LOS ANGELES, CA -- (Marketwire) -- 11/19/12 -- MMRGlobal, Inc. (OTCBB: MMRF) today announced that through its wholly owned subsidiary, MMR Life Sciences Group, the Company plans on exploiting its pipeline of biotech assets by facilitating a partnership or other joint venture with a privately held biotech company that has completed its Phase 2 clinical trials and is in the process of beginning Phase 3. The Company has held talks with several privately held biotech companies who are finding it difficult to get the funding necessary to commence Phase 3 trials. As a result, they are looking at options to go public by reverse merger or a Form 10 Registration Statement. These options are costly, time consuming and do not guarantee the ability to access liquidity from the public markets in a reasonable period of time. Because MMR maintains an extensive portfolio of biotech assets acquired through its 2009 reverse merger with Favrille, Inc., it has a large base of biotech investors including institutions that invested a total of $140 million into pre-merger Favrille. The Company believes that this shareholder base represents an opportunity for MMR to finance a Phase 3 clinical trial and at the same time add the management necessary to assist MMR in exploiting its Favrille assets. PUMA Biotechnology, with a market cap of more than $500 million, and Coronado Biosciences, with a market cap of more than $100 million, continue to prove demand for these types of transactions. MMR has submitted confidential term sheets to specific targets and is working with counsel on structures for a transaction.
MMR invested more than $140 million in R&D on its FavId vaccine trials and use of customized tumor cells to treat lymphoma patients and other technologies. MMR has continued to make progress in protecting the Company's IP, including its anti-CD20 monoclonal antibodies, data from B-Cell vaccine trials, thousands of patient tumor samples, and other intellectual property including numerous worldwide patents in various stages.
Because of the Company's biotech assets, certain non-biotech investors, such as telecommunications carriers who are interested in investing or purchasing MMR, want the Company's biotech assets separated from the operating health IT business. Conversely, biotech companies interested in a merger or acquisition of MMR do not necessarily want the MMR health IT assets and have also asked to see them separated. The MMR Life Sciences Group subsidiary structure is designed to help solve those challenges as well.
The Company's primary business remains selling and/or licensing its personal and professional health IT products and services, comprising the MyMedicalRecords.com Personal Health Record and MMRPro document imaging and scanning systems. MMR has signed agreements for $17 million in its sales pipeline in addition to having licensing agreement(s) from its biotech assets of more than $13 million and $30 million from its health IT assets. Additionally, the Company has four issued U.S. patents along with numerous others issued or pending relating to providing online medical and personal health records in more than 13 countries of interest, and has over 186 additional claims either pending or published related to health information technology in the U.S. and other parts of the world.
About MMRGlobal, Inc.
MMRGlobal, Inc., through its wholly-owned operating subsidiary, MyMedicalRecords, Inc., provides secure and easy-to-use online Personal Health Records ("PHRs") and electronic safe deposit box storage solutions, serving consumers, healthcare professionals, employers, insurance companies, financial institutions, and professional organizations and affinity groups. The MyMedicalRecords PHR enables individuals and families to access their medical records and other important documents, such as birth certificates, passports, insurance policies and wills, anytime from anywhere using the Internet. MyMedicalRecords is built on proprietary, patented technologies to allow documents, images and voicemail messages to be transmitted and stored in the system using a variety of methods, including fax, phone, or file upload without relying on any specific electronic medical record platform to populate a user's account. The Company's professional offering, MMRPro, is designed to give physicians' offices an easy and cost-effective solution to digitizing paper-based medical records and sharing them with patients in real time through an integrated patient portal. MMR is an Independent Software Vendor Partner with Kodak to deliver an integrated turnkey EMR solution for healthcare professionals. Through its merger with Favrille, Inc. in January 2009, the Company acquired intellectual property biotech assets that include anti-CD20 antibodies and data and samples from its FavId/Specifid vaccine clinical trials for the treatment of B-Cell Non-Hodgkin's lymphoma. To learn more about MMRGlobal, Inc. visit www.mmrglobal.com. View demos and video tutorials of the Company's products and services at www.mmrtheater.com.
All statements in this press release that are not strictly historical in nature, including, without limitation, MMR Life Sciences Group and facilitating partnerships or joint ventures involving the public markets, potential intellectual property enforcement actions, infringement claims, litigation or licenses, future performance, management's expectations, beliefs, intentions, estimates or projections, constitute "forward-looking statements." Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results to be materially different from historical results or from any results expressed or implied by such forward-looking statements. Some can be identified by the use of words (and their derivations) such as "need," "possibility," "potential," "intend," "offer," "development," "if," "negotiate," "when," "begun," "believe," "achieve," "will," "estimate," "expect," "maintain," "plan," and "continue," or the negative of these words. Actual outcomes of intellectual property enforcement actions, infringement claims, litigation or licensing transactions, results of operations and the timing of selected events may differ materially from the results predicted, and any reported results should not be considered as an indication of future performance. Such statements are necessarily based on assumptions and estimates and are subject to various risks and uncertainties, including those relating to the possible invalidity of the underlying assumptions and estimates and possible changes or developments in economic, business, industry, market, legal and regulatory circumstances and conditions and actions taken or omitted to be taken by third parties, including customers, suppliers, business partners, potential licensees, competitors and legislative, judicial and other governmental authorities and officials. Factors that could cause or contribute to such differences include, but are not limited to: unexpected outcomes with respect to MMR Life Sciences Group; intellectual property enforcement actions, claims of intellectual property infringement and general intellectual property litigation; our ability to maintain, develop, monetize and protect our patent portfolio for both the Company's health IT and biotechnology intellectual property assets in the U.S. and internationally; the timing of milestone payments in connection with licensing our intellectual property; ability to identify and integrate acquisitions; our ability to establish and maintain strategic relationships; changes in our relationships with our licensees; the risk the Company's products are not adopted or viewed favorably by the healthcare community and consumer retail market; business prospects, results of operations or financial condition; risks related to the current uncertainty and instability in financial and lending markets, including global economic uncertainties; the timing and volume of sales and installations; the length of sales cycles and the installation process; the market's acceptance of new product and service introductions; competitive product offerings and promotions; changes in government laws and regulations including and future changes in tax legislation and initiatives in the healthcare industry; undetected errors in our products; the possibility of interruption at our data centers; risks related to third party vendors; risks related to obtaining and integrating third-party licensed technology; risks related to a security breach by third parties; risks associated with recruitment and retention of key personnel; litigation matters; uncertainties associated with doing business internationally across borders and territories; and additional risks discussed in the Company's filings with the Securities and Exchange Commission. The Company is providing this information as of the date of this release and, except as required by applicable law, does not undertake any obligation to update any forward-looking statements contained in this release as a result of new information, future events or otherwise.
Add to Digg Bookmark with del.icio.us Add to Newsvine
Public Communications Co.
Most Popular Stories
- 5 Notable Hispanic Technology Executives
- Top Hispanic Tech Companies Push for the Top
- 'Holy grail of guitars' OM-45 Deluxe Available in in NY Auction
- Russia, Crimea Discuss Referendum
- Justin Bieber Loses Cool Over Selena Gomez
- Maya Angelou Cancels Milagro Gala Appearance Due to Illness
- Spotify Picking up Echo Nest
- GOP 2016 Hopefuls Face Off at CPAC
- Getty Releases Millions of Images for Free Via Embed Tool
- Daylight Savings Time Comes This Weekend