The Company is also continuing its global initiative in China. Current documentation pertaining to the Henan Government Medical project will include design documentation from MMR's Personal Health Records.
MMR has also filed patent infringement claims against Walgreen Co., titled MyMedicalRecords, Inc. v. Walgreen Co., United States District Court, Central District of California, Case No. CV 13-00631 ODW (SHx) and others in which it is engaged in active settlement discussions. MMR plans on filing similar actions this quarter directed toward PHR providers, hospitals, and laboratory services providers, among others. In addition, the Company is continuing to investigate possible infringement of MMR's intellectual property in Australia and by vendors of health IT products and services in Singapore.
MyMedicalRecords, Inc. has also completed required arbitration proceedings with Surgery Center Management, LLC ("SCM") and is continuing its efforts to collect $30 million in license fees under the Settlement and Patent License Agreement for use of MMR's health information technology patents. $10 million of such fees are already past due. MMR has also filed a motion for sanctions for costs and expenses for what it believes to be caused by meritless appeals.
On the biotech front, the Company received additional patents in 2012 entitled "Antibodies and Methods for Making and Using Them" and "Method and Composition for Altering a B Cell Mediated Pathology" from the Mexican Industrial Property Institute. The first patent has special significance because it represents an anti-CD20 monoclonal antibody patent which marks the first such approval for protection of the Company's specific antibodies that have particular utility in fighting cancers. Patents for the Company's antibodies are also pending in a number of additional countries including the United States, Australia, Brazil, Canada, China, Hong Kong, India, Europe, Japan and Korea. The second Mexican patent relates to methods of manufacturing compositions for B-cell vaccines used in the fight against lymphoma and potentially other forms of cancer and is similar to those manufacturing patents issued in the U.S., including U.S. Patent No. 8,114,404 and 8,113,486 issued in the first quarter of 2012, and Singapore, and is pending in various other countries of commercial interest. Subsequently, in January 2013, the Company announced approval of its European Union patent also directed at "Method and Composition for Altering a B Cell Mediated Pathology," protecting the manufacturing of our B-cell vaccines (which was under appeal in Europe for some time). This issued patent is currently undergoing the process of validating the patent in numerous countries including the United Kingdom, France, Germany, Switzerland, Spain, Italy, the Netherlands, Denmark, Sweden, Finland, Ireland and Belgium.
In an effort to continue exploiting its biotech assets, the Company is currently looking at the possibility of entering into a transaction involving a new cancer drug in the field of Epigenetics, which was discussed in the April 1st issue of Time Magazine. Biotech ventures in publicly traded companies can carry significant valuations such as MAP Pharmaceuticals, Inc., which had no revenue, yet was sold last month to Allergan for nearly one billion dollars. Management believes that the Company's valuation should include the value of all its health IT and biotech intellectual property, similar to other IP-holding companies that have invented, license and sell their IP.
Most Popular Stories
- Adam Levine Wins Big as 'The Voice' Crowns Champ
- Target Security Breach May Affect 40 Million Cardholders
- Tyson Foods Charged With Civil Rights Violation
- Archer Daniels Midland Moving HQ to Chicago
- Texting With Vodka: Booze and Social Media Can Mix After All
- 'Beyonce' Tops the U.S. Album Chart
- Bernanke Lets Congress Have It in Final Press Conference
- How to Protect Yourself After Target Data Breach
- Wall Street Falls a Day After Surge
- Hispanic PR Firm Launches Chicago Chapter