LOS ANGELES, CA -- (Marketwired) -- 05/28/13 -- MMRGlobal, Inc. (OTCQB: MMRF) ("MMR" or the "Company") today announced that Ivor Royston, M.D. has agreed to join the Company's Board of Directors effective immediately. MMR's Board of Directors voted unanimously to authorize management of the Company to extend an invitation to Dr. Royston to serve on the Board. MMR's management and the Board believe it is in the best interest of the Company and its stockholders to have a director whose expertise in biopharmaceutical investing and medical oncology/immunology can help exploit its biotech assets and leverage its equity to identify strategic partners and M&A opportunities in biotech. Dr. Royston will also assist management in recruiting qualified executives and advisors to help the Company market and exploit its existing biotech assets.
Dr. Royston, a physician, scientist and entrepreneur-financier, is Founding Managing Member of Forward Ventures and a recognized leader in cancer research. He is credited as a founding father of San Diego's biotech industry. He co-founded Hybritech, Inc., San Diego's first biotechnology company, in 1978, which was then acquired by Eli Lilly & Co. In 1986, Dr. Royston co-founded IDEC Corporation, which merged with Biogen to form Biogen Idec, discoverer of Rituxan®, the first FDA-approved monoclonal antibody to treat B-cell lymphoma.
MMRGlobal currently holds issued patents for its anti-CD20 monoclonal antibodies in the U.S., Australia and Mexico, and has additional antibody patents pending in Brazil, Canada, China, Hong Kong, India, Europe, Japan and South Korea. The market value for anti-CD20 antibodies is over $7 billion as demonstrated by Rituxan® which is due to go off patent in 2015. Because Dr. Royston is considered a world class expert on these types of cancer therapies, the Company believes his value in helping exploit these antibody assets could be significant.
MMR acquired its biotechnology assets in January 2009 as a result of a reverse merger with Favrille, Inc., a biopharmaceutical company funded significantly in part by Forward Ventures. More than $100 million was invested in the development of these assets which include the Company's global patent portfolio, an anti-CD20 monoclonal antibody, and thousands of patient tumor samples, data and related materials collected from the Company's FavId/Specifid idiotype vaccine trials to treat lymphoma patients, which the Company has been advised by experts may have significant value to pharmaceutical companies interested in new therapies for B-cell lymphoma.
According to Robert H. Lorsch, MMR's CEO, "Based on his knowledge of the Company's biotech assets, Dr. Royston is uniquely qualified to be a director of MMR and help the Company identify opportunities to expand our life sciences business through strategic relationships, partnerships and other strategic opportunities. Dr. Royston is a respected physician, immunologist, entrepreneur and humanitarian with a background as a venture capitalist who has led numerous biotech investments and financings. Working with Dr. Royston, the Company plans on continuing its efforts to enter into relationships with pharmaceutical companies, universities and others to license and otherwise exploit these assets."
Dr. Royston has also been instrumental in the formation, financing and development of numerous biotechnology companies including Applied Molecular Evolution (acquired by Eli Lilly); Corixa (acquired by GlaxoSmithKline); Dynavax; LigoCyte (acquired by Takeda); Morphotek (acquired by Eisai); Sequana Therapeutics (acquired by Celera); TargeGen (acquired by Sanofi); and Triangle Pharmaceuticals (acquired by Gilead). Dr. Royston currently serves on the Boards of HemaQuest, Biocept Laboratories and is an observer on the Syndax Board. Dr. Royston received his B.A. (1967) and M.D. (1970) degrees from Johns Hopkins University and completed post-doctoral training in internal medicine and medical oncology at Stanford University. From 1990 until 2000, Dr. Royston was the President and Chief Executive Officer of Sidney Kimmel Cancer Center (formerly the San Diego Regional Cancer Center). From 1977 to 1990, he held various positions in academic medicine and cancer center at the University of California, San Diego (UCSD) School of Medicine. In 1994, he received the San Diego Entrepreneur of the Year Award. In 1997, President Clinton appointed Dr. Royston to a six-year term on the National Cancer Advisory Board. In 2006, Dr. Royston was inducted into the San Diego Entrepreneur Hall of Fame. In addition to Dr. Royston's background as an oncologist, scientist, pioneer and executive, he is a philanthropist with significant contributions to the arts. He is also the recipient of the Tony Award for Producer of Best Musical, "Jersey Boys," of 2006 and also received a Tony Award nomination for Producer of Best Musical, "Cry-Baby," 2008.
MMR is a leading provider of Personal Health Records ("PHRs"), MyEsafeDepositBox storage solutions and electronic document management and imaging systems for healthcare professionals. In addition to its biotech patents, MMR currently has seven U.S. health information technology (HIT) patents and continuation applications and pending patents covering inventions pertaining to Personal Health Records, Patient Portals and other Electronic Health Record systems. The Company also has HIT patents issued or pending in 12 other countries of commercial interest including Australia, Singapore, New Zealand, Mexico, Japan, Canada, Hong Kong, South Korea, Israel, and European nations. The Company's HIT patent portfolio was the subject of a report on Personal Health Records and in particular the value of the Company's U.S. patents (available at http://michaelbass.com/PDF/Patent_Valuation.pdf).
Dr. Royston served as Favrille's first Chairman of the Board of Directors starting in 2000. There were no prior arrangements or understandings between Dr. Royston and any other persons pursuant to which he was elected to serve on MMRGlobal's Board of Directors. Dr. Royston has been a member of MMR's Board of Advisors since 2010, which he will resign from effective immediately.
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 but not limited to, 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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