Thomas Gallagher, President, Chief Operating Officer and General Counsel of Health Discovery Corporation (OTCBB: HDVY) (HDC), informed the Board of Directors of his intention to pursue a new opportunity. The Board of Directors accepted Mr. Gallagher’s resignation effective February 22, 2011.
In addition, HDC’s Board of Directors and Mr. Gallagher have begun discussions about a possible joint venture in order to pursue business opportunities with an emphasis on non-medical data-mining and business analytics using HDC’s technology.
As currently contemplated, the proposed joint venture would grant Mr. Gallagher’s new company a non-exclusive license to Health Discovery Corporation’s substantial patent portfolio and know-how in exchange for a minority ownership interest in the new company. The parties will begin serious discussions about this possibility in the coming weeks.
“Since his arrival in November 2009, Tom Gallagher has made a significant and positive impact on our organization and we appreciate his efforts,” said Dr. Joseph McKenzie, Lead Director of Health Discovery Corporation. “It is our hope to be able to continue to collaborate with Tom in the near future,” said Dr. McKenzie.About Health Discovery Corporation Health Discovery Corporation is a molecular diagnostics company that uses advanced mathematical techniques to analyze large amounts of data to uncover patterns that might otherwise be undetectable. It operates primarily in the emerging field of personalized medicine where such tools are critical to scientific discovery. Its primary business consists of licensing its intellectual property and developing its own product line of biomarker-based diagnostic tests that include human genes and genetic variations, as well as gene, protein, and metabolic expression differences and image analysis in digital pathology and radiology. For more information, see www.healthdiscoverycorp.com. Forward-Looking Statements This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, the accuracy of which is necessarily subject to risks and uncertainties, including, without limitation, statements regarding future performance, opportunities and investments, and anticipated results in general. From time to time the Company may make other forward-looking statements in relation to other matters, including without limitation, commercialization plans and strategic partnerships. Actual results may differ materially due to a variety of factors, including, among other things, the acceptance of our approach to applying mathematics, computer science and physics into the disciplines of biology, organic chemistry and medicine and our products and technologies associated with those approaches, the ability to develop and commercialize new drugs, therapies or other products based on our approaches, and other factors set forth from time to time in the Company’s Securities and Exchange Commission filings.
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