Health Discovery Corp’s support vector machine technology is the driving element in a new licensing agreement with Smart Personalized Medicine, LLC. Its patented technology is based on pattern recognition, which the company states also has potential in other sizable commercial markets such as oil exploration, Internet search and spam, and other areas where analysis of large volumes of complex data is required.
The licensing agreement will push work on a new breast cancer prognostic test in collaboration with the MD Anderson Cancer Center at the University of Texas. It sets up Health Discovery Corporation (OTCBB: HDVY) with a 15% equity position in Smart Personalized Medicine, LLC and it will receive royalties based on net proceeds from the tests.
Smart Personalized Medicine, founded by Dr. Richard Caruso, chairman and founder of Intergra Life Sciences, has a $5 million initial investment. “Shareholders should greatly benefit from (Dr. Caruso’s) experience and determination as he sets his sights on using HDC’s SVM technology to develop a new and improved breast cancer prognostic test,” said Health Discovery Corporation Chairman and CEO Dr. Stephen Barnhill.
“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,” Dr. Caruso said.
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