QN Diagnostics will be seeded with $5 million.
QuantRx Biomedical is forming a joint venture with NuRx Pharmaceuticals to bolster efforts in the point-of-care (POC) market. To be called QN Diagnostics, the new entity will receive about $5 million in cash from NuRx for commercial launch.
QN Diagnostics will concentrate on accelerating commercialization of diagnostic products that utilize QuantRx’ RapidSense® rapid diagnostics technology. Among the initial products is a line of hypersensitive CLIA-waived quantitative lateral flow diagnostics. They reportedly have reliable and repeatable sensitivity in the low picogram per milliliter level.
“Our FDA market clearances and recent demonstration of Oral THC tests that meet full Substance Abuse and Mental Health Services Administration guidelines mark the culmination of over a decade of development by our research and development team,” states William Fleming, CSO of QuantRx. “RapidSense®, with its exceptional low-level sensitivity, coupled with our unique device technology allows QN Diagnostics to capitalize on our collective knowledge base to create tests that until now have been limited to laboratory or simple qualitative testing.”