SOURCE: MMRGlobal, Inc.
LOS ANGELES, CA–(Marketwire – November 30, 2010) – MMRGlobal, Inc. (
According to Kathleen M. Smith, a principal at Translational Medicine Consulting and a biorepository expert who provided expert testimony in the MMR litigation with LRF, the tissue samples could have values substantially in excess of one million dollars per set. When combined with clinical data and associated intellectual property belonging to MMR, the values could be significantly greater.
“We will continue to explore licensing opportunities for these biotech assets, patents and other intellectual property with pharmaceutical companies, universities and institutional investors to create future streams of revenue for our shareholders,” said Robert H. Lorsch, MMRGlobal CEO. “I look forward to these assets being put to use to help find additional treatments for Non-Hodgkin’s Lymphoma and other related diseases while generating licensing revenues to help finance the Company’s primary business, namely the development and distribution of its MyMedicalRecords Personal Health Record and MMRPro Electronic Health Record products and services.”
MMR contended that prior to the merger, portions of the Company’s intellectual property were transferred by previous employees and or consultants of Favrille to third parties, including Lymphoma Research Foundation, without the knowledge and consent of Favrille’s Board of Directors or Science Committee. After MMR learned of the transfer, the Company pursued LRF to regain control of the data and tissue samples on behalf of its shareholders.
As part of the settlement agreement, the Lymphoma Research Foundation also settled a complaint filed in Los Angeles Superior Court by The RHL Group, Inc., a creditor of MMRGlobal, against LRF and others involving the transfer of the data, tissue samples and other assets which previously were the property of Favrille. Although The RHL Group case against LRF is settled, the case against the other named defendants is still active.
Over the last two years, MMRGlobal has been working to maximize the value of its biotech assets by perfecting its worldwide patent portfolio, regaining control of its anti-CD20 antibodies and FavId intellectual property including tissue samples, and developing licensing opportunities for the data and materials for use in Non-Hodgkin’s Lymphoma, target validation and other therapeutic research. As part of the settlement agreement, MMRGlobal shall cause the assets or portions of them to be used in further medical research.
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. MyMedicalRecords 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. The MyMedicalRecords Personal Health Record 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. MMR is also an integrated service provider on Google Health. To learn more about MMRGlobal, Inc. and its products, visit www.mmrglobal.com.
Forward-Looking Statements
Statements in this press release that are not strictly historical in nature constitute “forward-looking statements.” Such statements include, but are not limited to, statements regarding MMRGlobal, Inc.’s assets including but not limited to its primary Health IT businesses, samples and data from vaccine and clinical trials, and anti-CD20 antibody assets. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from historical results or from any results expressed or implied by such forward-looking statements. These factors include, but are not limited to, risks and uncertainties related but not limited to changes in MMRGlobal, Inc.’s business prospects, its results of operations or financial condition, government regulation and changes in healthcare initiatives, developing and defending its intellectual property rights including those pertaining to the Company’s biotechnology assets, the development and approval of biotechnology/biopharmaceutical product candidates and Health IT products and such other additional risks and uncertainties discussed in the Company’s filings with the Securities and Exchange Commission. All subsequent written and oral forward-looking statements attributable to the Company (or any person acting on the Company’s behalf) are qualified by the cautionary statements in this notice. MMRGlobal, Inc. 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.
CONTACT:
Michael Selsman
Public Communications Co.
(310) 553-5732
[email protected]
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