QuantRx acquires 27.4% of FluoroPharma

By Ted A. Knutson

Washington, March 16 - QuantRx Biomedical Corp. said Thursday it has completed a material agreement with FluoroPharma, Inc. to acquire 27.4% of the company.

FluoroPharma's current focus is the development of novel cardiovascular imaging agents that allow for the efficient detection and assessment of acute and chronic forms of coronary artery disease.

QuantRx plans to increase its interest in FluoroPharma by an additional 13.1% for a total of 40.5% with the exercise of options granted to QuantRx by FluoroPharma and the purchase of about 300,000 shares from the current officers of FluoroPharma.

Under the investment agreement, QuantRx may acquire at its discretion a majority interest in FluoroPharma through a series of staged investments upon the achievement by FluoroPharma of certain milestones related to the successful completion of phase 1 and 2 clinical trials for certain compounds being developed.

QuantRx is an Ambler, Pa.-based biotech company.

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