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.
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