SAVANNAH, Ga., April 20, 2011 /PRNewswire/ -- "We are in the midst of a revolutionary change in diagnostic medicine that targets early detection of major health issues such as cancer. It is based upon mathematical algorithms that can accurately identify between healthy and diseased human tissue," said Howard Stillman, a veteran Wall Street Securities Analyst in a report about Health Discovery Corporation.
Health Discovery Corporation (OTC Bulletin Board: HDVY), located in Savannah, GA., has pioneered in the field of Molecular Diagnostics for over 10 years and has been awarded 49 patents with an additional 39 patents pending for its established technology utilizing Support Vector Machines.
Reflecting its accomplishments to date, as mentioned in its recently released Annual Report, Health Discover Corporation has completed its testing and has received payments on two major joint ventures with Abbott Labs and Quest Diagnostics. The successful results have been announced on their urine test for prostate cancer where it demonstrated 97-99 % effectiveness in diagnosing cancer cells as well as normal body tissues. This compares with the PSA blood test for prostate cancer, which has only 70-80% accuracy.
"It looks like the Company is primed for significant operating growth when the aforementioned medical companies launch their worldwide commercial programs following their successful validation of the results of the preliminary tests. It has taken a longer period of time than first predicted to get to this stage of the process, but now with the tests completed, one can expect a quicker resolution of the introduction of the product to the market," Mr. Stillman reported.
The techniques' applied mathematical formulas combined with artificial intelligence sources to identify the chromosomes and the cells genetic makeup to determine if disease is present and which specific targets to treat. Moreover, the test can disclose by testing the blood if the cancer has spread through the body. These studies provide early detection which can lead to an improved opportunity for doctors to treat and cure disease in its early stages when greater success can be achieved. It can also enhance the use of existing drugs and advance the development of new medicines that can effectively cure the disease. In summary, early detection, optimal therapy, reduced drug reaction and lower health costs are possible in this new world of Personalized Medicine.
New agreements have also been established with the Anderson Cancer Center in Texas and Beth Israel hospital in New York, among others, and the tests are in progress for diagnosing cancers of the breast (subsequent contract with Quest), pancreas, colon melanoma and leukemia with current and future partners. The Company's current sources of revenue include license fees, milestone payments, service programs and royalties. The Company is at a stage when its potential can be realized as an important participant in the $50 billion annual medical diagnostic market growth, Stillman concludes.
SOURCE Health Discovery Corporation