I'm agree to what is said above: calculating molecular similarity basing on
SMILES alignment is not a good idea. A so better alternative, already
explored by several researcher is the "lingo method", which can accurately
calculate molecular similarity with SMILES, but it's not based on an
alignment.

If you are interested, please see:
http://www.ncbi.nlm.nih.gov/pubmed/15807504

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