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.
NeoGenomics paid $1 million in cash and issued 1,360,000
shares of common stock to HDC in upfront licensing fees. 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.
Doug VanOort, Chairman and CEO of NeoGenomics, commented,
"Our agreement with HDC is an important strategic building
block for NeoGenomics. We are executing well on the
fundamentals of providing high-quality service, and have
developed strong market-based partnerships with leading
pathologists and clinicians. The ability to develop and
successfully market innovative and proprietary genetic and
molecular-based tests is an important third element of our
strategy. This Agreement provides the tools and resources
necessary for NeoGenomics to execute on this essential
strategic initiative."
Mr. VanOort continued, "Initially, we plan to focus on
developing LDTs for the detection of prostate, pancreatic and
colon cancer. We also plan to develop interpretation software
targeted at automating cytogenetics and flow cytometry
analysis. Our new Chief Medical Officer, Dr. Maher Albitar,
who recently served as Chief Medical Officer for HDC, has
significant experience working with HDC's technology and in
developing new genetic and molecular tests."
Mr. VanOort concluded, "We have gained strong momentum in the
marketplace over the past few quarters. Now, we are very
focused on solidifying our gains and capitalizing on future
opportunities available to us. With demographic changes in
our country driving a significant increase in the prevalence
of cancer and the possibilities offered by personalized
medicine, it is an ideal time for us to invest even more in
new genetic test development."
NeoGenomics, Inc. is a high-complexity CLIA-certified clinical laboratory that specializes in cancer genetics diagnostic testing, the fastest growing segment of the laboratory industry. The company's testing services include cytogenetics, fluorescence in-situ hybridization (FISH), flow cytometry, immunohistochemistry, morphology studies, anatomic pathology and molecular genetic testing. Headquartered in Fort Myers, FL, NeoGenomics has labs in Nashville, TN, Irvine, CA and Tampa and Fort Myers, FL. NeoGenomics services the needs of pathologists, oncologists, urologists and other clinicians, and hospitals throughout the United States. For additional information about NeoGenomics, visit http://www.neogenomics.com.
Forward Looking Statements
Except for historical information, all of the statements,
expectations and assumptions contained in the foregoing are
forward-looking statements. These forward looking statements
involve a number of risks and uncertainties that could cause
actual future results to differ materially from those
anticipated in the forward looking statements. Actual results
could differ materially from such statements expressed or
implied herein. Factors that might cause such a difference
include, among others, the company's ability to continue
gaining new customers, offer new types of tests, and
otherwise implement its business plan. As a result, this
press release should be read in conjunction with the
company's periodic filings with the SEC.
2
(239) 325-2001 neogenomics@hawkassociates.com sjones@neogenomics.com
3
distribué par | Ce noodl a été diffusé par NeoGenomics Inc. et initialement mise en ligne sur le site http://www.neogenomics.org. La version originale est disponible ici. Ce noodl a été distribué par noodls dans son format d'origine et sans modification sur 2012-01-09 15:21:24 PM et restera accessible depuis ce lien permanent. Cette annonce est protégée par les règles du droit d'auteur et toute autre loi applicable, et son propriétaire est seul responsable de sa véracité et de son originalité. |
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