Healthcare Industry News: Molecular Insight Pharmaceuticals
News Release - June 13, 2006
QuantRx(R) Biomedical Corporation Announces FDA Filing of IND for CardioPET, a Novel PET Imaging Agent by FluoroPharma (43.4% Owned by QuantRx)AMBLER, PA--(Healthcare Sales & Marketing Network)--Jun 13, 2006 -- QuantRx® BioMedical Corporation (OTC BB:QTXB.OB ) announced that FluoroPharma, Inc. (43.4% owned by QuantRx®) has filed its first Investigational New Drug (IND) application for CardioPET molecular imaging agent.
CardioPET is a novel cardiac viability imaging agent in development that allows acute and chronic coronary artery disease to be assessed while patients are at rest. Approximately 20% of patients with suspected coronary artery disease cannot undergo sufficient physical exertion on a treadmill, which is a standard test to assess the disease. FluoroPharma plans to clinically demonstrate that CardioPET may be an accurate alternative to standard treadmill stress-testing in these patients.
"The filing of the CardioPET IND with the FDA is an important step for FluoroPharma," said Dr. David Elmaleh, FluoroPharma's founder and Chairman of the Board. "We look forward to further advancing both CardioPET and other PET imaging agents."
"We are delighted to see FluoroPharma's filing of its first IND," said Walter Witoshkin, President & CEO of QuantRx® BioMedical and a FluoroPharma board member. "This filing further demonstrates the exceptional value of this investment for QuantRx shareholders." QuantRx® has the option to increase our ownership position in FluoroPharma up to 100%.
About QuantRx® BioMedical Corporation
QuantRx® BioMedical Corporation is a medical technology company with leading edge products targeting worldwide health needs. QuantRx® BioMedical Corporation has developed a broad spectrum of intellectual property targeted to its three proprietary business lines: the patented Unique® and inSync® miniform Interlabial Pad (ILP), Rapid-Sense® technology, and the PadKit® Sample Collection System. QuantRx® BioMedical Corporation plans to license and market products via established distribution networks, initially targeting inSync® in the hemorrhoid pain and discomfort relief market. The Company's patented point-of-care Rapid-Sense® technology has been selectively licensed and is envisioned to support a strong point-of-care testing original equipment manufacturer business. The Company's patented PadKit®, which utilizes an inSync® pad as a non-invasive sample collection device is planned for use in screening for certain cancers and other diseases. QuantRx Biomedical Corporation holds U.S. and foreign patents that grant it sole rights to all of its technology.
FluoroPharma is a molecular imaging company engaged in the discovery and development of proprietary products for the PET market. FluoroPharma is advancing three proprietary products for assessment of acute and chronic forms of coronary disease. These agents have been designed to rapidly target either the myocardial cells within the heart or vulnerable plaques within the coronary arteries.
Dr. David Elmaleh, FluoroPharma's scientific founder, is a leader in imaging. In addition to being the director of Contrast Media Chemistry at Massachusetts General Hospital, he created several important imaging agents that are in human use and he was the scientific founder of Molecular Insight Pharmaceuticals.
Safe Harbor Statement
Certain statements in this press release constitute "forward-looking statements" or statements which may be deemed or construed to be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange of 1934, and as that term is defined in the Private Litigation Reform Act of 1995. The words "forecast," "project," "intend," "expect," "should," "would," and similar expressions and all statements, which are not historical facts, are intended to identify forward-looking statements. These forward-looking statements involve and are subject to known and unknown risks, uncertainties and other factors which could cause QuantRx® BioMedical Corporation's actual results, performance (finance or operating) or achievements to differ materially from future results, performance (financing and operating) or achievements expressed or implied by such forward-looking statements.
Source: QuantRx Biomedical
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