QuantRx Biomedical launches its new flagship POC diagnostic reader device at MEDICA 2009

Dec 8 2009

QuantRx® Biomedical Corporation (OTCBB: QTXB), a broad-based diagnostic company focused on the development and commercialization of innovative diagnostic products, announced today the successful debut of its new flagship point-of-care (POC) diagnostic reader device, Q-Reader™, at MEDICA 2009 on November 18-21, 2009, in Düsseldorf, Germany.

“We were extremely pleased by the interest in the Q-Reader expressed by a number of potential partners,” said Walter Witoshkin, QuantRx Chairman and Chief Executive Officer, who was among the Company executives in attendance at MEDICA 2009. “As the world’s largest medical trade fair with almost 138,000 visitors from over 100 countries surpassing last year’s attendance, we were provided with an incredible audience for the milestone of debuting our flagship POC technology.”

“Like no other product on the market today, our Q-Reader actually defines the level of metabolic markers as a front line tool for point-of-care, rather than necessitating the delayed process of third party clinical laboratory testing. The unique capabilities and diverse testing applications of the Q-Reader profoundly resonated with the healthcare industry constituents we saw at MEDICA, validating our investment in and commitment to this product,” added Mr. Witoshkin.

Dr. William H. Fleming, QuantRx Chief Scientific Officer, added, “The breadth and depth of distributors, multinational OEMs, health care professionals and administrators that visited us at MEDICA 2009 contributed toward creating an exciting ‘buzz’ for our Q-Reader. Based on the feedback we are receiving, we believe the Q-Reader is now being considered a true innovation in the paradigm shift to the use of point-of-care medical devices. We continue to hear from and respond to interested parties. As a result, we are aggressively developing a strategy to engage the strongest partners for the commercial launch of our Q-Reader.”

The Q-Reader addresses the imperative of performing advanced medical diagnostic procedures where the patient can benefit the most. In a departure from traditional and simplistic positive/negative point-of-care testing that has become a billion dollar industry, the Q-Reader for the first time provides quantified information in a POC test. To this end, QuantRx has been developing the Q-Reader platform consisting of the Q-Reader and a number of POC tests, intended to facilitate diagnosis of critical metabolic markers, such as those associated with thyroid disease, malignant cancers, therapeutic drugs and other medically relevant conditions, as part of its QN Diagnostics initiative. This unique platform technology, which combines the incredible sensitivity of QuantRx’s RapidSense® technology with the ultra-portable Q-Reader, enables the use of any biological sample, such as blood, urine, vaginal fluids, or saliva, to deliver laboratory results to the primary care provider in minutes.

Separately, the Company also announced today the results of its Annual General Meeting of Stockholders held on December 3, 2009. Stockholders overwhelmingly approved all four proposals presented for their consideration. “We are please to have the support of our shareholders as we move forward with the next phase of our growth strategy and product development,” Mr. Witoshkin concluded.