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QuantRx® Biomedical Receives Grant and Incentives from Portland Development Commission for New R&D Facility

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QuantRx® Biomedical Corporation announced that, as part of its plan for expansion of its research and development capabilities, the Company was selected to receive a grant and other incentives from the Portland Development Commission (PDC) to open the Company's new research center in Portland, Oregon.

The PDC funds are allocated to a new 7,000-square-foot Portland R&D facility, scheduled to open mid-February, which is to be registered with the United States Food and Drug Administration for development and manufacturing of QuantRx lateral flow devices, PAD kit technology and other biotechnology and biomedical projects.

QuantRx Biomedical claims to be one of the first companies to benefit from joint PDC and Oregon Bioscience Association efforts to attract firms within the biotechnology and biomedical industries to the Pacific Northwest and, particularly, to the Portland metropolitan area.

"QuantRx is building on its R&D capabilities, developing its infrastructure and strengthening its scientific team. The diligence of the PDC and Oregon Bioscience Association in ensuring the success of this program dovetails with our continued effort to grow and mold a company that creates and delivers innovative diagnostic platforms and products for the professional, institutional and consumer markets," Walter Witoshkin, QuantRx Chairman and Chief Executive Officer, said.

Mr. Witoshkin added that the Portland infrastructure is conducive to growth across the Company's range of technology platforms - rapid point-of-care testing products, PAD technology that provides the basis of a variety of diagnostic and treatment products, diagnostic molecular imaging products for use in the PET (positron emission tomography) market and clinically optimized genome-based diagnostic microarray chips with an initial focus on detecting immune system-related disorders.