Health Discovery Corporation (OTCBB: HDVY) announced today that
Stephen D. Barnhill, M.D. has resigned as CEO of the Company to
accept a new opportunity. Dr. Barnhill, at the request of the Board
of Directors, has agreed to continue as a Consultant and Interim
CEO until a suitable replacement CEO is hired and fully educated on
the technology and product pipeline thereby ensuring a smooth
executive transition.
“The Board of Directors wishes to thank Dr. Barnhill for his
numerous contributions to the company and the integral role he has
played in the company's growth and successes from founding the
Company through leading the Company to a profitable 3rd Quarter of
2012,” states Dr. Joe McKenzie, Lead Director, “We wish him all the
best and look forward to his continued leadership as we search for
an experienced senior executive to continue to drive HDC’s growth
strategy.”
“Dr. Barnhill is a scientific visionary having brought together
the fields of medicine and mathematics in a way that has and will
continue to benefit patients worldwide. He is considered an
international expert in this new area of medicine and it is a great
pleasure to work with him on cutting edge scientific discovery,”
states Dr. Herbert Fritsche, Chief Science Officer at HDC and
retired Professor of Laboratory Medicine and Chief of the Clinical
Chemistry Section at The University of Texas, M.D. Anderson Cancer
Center, “As an inventor of approximately 36 of the patents owned by
HDC, Dr. Barnhill’s contribution to the science driving our
technology is remarkable and unprecedented.”
“Starting a public biotech company from its inception and taking
it to profitability is no easy task and I could not have achieved
this goal without the incredible scientific staff, including Dr.
Herb Fritsche and mathematics staff including Dr’s Hong Zhang and
Isabelle Guyon, at HDC that have joined together and dedicated
themselves to the goal of helping patients through scientific
discovery,” states Stephen D. Barnhill, MD, Chairman and CEO of
HDC. “The Company is now on a solid path with cash, no long-term
debt, products on the market and a pipeline in development, a
valuable patent portfolio, and an incredible team in place to
continue this success. I look forward to working with the Company
to find a new CEO and spending time educating that person on the
technology and product pipeline to ensure a smooth transition of
executive management.”
Dr. Barnhill continued, “I would like to thank the shareholders
of the Company for supporting our efforts in the past and for their
continued support in the future.”
In addition to the announcement of Dr. Barnhill’s departure, HDC
is providing the following current update on the progress at the
Company.
First Time Profitability:
The Company expects to announce its first profitable quarter in the
upcoming Form 10-Q. In addition, the Company has no long-term
debt.
NeoGenomics (OTCBB: NGNM),:
The Company signed a Worldwide Licensing Agreement with NeoGenomics
on January 6, 2012 for Laboratory Developed Test (LDT) rights for
hematopoietic and solid tumor cancers. Under the terms of the
Agreement, NeoGenomics paid $1 million in cash and issued 1,360,000
(one million three hundred and sixty thousand) shares of
NeoGenomics common stock to HDC valued at $1.43 per share (then
valued at $1,945,000.00) in upfront licensing fees. Since that
time, the NeoGenomics stock price has increased closing at $2.80
per share on Friday, October 22, 2012. On August 13, 2012, HDC sold
409,000 shares of the NeoGenomics stock and received proceeds, net
of fees, in the amount of $891,363.00. The Company still retains
ownership of 951,000 shares of NeoGenomics stock which is freely
tradable and valued at $2,662,800.00 based on the October 22
closing price.
In addition, NeoGenomics will make milestone payments, in cash
or stock, based on sublicensing revenue and revenue generated from
products and services developed as a result of the Agreement.
Milestone payments will be in increments of $500,000 for every $2
million in revenue recognized by NeoGenomics up to a total of $5
million in total milestone payments. After $20 million in
cumulative revenue has been recognized, NeoGenomics will pay a
royalty of 6.5% on product sales and will share profits from
sub-licensing arrangements. In addition, NeoGenomics will pay a
royalty of 50% of the revenue recognized from any sub-licensing
arrangements for the Cytogenetics Interpretation System and the
Flow Cytometry System.
Retinalyze, LLC: Retinalyze,
LLC is a 50/50 joint venture between Health Discovery Corporation
and Doctors Optimal Formula, LLC formed October 18, 2011 to develop
SVM based analysis tools for diagnosing diseases such as macular
degeneration using fundoscopic images of the eye.
On February 17, 2012, the Company announced the commercial
launch of Retinalytics SVMTM, to assist Ophthalmologists and
Optometrists in the Detection of Macular Degeneration. While the
first Retinalytics SVMTM product released focuses on age-related
macular degeneration (“AMD”), the Company continues to develop a
second Retinalytics SVMTM product using fundoscopic images of
retinal vessels to assist eye care professionals in the detection
of Alzheimer’s disease and diabetic retinopathy.
At the end of the 3rd Quarter, 2012 there have been 753 Doctors
signed up to use the service and 1700 scans were sent for analysis
during the 3rd Quarter for a total of 2,274 scans analyzed to date.
Revenue numbers and further detail will be provided in the upcoming
10Q.
SVM Capital: SVM Capital, LLC (“SVM Capital”) is a joint
venture between Atlantic Alpha Strategies, LLC (“AA”), a Savannah,
Georgia based Registered Investment Advisor (RIA) and Health
Discovery Corporation, Inc. (OTCBB: HDVY and “HDC”), a Savannah,
Georgia based molecular diagnostics company that uses patent
protected SVM technology for personalized medicine. The purpose in
forming the joint venture was to apply the advanced mathematical
pattern recognition techniques as demonstrated by HDC's SVM
technology and intellectual property (“IP”) assets and leverage
their capabilities for the first time in the financial markets.
As part of the joint venture agreement, SVM Capital acquired the
exclusive and perpetual right to apply HDC’s patent protected SVM
technologies to all financial markets world-wide. Since executing
their joint venture agreement in 2007, SVM Capital has developed
and live traded a series of fully automated trading models based on
an initial ETF strategy, the first investment program developed as
a result of the joint venture. The results of this ETF program are
audited and available for review. A second trading program, using a
long/short large cap hedging strategy began live trading in July
2012 and a third and fourth program, currently in development and
based on a small cap and mid cap strategy respectively, have yet to
begin live trading.
SVM Capital desires to rapidly grow the joint venture and is now
evaluating potential joint venture partnerships, IP licensing
opportunities and/or various strategic alternatives, including
mergers and acquisitions as a means to realize this objective. SVM
Capital is actively targeting a combination of individual traders,
investment analysts, hedge funds and brokerage firms in addition to
research organizations, financial data providers, and financial
technology providers as potential clients and/or partners.
Smart Personalized Medicine, LLC: Health Discovery
Corporation owns an equity position in and 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 novel breast cancer prognostic
test using HDC’s support vector machine (SVM) technology in
collaboration with MD Anderson Cancer Center. Smart Personalized
Medicine, LLC and HDC recently terminated their development
agreement with Quest Diagnostics and plan to identify a new partner
to complete the development of this breast cancer test.
MelApp: MelApp is the world’s first SVM-based iPhone App
for assessing the risk of melanoma. MelApp uses highly
sophisticated patent protected state-of-the-art mathematical
algorithms and image based pattern recognition technology to
analyze the uploaded image and give an indication if a mole is low,
moderate, or high risk of being a melanoma. In all cases, MelApp
refers the App user to a physician for an appropriate medical
evaluation. It is an educational tool never to be used as a
substitute for a physician diagnosis.
There have been approximately 11,500 MelApp downloads purchased
to date. In addition to the revenue generated from the App itself,
the Company hopes to generate additional revenue from physician
subscriptions for potential patient referrals and advertising for
sun care and protection product companies as soon as there is
sufficient critical mass in the ordering patterns.
Patent Portfolio: The Company now holds the exclusive
rights to 57 issued U.S. and foreign patents covering uses of SVM
and FGM technology for discovery of knowledge from large data sets.
The Company also has 23 pending U.S. and foreign patent
applications covering uses of the SVM technology as well as
biomarkers and diagnostic methods that have been discovered using
the SVM technology.
Intel: Regarding Intel’s Patent No. 7,685,077 entitled
“Recursive Feature Eliminating Method Based on a Support Vector
Machine,” the Company has received notification from the United
States Patent and Trademark Office that it intends to issue a
re-examination certificate to Intel Corporation. During the
re-examination, the Patent Office agreed that all elements of the
HDC patented SVM-RFE method are present in the Intel claims. A
fundamental principle of patent law is that the addition of one or
more elements to a patented claim does not avoid infringement. In
this case, Intel merely added a standard computer operation to the
Company’s SVM-RFE method. Furthermore, possession of a patent on
series of steps does not avoid infringement of a patent covering a
subset of those steps.
The matter has now moved to the interference issue. An
interference is an administrative proceeding within the Patent
Office through which a determination is made of who is entitled to
a patent when two parties make claims to the same invention. Under
current U.S. Patent Law, the first person to invent an invention is
entitled to a patent. An interference is commonly provoked by
submitting a new continuation application with claims that were
copied from an issued patent or published application. If the owner
of the continuation application can show that they are entitled to
an earlier priority date than the issued patent, then the party
with the issued patent must provide persuasive evidence that they
actually invented the claimed subject matter before the earlier
priority date of the other party. In this case, the HDC’s earliest
application describing SVM-RFE was filed in March 2000. Intel’s
application for SVM-RFE was filed in August 2005.
The patent examiner who is examining the Company’s continuation
application has agreed that the claims of the application are
identical to those of the Intel patent and that they are, therefore
interfering. As a result, the Company is confident that it will
prevail and be declared the sole owner of the SVM-RFE method when
its claims are compared side-by-side with Intel’s claims.
University Licensing Program: The Company continues to implement
the University Licensing Program for it Intellectual Property
Portfolio. Further detail will be provided in the upcoming
10-Q.
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 relating 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 or 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.
All forward-looking statements and cautionary statements
included in this document are made as of the date hereof based on
information available to the Company as of the date hereof, and the
Company assumes no obligation to update any forward-looking
statement or cautionary statement.
Health Discovery (CE) (USOTC:HDVY)
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