National Institute of Health Awards Insightful Corporation Grant Worth Nearly $750,000
November 13 2006 - 9:00AM
Business Wire
Insightful Corporation (NASDAQ:IFUL), a leading provider of
predictive analytics and reporting solutions, announced today that
the National Institute of Health (NIH) has awarded Insightful a
grant of $749,592 to conduct a two-year Phase II SBIR research and
development project on least angle regression (LARS). This project
calls for Insightful to develop an easy-to-use and flexible LARS
solution that may be used for medical diagnosis, detection of
cancer, feature selection in microarrays, and modeling patient
characteristics like blood pressure. The NIH has funded this
project under grant number 2R44GM074313-02. �Researchers and
academics believe that LARS has great potential, but up till now
the academic software available has been limited in scope and
refinement,� said Dr. Jill R. Goldschneider, director of research
at Insightful. �We are excited by this opportunity granted by the
NIH to develop robust and easy-to-use LARS software that will
enable medical researchers to obtain high prediction accuracy and
to obtain stable and interpretable results in high-dimensional
situations.� The Phase II research and development project follows
an earlier Phase I research and development project for the NIH.
Phase I work demonstrated feasibility by extending least angle
regression work in three key directions: categorical predictors,
logistics regression and a numerically accurate implementation. The
outcome of Phase I was an open-source prototype library for
generalized least angle regression called GLARS (available for
download at http://csan.insightful.com/) for S-PLUS� and R,
including contributions from outside researchers. Led by Dr. Tim
Hesterberg, senior research scientist at Insightful, the LARS team
plans to produce superior methods and software for classification
and regression when there are many potential predictor variables to
choose from. The goals for Phase II include extensions to other
types of explanatory variables (e.g. polynomial or spline functions
and interactions between variables), to survival and other
additional regression models, and to handle missing data and
massive data sets. �We�re excited about working in the open-source
environment,� said Hesterberg. �Contributions from outside
researchers have long been a major advantage of S-PLUS. Open-source
work allows us to harness the explosion of academic work and
provides an agility that can�t be matched by traditional statistics
packages.� Funding from the award will be recorded in the company�s
financial statements as a reduction to research and development
expense. ABOUT INSIGHTFUL Insightful Corporation (NASDAQ:IFUL) is a
provider of predictive analytics and reporting solutions.
Insightful products S-PLUS�, Insightful Miner�, S-PLUS� Server and
InFact� provide companies with the knowledge to act�. Insightful
consulting services provide specialized expertise and proven
processes for the design, development and deployment of customized
solutions. The company has been delivering industry-leading,
high-ROI solutions to thousands of companies in financial services,
life sciences, biotechnology, telecommunications, and
manufacturing, plus government and research institutions, for more
than 18 years. Headquartered in Seattle, Insightful has offices in
North Carolina, France, Switzerland, and the United Kingdom, with
distributors around the world. For more information, visit
www.insightful.com, email info@insightful.com or call
1-800-569-0123. Note to Investors � Forward-Looking Statements This
press release contains forward-looking statements, including
statements about expected government funding and about the
potential performance, features, and advantages of future software
products. Forward-looking statements are based on the judgment and
opinions of management at the time the statements are made.
Inaccurate assumptions and known and unknown risks and
uncertainties can affect the accuracy of forward-looking
statements. Actual results could differ materially from those
expressed or implied by the forward-looking statements for a number
of reasons, including, without limitation, the risk that we do not
receive the government funding that we expect to receive or our new
products do not perform as designed and expected. More detailed
information regarding these and other factors that could affect
actual results is set forth in our filings with the Securities and
Exchange Commission, including our most recent report on Form
10-QSB. You should not unduly rely on these forward-looking
statements, which apply only as of the date of this release. We
undertake no obligation to update publicly any forward-looking
statements to reflect new information, events or circumstances
after the date of this release or to reflect the occurrence of
anticipated events. Insightful Corporation (NASDAQ:IFUL), a leading
provider of predictive analytics and reporting solutions, announced
today that the National Institute of Health (NIH) has awarded
Insightful a grant of $749,592 to conduct a two-year Phase II SBIR
research and development project on least angle regression (LARS).
This project calls for Insightful to develop an easy-to-use and
flexible LARS solution that may be used for medical diagnosis,
detection of cancer, feature selection in microarrays, and modeling
patient characteristics like blood pressure. The NIH has funded
this project under grant number 2R44GM074313-02. "Researchers and
academics believe that LARS has great potential, but up till now
the academic software available has been limited in scope and
refinement," said Dr. Jill R. Goldschneider, director of research
at Insightful. "We are excited by this opportunity granted by the
NIH to develop robust and easy-to-use LARS software that will
enable medical researchers to obtain high prediction accuracy and
to obtain stable and interpretable results in high-dimensional
situations." The Phase II research and development project follows
an earlier Phase I research and development project for the NIH.
Phase I work demonstrated feasibility by extending least angle
regression work in three key directions: categorical predictors,
logistics regression and a numerically accurate implementation. The
outcome of Phase I was an open-source prototype library for
generalized least angle regression called GLARS (available for
download at http://csan.insightful.com/) for S-PLUS(R) and R,
including contributions from outside researchers. Led by Dr. Tim
Hesterberg, senior research scientist at Insightful, the LARS team
plans to produce superior methods and software for classification
and regression when there are many potential predictor variables to
choose from. The goals for Phase II include extensions to other
types of explanatory variables (e.g. polynomial or spline functions
and interactions between variables), to survival and other
additional regression models, and to handle missing data and
massive data sets. "We're excited about working in the open-source
environment," said Hesterberg. "Contributions from outside
researchers have long been a major advantage of S-PLUS. Open-source
work allows us to harness the explosion of academic work and
provides an agility that can't be matched by traditional statistics
packages." Funding from the award will be recorded in the company's
financial statements as a reduction to research and development
expense. ABOUT INSIGHTFUL Insightful Corporation (NASDAQ:IFUL) is a
provider of predictive analytics and reporting solutions.
Insightful products S-PLUS(R), Insightful Miner(TM), S-PLUS(R)
Server and InFact(R) provide companies with the knowledge to
act(TM). Insightful consulting services provide specialized
expertise and proven processes for the design, development and
deployment of customized solutions. The company has been delivering
industry-leading, high-ROI solutions to thousands of companies in
financial services, life sciences, biotechnology,
telecommunications, and manufacturing, plus government and research
institutions, for more than 18 years. Headquartered in Seattle,
Insightful has offices in North Carolina, France, Switzerland, and
the United Kingdom, with distributors around the world. For more
information, visit www.insightful.com, email info@insightful.com or
call 1-800-569-0123. Note to Investors - Forward-Looking Statements
This press release contains forward-looking statements, including
statements about expected government funding and about the
potential performance, features, and advantages of future software
products. Forward-looking statements are based on the judgment and
opinions of management at the time the statements are made.
Inaccurate assumptions and known and unknown risks and
uncertainties can affect the accuracy of forward-looking
statements. Actual results could differ materially from those
expressed or implied by the forward-looking statements for a number
of reasons, including, without limitation, the risk that we do not
receive the government funding that we expect to receive or our new
products do not perform as designed and expected. More detailed
information regarding these and other factors that could affect
actual results is set forth in our filings with the Securities and
Exchange Commission, including our most recent report on Form
10-QSB. You should not unduly rely on these forward-looking
statements, which apply only as of the date of this release. We
undertake no obligation to update publicly any forward-looking
statements to reflect new information, events or circumstances
after the date of this release or to reflect the occurrence of
anticipated events.
Insightful (NASDAQ:IFUL)
Historical Stock Chart
From May 2024 to Jun 2024
Insightful (NASDAQ:IFUL)
Historical Stock Chart
From Jun 2023 to Jun 2024