MMRGlobal Announces Filing of Additional 186 HIT Provisional Patent Applications
(Marketwire Via Acquire Media NewsEdge) LOS ANGELES, CA -- (Marketwire) -- 03/26/12 --
MMRGlobal, Inc. (OTCBB: MMRF) ("MMR"), a leading provider of Personal Health Records (PHRs), MyEsafeDepositBox storage solutions and electronic document management and imaging systems for healthcare professionals, today announced that it has filed 186 Provisional Patent Applications covering its health information technology (HIT) portfolio of products and services. The Company's intellectual property portfolio includes biotech assets acquired from its merger with Favrille, Inc. in January 2009 and its portfolio of health IT patents as a result of MyMedicalRecords, Inc.'s patent filings starting in 2005.
MMR's intellectual property includes a comprehensive portfolio of biotech and health information technology patents issued, pending, and applied for. The Company spent more than $140 million in development of the biotech assets which is comprised of patents, patient samples and other IP relating to anti-CD20 antibodies and results from the Company's FavId®/Specifid™ idiotype vaccine trials. The Company offers these assets for license and other strategic partnerships to universities, other biotech companies, institutional investors and others.
The portfolio also includes issued patents on its MyMedicalRecords.com, MyEsafeDepositBox.com and MMRPro document imaging and management systems as well as the pending provisional patents and utility applications in the U.S. and numerous other countries around the world. According to a recent analyst report, the issued patents could be worth in excess of $300 million. The HIT portion of the IP alone has been valued at more than twenty times the Company's market cap, or which could be more than fifty cents per share not including the value of the additional provisional patent filings listed above (http://michaelbass.com/PDF/JAN20MMRF.pdf).
The Company believes that many of the 186 provisional claims could be allowed this year including both health IT and non-health IT/medical applications. These patent claims include 23 claims under 11/690,996, 35 claims under 12/204,474, 30 claims under 12/204,498, 19 claims under 13/352,045, 20 claims under 13/352,068, 15 claims under 13/352,026, and 14 claims under 13/041,809, which address the telecommunications platform, and 18 claims directed toward Electronic Health Records in Clinical Trials under 13/082,896 and 12 claims for Universal Patient Record Conversion Tool under 13/246,948.
During the time of the MMR and Favrille merger, former Favrille management had represented to MMR that its biotech assets were practically worthless; however, after reviewing thousands of files, the Company discovered this was not necessarily the case and began to perfect dozens of biotech patent applications around the world. As a result, the Company has entered into licensing agreements worth at least $13 million, of which the Company continues to receive payments, one as recently as last week, and has recovered patient samples and other assets which it believes are worth many millions more. More recently, as part of the recovery process, the Company discovered thousands of vials of patient samples and other materials at Sanford-Burnham from which the Company identified a significant collection of materials from the Company's biotech IP that includes additional patient samples, samples of the vaccine and other materials. As a result of this find, and just announced, the Company further uncovered a collection of insect cells used in the manufacture of the Company's FavId®/Specifid™ products. These were a particular insect cell that were believed to be susceptible to a particular baculovirus infection providing unique utility including Trichoplusia ni (Hi-5) and Spodoptera Frugiperda (Sf9) cells which are important to the Company and a material element in its issued patents numbers 6,911,204, 8,114,404 and 8,133,486 as well as pending patent applications. This is valuable to MMRGlobal if it is successful with recommencement of research and development into its FavId®/Specifid™ vaccine for treatment of B-Cell lymphomas.
On November 28, 2011, the Company announced it was granted a patent protecting methods of making compositions for B-Cell vaccines and expects to have Notice of Allowance for another U.S. patent protecting "methods of treating a patient with a B-cell lymphoma." The patent covers the methods of making compositions for B-Cell vaccines used in the fight against lymphoma and potentially other forms of cancer.
MMR is focusing on separating its biotech intellectual property from its operating Health IT/PHR business in an effort to maximize the value of the Company's stock for its shareholders. The structure will make it easier to value MMRGlobal in the event of a merger or other transaction given the Company's low share price at this time. MMR, in transaction discussions recently, found that potential acquirers had a difficult time valuing the Company, considering its biotech and HIT patent portfolios. MMR therefore is focusing on further separating its intellectual property from its operating PHR and Health IT businesses to make it easier for other companies in biotech or health IT to make cogent valuation decisions. For example, in a recent transaction, the biotech assets would have been converted to a preferred instrument for the benefit of shareholders of record at closing which the Company believes would not have been in the best interest of shareholders going forward.
According to Robert H. Lorsch, Chairman and Chief Executive Officer of MMRGlobal, "Based on our ability to license our biotech and health IT assets, we believe that the value of our intellectual property is far from accurately reflected in MMRGlobal's current valuation. Potential partners interested in our MyMedicalRecords Personal Health Record and document imaging and management business, and who are interested in investment or other strategic relationships with MMR, find it complicated to deal with the biotech component of our business when valuing a transaction. Separating the two distinct business opportunities allows us to maximize the potential of both."
About MMRGlobal, Inc.
MMRGlobal, Inc., through its wholly-owned operating subsidiary, MyMedicalRecords, Inc. ("MMR"), 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, 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. MMR is an Independent Software Vendor Partner with Kodak to deliver an integrated turnkey EMR solution for healthcare professionals. 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 Company's intellectual property portfolio and patents issued, pending and applied for including pending provisional patents and utility applications in the U.S. and numerous other countries, and including 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," "offer," "development," "if," "negotiate," "when," "begun," "believe," "achieve," "will," "estimate," "expect," "maintain," "plan," and "continue," or the negative of these words. Factors that could cause or contribute to such differences include, but are not limited to, 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; valuations, including those reported by The MichaelBass Group which has been retained by the Company for investment banking services, valuations and M&A transactions; litigation matters; timing and volume of sales and installations; length of sales cycles and the installation process; market acceptance of new product introductions including the prepaid Personal Health Record card; ability to establish and maintain strategic relationships; relationships with licensees; competitive product offerings and promotions; changes in government laws and regulations and future changes in tax legislation and initiatives in the healthcare industry; undetected errors in our products; 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; maintaining, developing and defending our intellectual property rights; marketing and exploitation of our patent portfolio both in the U.S. and internationally; 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. Additionally, we are a developing early-stage company and many variables can affect revenues and/or projections, including factors out of our control. The Company is providing this information as of the date of this release and, except as required by 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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Source: MMRGlobal, Inc.
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