LOS ANGELES, CA and NATICK, MA -- (Marketwire) -- 01/07/13 -- MMRGlobal, Inc. (OTCQB: MMRF), through its wholly owned subsidiary MyMedicalRecords, Inc. (MMR), and Interbit Data, Inc. (Interbit) have entered into a Non-Exclusive Patent License Agreement to sell MMR-patented technologies and MMRPatientView and MyMedicalRecords Personal Health Record (PHR) services to more than 750 hospitals utilizing Interbit's NetDelivery secure software solution. The majority of Interbit NetDelivery installations are on MEDITECH EMR sites where NetDelivery is already certified for Meaningful Use.
The License Agreement grants Interbit certain rights to MMR U.S. Patent Numbers 8,321,240; 8,301,466; 8,117,045; 8,117,646; and 8,121,855, as well as any other health IT patents to be issued pursuant to pending applications in the United States and all its territories as well as any continuations, reissues, and extensions of the patent portfolio (the "MMR Patents"). The initial term of the Agreement is five years and automatically renews to the expiration date of the last licensed patent to expire, which currently in the U.S. is twenty years from the date of filing.
Interbit Data is the creator of secure, reliable and cost-effective software solutions that improve operational efficiency of healthcare providers. The Interbit NetDelivery solution offers seamless and secure delivery of Personal Health Records to patients over the Internet without having to scan, fax or print documents. Interbit will allow any hospital or clinical facility using NetDelivery to deploy a certified for Meaningful Use solution with MMR's Personal Health Record service prior to deadlines that require Stage 2 Meaningful Use criteria in 2014.
Through MMR's relationship with Interbit, hospitals and other healthcare service providers can achieve compliance with certain federal Meaningful Use standards without infringing on the MMR Patents as they comply with Stage 2 and Stage 3 criteria for Meaningful Use. In addition, Interbit's hospital clients have the ability to generate additional revenue by offering subscription-based Personal Health Record services for a patient's entire family whereby a portion of the monthly recurring subscription fee is returned as a reimbursement of costs to the hospital that enrolls the patient. This allows hospitals to meet compliance in advance of any mandate while offsetting a portion of the costs of conversion to EMR systems and compliance with new requirements.
In addition to its five issued patents, MMR has over 300 claims pending with the USPTO. The Company's patent portfolio also comprises numerous other issued patents and pending applications in other countries of commercial interest including Australia, Singapore, New Zealand, Mexico, Canada, Hong Kong, Japan, South Korea, Israel, and European nations.
The Company's health IT patent portfolio contains claims directed to Web-based services that provide access to and collect health records from service providers, including, but not limited to, retail pharmacies and laboratory systems as well as hospitals, physicians and other healthcare professionals using email, facsimile, uploads, and voice. Claims in newly allowed applications also relate to collection of insurance information, appointment and medication reminders and other features that are already included in MMR's MyMedicalRecords.com Personal Health Record.
In addition to holding patents for Health IT applications, which are already being successfully licensed worldwide, the Company controls a portfolio of biotech assets acquired through a reverse merger with Favrille, Inc. in 2009. Favrille spent more than $140 million developing certain intellectual property that includes biotech patents and patient samples, which MMR is working to license to biotech companies, universities and others. As previously reported, the Company has already demonstrated its ability to successfully license portions of these biotech assets.
About Interbit Data
Founded in 1997 and named to the 2009, 2010, and 2011 Inc. 5000 list of America's fastest-growing companies, Interbit Data helps healthcare organizations deliver better, more consistent patient care with secure, reliable and cost-effective software solutions that improve operational efficiency. The company's information distribution products deliver information securely over the Internet in multiple formats, such as fax, print, email, encrypted file or HL7 message format, and integrate it easily into physicians' practice EMRs. Interbit Data's business continuance products give healthcare providers continuous access to patient data in the event of a network or system outage. Interbit Data products are used by more than 750 customers worldwide. For more information about Interbit Data and its NetSolutions products, visit www.interbitdata.com.
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, retail pharmacies, 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. 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, whether or not such statement relates directly to the Patent License Agreement with Interbit Data, and including, without limitation, intellectual property licenses, potential intellectual property enforcement actions, infringement claims or litigation, and 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 and 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 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; 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 the 2009 HITECH Act and changes in Meaningful Use and the 2010 Affordable Care Act; 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; other 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.
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