QuantRx Biomedical Corp. is a diagnostics company engaged in the development and commercialization of innovative diagnostic products centered on its patented technology platforms. Friday, the company announced its joint venture with NuRx Pharmaceuticals Inc. (NUXP.OB), a life sciences company engaged in the research and development of oncology products and relative care.
The joint venture was formed to accelerate efforts to take advantage of Point-of-Care (POC) products. Per the agreement, NuRx will provide the new venture, QN Diagnostics LLC, with more than $5 million of working capital, which will be used for marketing and revenue generation of its POC line of products.
Equally owned by QuantRx and NuRx, QN Diagnostics is supported by 30 years of diagnostic healthcare research and development expertise, and will move the companies forward in the market.
â€œThe formation of QN Diagnostics is an extraordinary milestone for QuantRx, its shareholders and the global healthcare community,â€ Walter Witoshkin, chairman and CEO of QuantRx stated in the press release. â€œThrough this joint venture, we will be a leader in one of the most compelling healthcare market opportunities of the 21st century and we have gained access to the funding necessary to capitalize on this opportunity. Strengthened by QuantRxâ€™ recently acquired testing technology and the accomplished team at NuRx, we believe the creation of this joint venture will dramatically accelerate the introduction of our innovative Point-of-Care product line which includes both quantitative and qualitative new diagnostic products.â€
QN Diagnostics will utilize QuantRxâ€™ RapidSenseÂ® rapid diagnostics technology to focus on a â€œgrowing and underserved world-wide market.â€ The company said the RapidSense system will allow it to capitalize on its knowledge to produce tests that were previously limited to laboratories.
â€œWe believe the technology within QN Diagnostics, LLC promises to produce a paradigm shift in Point of Care diagnostics. As NuRx Pharmaceuticals evolves to broaden its Life Sciences focus, this joint venture will become a critical part of our health care portfolio. QN Diagnostics, LLC is the product of two synergistic equals,â€ Dr. Harin Padma-Nathan, CEO of NuRx Pharmaceuticals stated.