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news.US-based Health Discovery Corporation has signed a licensing agreement with Smart Personalized Medicine founded by Richard Caruso, chairman and founder of Intergra Life Sciences.
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Pursuant to the agreement, both the companies will work together to develop a superior breast cancer prognostic test using Health Discovery Corporation’s (HDC’s) support vector machine technology in collaboration with MD Anderson Cancer Center.
Under the terms of the agreement, HDC will receive a 15% equity position in Smart Personalized Medicine based on up to a $5 million initial investment from Smart Personalized Medicine investors.
In addition, HDC will receive a per test royalty up to 7.5% based on net proceeds received from the sale of the new breast cancer prognostic test.
Richard Caruso, CEO of Smart Personalized Medicine, said: “Now that a formal license agreement has been signed between Smart Personalized Medicine and HDC, we are ready to begin immediate development of what we believe could become a superior breast cancer prognostic test using HDC’s support vector machine technology.”