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 va
‘/>”/>