LOS ANGELES, CA -- (Marketwired) -- 04/22/13 -- MMRGlobal, Inc. (OTCQB: MMRF) ("MMR") today announced that the Australian Patent Office has issued a Notice of Allowance (NOA) for the Company's anti-CD20 monoclonal antibody assets, #2007338607, under the title, "Antibodies and Methods for Making and Using Them." The patent application was originally filed on September 14, 2007. The Australian NOA is significant to the Company in that it reinforces the value of the U.S. antibody patent that was announced by the Company on April 15th, 2013 and the similar antibody patent issued in Mexico in August 2012. These patents for the Company's anti-CD20 monoclonal antibodies have particular utility in fighting cancers and are considered important assets of the Company based on benefits and commercial value demonstrated by Rituxan®, an anti-CD20 monoclonal antibody with reported sales of USD $7.285 billion in 2012, which is due to go off patent in 2015. Additional patent applications for the Company's antibodies are pending in a number of other countries including Brazil, Canada, China, Hong Kong, India, Europe, Japan and Korea. In addition to its biotech patents, MMR currently has seven U.S. Health Information Technology (HIT) patents covering inventions pertaining to Personal Health Records (PHRs), Patient Portals and other Electronic Health Record systems which were the subject of a recent report on Personal Health Records and in particular the value of the Company's U.S. HIT patent portfolio (available at http://michaelbass.com/PDF/Patent_Valuation.pdf).
According to Robert H. Lorsch, MMRGlobal CEO, "Since the inception of MMR in 2005, the Company has incurred more than 40 million dollars in expenses to get our HIT products and services and related IP to where it is today. I am optimistic as I watch consumers and employers finally understand and embrace the importance of having a Personal Health Record. This is evidenced by activity everywhere, including the current Public Voting Campaign in New York at http://patientportalfornewyorkers.org and similar programs which we believe also may infringe on the Company's intellectual property. We're finally seeing the acceptance of health IT products and services such as Personal Health Records and patient portals in a market being driven globally by government regulations and usage mandates such as Meaningful Use Stage 2 in the United States. Our domestic Health Information Technology patent portfolio has been valued at as much as 1.1 billion dollars only months ago. If you discount that number by 80% it is still nearly 10 times the market cap of the Company. Also, the valuation does not include any value of the Company's international HIT IP or any value of the biotech assets already the subject of an eight figure license agreement. Bottom line is there appears to be tremendous upside in our Company."
The Company has demonstrated its ability to license its biotech and health information technology patents and other IP. The Company has also filed claims for patent infringement against Walgreen Co. and Quest Diagnostics, Inc. Both were filed in the United States District Court for the Central District of California, case numbers CV 13-00631 and CV 13-00631, respectively. The claims are available on the court's website http://www.pacer.gov/, along with at least one additional infringement complaint. The Company is planning on bringing additional actions and is using the law firm of Liner Grode Stein Yankelevitz Sunshine Regenstreif & Taylor LLP to pursue licensing and infringement matters for both the Company's health IT patents and its biotech IP.
MMR's HIT patent portfolio includes seven U.S. patents along with additional applications and continuation applications with nearly 400 claims. The Company also has health IT patents and patent applications in other countries of commercial interest including Australia, Singapore, New Zealand, Mexico, Japan, Canada, Hong Kong, South Korea, Israel, and European nations. The Company acquired its biotechnology portfolio as a result of a reverse merger with Favrille, Inc., a biopharmaceutical company, in January 2009. Favrille invested more than $100 million in research and development on its FavId/Specifid vaccine trials and use of customized tumor cells to treat lymphoma patients and other technologies. MMR's biotech assets include an extensive portfolio including its anti-CD20 monoclonal antibodies, data from vaccine trials, thousands of patient tumor samples and other intellectual property of which the Company has been advised by experts may have inestimable value.
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 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, including, without limitation, intellectual property enforcement actions, infringement claims or litigation, intellectual property licenses, 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, including disclosures about the Company's relationship with the Michael Bass Group since 2009. 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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