29.08.2008 13:20:00
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Smart Personalized Medicine, LLC, Founded by Dr. Richard Caruso, Signs Agreement with Health Discovery Corporation to Work to Develop New Breast Cancer Prognostic Test
Health Discovery Corporation ("HDC”) (OTCBB: HDVY) today announced that it has signed a Licensing Agreement with Smart Personalized Medicine, LLC, founded by Dr. Richard Caruso, Chairman and Founder of Intergra Life Sciences (NasdaqGS:IART) to work to develop a superior breast cancer prognostic test using HDC’s support vector machine (SVM) technology in collaboration with MD Anderson Cancer Center.
Under the terms of the Agreement, HDC will receive a 15% equity position in Smart Personalized Medicine, LLC based on up to a $5 million initial investment from Smart Personalized Medicine, LLC investors. In addition, HDC will receive a per test royalty up to 7.5% based on Net Proceeds received from the sale of the new breast cancer prognostic test.
"Now that a formal License Agreement has been signed between Smart Personalized Medicine and HDC, we are ready to begin immediate development of what we believe could become a superior breast cancer prognostic test using HDC’s SVM technology,” stated Dr. Richard Caruso, CEO of Smart Personalized Medicine. "If our efforts prove successful, HDC shareholders can greatly benefit from this exciting development.”
"This is a tremendous opportunity for HDC to participate with Dr. Caruso as he pursues his goal to develop a superior breast cancer prognostic test to compete with other such tests like OncotypeDX provided by Genomic Health (NasdaqGM: GHDX),” stated Dr. Stephen Barnhill, Chairman and CEO of Health Discovery Corporation. "With Dr. Caruso’s successful track record as Chairman of the Board and Founder of Integra Life Sciences (NasdaqGS:IART) and honored as the National Ernst & Young Entrepreneur Of The Year in 2006, HDC shareholders should greatly benefit from his experience and determination as he sets his sights on using HDC’s SVM technology to develop a new and improved breast cancer prognostic test to predict the right treatment for the right patient at the right time – the essence of Personalized Medicine.”
About Health Discovery Corporation
Savannah-based Health Discovery Corporation (OTCBB: HDVY) is uniquely positioned in the field of pattern recognition technology. Through the application of its patent protected technology, HDC is a leader in SVM-based molecular diagnostic and prognostic test development in genomics and proteomics, as well as, digital image analysis in pathology and radiology. The Company's SVM and FGM pattern recognition tools have significant application potential in other sizable commercial markets such as oil exploration, financial markets, Internet search and spam, homeland security, and other areas where analysis of large volumes of complex data is required.
This news release contains "forward-looking statements" within the meaning of Section 27a of the Securities Acts of 1933 and Section 21E of the Securities Exchange Act of 1934. Although the management team of HDC believes that the expectations reflected in such forward-looking statements are reasonable, they can give no assurance that such expectations will prove correct.
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