporationplans to license and market products via established distribution networks,initially targeting inSync® in the hemorrhoid pain and discomfort reliefmarket. The Company's patented point-of-care Rapid-Sense® technology hasbeen selectively licensed and is envisioned to support a strongpoint-of-care testing original equipment manufacturer business. TheCompany's patented PadKit®, which utilizes an inSync® pad as anon-invasive sample collection device is planned for use in screening forcertain cancers and other diseases. QuantRx Biomedical Corporation holdsU.S. and foreign patents that grant it sole rights to all of itstechnology.
Safe Harbor Statement
Certain statements in this press release constitute "forward-lookingstatements" or statements which may be deemed or construed to beforward-looking statements within the meaning of Section 27A of theSecurities Act of 1933, Section 21E of the Securities Exchange of 1934, andas that term is defined in the Private Litigation Reform Act of 1995. Thewords "forecast," "project," "intend," "expect," "should," "would," andsimilar expressions and all statements, which are not historical facts, areintended to identify forward-looking statements. These forward-lookingstatements involve and are subject to known and unknown risks,uncertainties and other factors which could cause QuantRx BiomedicalCorporation's actual results, performance (finance or operating) orachievements to differ materially from future results, performance(financing and operating) or achievements expressed or implied by suchforward-looking statements.
Contact:Walter WitoshkinPresident and CEO(215) 540 4300
SOURCE: QuantRx Biomedical Corporation