Company Applies for Utility Patent on Methodology and Related Software
FT. MYERS, Fla., Sept. 13, 2012 /PRNewswire/ -- NeoGenomics, Inc. (NASD OTC BB: NGNM), a leading provider of cancer-focused genetic testing services, announced today it has begun using a new proprietary software that it developed for reading and interpreting Fluorescent in Situ Hybridization ("FISH") digital data. The company will use this software to further automate certain FISH analyses in its own laboratories and will consider sub-licensing it to other providers. The Company also announced that it has applied for a utility patent on this methodology and the related software.
The proprietary software, which is based upon a sophisticated machine learning technology known as Support Vector Machine ("SVM"), allows users to read and interpret specific types of FISH images more accurately and more quickly. Laboratory technologists and professionals can train different algorithms for specific types of FISH images, and a library of files for reading and interpreting various FISH probes can be easily compiled for general use in any FISH laboratory that has a sublicense to the SVM technology. The software can read and interpret most forms of digital FISH data acquired manually or by an automated system.
NeoGenomics has validated and is currently implementing a laboratory developed test using the new software to read ALK rearrangement FISH tests, and plans to expand its use for other FISH probes. FISH testing for ALK rearrangement is currently performed manually and only 50 cells are counted by most laboratories. This new computer-aided system enables a significantly higher number of cells to be counted and allows for increased accuracy and reduced subjectivity from case to case. ALK testing is very important for selecting appropriate therapy for lung cancer patients. The Company expects a modest incremental reimbursement associated with ALK testing in this initial application of SVM technology, because it will enable the use of computer assisted FISH CPT codes for billing.
Douglas VanOort, the company's Chairman and CEO, commented, "Development of this software is a result of our commitment to offer innovative solutions and uncompromising quality for cancer testing. This innovation resulted from our licensing agreement with Health Discovery Corp, which provides NeoGenomics the exclusive worldwide rights to use SVM technology for all types of laboratory developed tests in hematopoietic and solid tumor cancers. We expect SVM technology will help us to automate certain manual testing processes, provide more accurate results for those tests that were previously dependent on subjective interpretations, and increase the productivity of our lab operations. To our knowledge, we are the first laboratory in the world to use SVM technology to assist in reading and interpreting ALK FISH data."
Dr. Maher Albitar, the Company's Chief Medical Officer and Director of Research and Development, commented, "The science around using pattern recognition and computer-aided algorithms has improved significantly in the past few years. Our use of algorithms to interpret FISH digital data is just one step in a series of planned activities to adapt the SVM technology to cancer genetics testing. We believe these types of algorithms will be instrumental in helping to answer complex clinical questions and reducing the dependence on subjective interpretations."
About NeoGenomics, Inc.
NeoGenomics, Inc. is a high-complexity CLIA-certified clinical laboratory that specializes in cancer genetics 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, Tampa, FL 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.
About Health Discovery Corporation (OTCBB: HDVY)
Health Discovery Corporation is a molecular diagnostics company that uses advanced mathematical techniques, such as Support Vector Machine (SVM) technology, 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
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.
SOURCE NeoGenomics, Inc.