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.”
About QuantRx Biomedical
QuantRx Biomedical Corporation (OTCBB: QTXB) is focused on the development and commercialization of genomic products for advanced diagnosis of serious disease and health conditions, and innovative over-the-counter miniform based products (uniqueminiform.com). With synergistic expertise in the discovery of diagnostic platforms leveraging a significant 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: miniform technology for over-the-counter applications, and the diagnosis and treatment of women's health concerns and other medical needs, and significant opportunities in genomic screening and testing for adult and fetal applications, all of which are designed to address significant unmet medical needs by providing clinicians with important tools for early discovery and assessment.
About Global Cancer Diagnostics Inc.
Global Cancer Diagnostics is a privately owned biotechnology company with an in-house medical CLIA certified laboratory. The Company is located in Tempe, AZ. GCDx provides the scientific and operating management resources to advance the introduction of the wide range of novel diagnostic technologies into the domestic and global marketplace. The Company has already introduced The Lung Cancer Test to the marketplace. For more information, visit the company’s Web site at www.GlobalCancerDx.com.
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.