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Diagnostics Company Out-Licenses Cancer Testing Technology

Red blood cell (science360.gov)

Red blood cell (science360.gov)

Health Discovery Corporation in Savannah, Georgia says it has licensed its diagnostics technology to NeoGenomics Inc. in Fort Myers, Florida to develop lab tests for blood and solid tumor cancers. The license excludes tests for breast and retina cancers, for which other companies have already acquired Health Discovery’s technology.

NeoGenomics will pay Health Discovery Corporation upfront licensing fees of $1 million plus 1.36 million shares of its stock. NeoGenomics will later make milestone payments based on sublicensing and revenue from products and services developed as a result of the agreement, in increments of $500,000 for every $2 million in revenue, up to a total of $5 million. Further royalties and profit shares will be paid after that.

Health Discovery Corporation is molecular diagnostics company that uses mathematical techniques to analyze large data sets, especially for personalized medicine. The company says it has developed a line of biomarker-based diagnostic tests that include human genes and genetic variations, as well as image analysis tools for digital pathology and radiology.

NeoGenomics specializes in cancer genetics diagnostic testing, with locations in Fort Myers and Tampa, Florida, Nashville, and Irvine, California. The company serves clinicians including pathologists, oncologists, and urologists, and hospitals in the U.S.

Read more: Pfizer, Diagnostics Company to Collaborate on Sepsis Tests

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