NeoGenomics Enters Into Exclusive Worldwide Licensing Agreement With Health Discovery Corporation
FT. MYERS, Fla., Jan. 9, 2012 /PRNewswire/ -- NeoGenomics, Inc. (NASD OTC BB: NGNM), a leading provider of cancer-focused genetic testing services, announced today that it has licensed from Health Discovery Corporation ("HDC", OTCBB: HDVY) the exclusive worldwide rights to utilize HDC's extensive intellectual property portfolio to develop laboratory developed tests ("LDTs") and other products relating to hematopoietic and solid tumor cancers.
HDC owns intellectual property and know how, including some 90 issued and pending patents, related to support vector machine (SVM), recursive feature elimination (SVM-RFE), fractal genomic modeling (FGM) and other pattern recognition technology as well as certain patents relating to digital image analysis, biomarker discovery, and gene and protein-based diagnostic, prognostic, and predictive testing.
Under the terms of the License Agreement, NeoGenomics was granted an exclusive worldwide license to HDC's technology, subject to certain limitations, to use, develop, make, have made, modify, sell, and commercially exploit products and services in the fields of laboratory testing, molecular diagnostics, clinical pathology, anatomic pathology and digital image analysis relating to the development, marketing production or sale of any LDTs or other products used for diagnosing, ruling out, predicting a response to treatment, and/or monitoring treatment of any or all hematopoietic and solid tumor cancers excluding cancers affecting the retina and breast cancer (collectively, the "Field").
The License Agreement will allow NeoGenomics to develop and sell any gene, gene-product or protein-based LDTs based on HDC's technology in the Field and provides for sublicensing rights and the assignment of the License Agreement, in whole or in part, at the discretion of NeoGenomics. The License Agreement further provides NeoGenomics with access to certain HDC personnel and consulting resources in the fields of mathematics and in genetic and molecular test development. The licensed technology also includes, among other things, certain tests, algorithms and computer software which have already been developed by HDC.
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