MMR Information Systems, Inc. Creates Biotech Dream Team With the Addition of Biotech Experts Fred Middleton and Dr. Ivor Royston
LOS ANGELES, CA -- (Marketwire)
05/25/10
MMR Information Systems, Inc. (OTCBB: MMRF) (www.mymedicalrecords.com) announced today that Fred Middleton, Managing Director of Sanderling Ventures, and Ivor Royston, M.D., Founding Managing Member of Forward Ventures and a co-founder of IDEC Pharmaceuticals (now Biogen Idec), have joined MMR's Board of Advisors in order to advise Chairman and CEO Robert H. Lorsch on the strategy for maximizing the value of the Company's biotech assets for the benefit of MMR's shareholders.
According to Lorsch, "Sanderling and Forward Ventures together previously represented the largest investors in Favrille, Inc., the predecessor public company to MMR, which raised more than $150 million from investors to fund its clinical efforts to develop a cancer vaccine to treat lymphomas. Both men previously served on the Favrille board and are pioneers in the biotechnology and biomedical industries. They bring MMR a unique knowledge and understanding of MMR's post merger portfolio of biotech assets. I am delighted that Fred and Ivor have agreed to assist us in advising the Company on how to maximize the value of its biotech assets, which include our anti-CD20 monoclonal antibodies as well as data, tissue samples and other technologies from the Company's Specifid vaccine trials and manufacturing processes."
Earlier this month Dendreon's Provenge prostate cancer vaccine received approval from the FDA. The vaccine uses the body's own immune system to target and attack prostate cancer cells. Favrille spent in excess of $200 million on its Specifid vaccine before trials were ended in 2008. The Favrille vaccine under development was made from the idiotype protein from a patient's own tumor cells. Given the recent Dendreon approvals, the Company believes its data, samples and technology may offer value in strategic relationships with universities, biotech companies and licensees who might utilize these assets in the development of similar cancer fighting vaccines and therapies.
Mr. Middleton has been a Managing Director at Sanderling Ventures since 1987. He has served as an investor, management team member and director in over 25 new biomedical ventures built in Sanderling's venture investment portfolios. Mr. Middleton also previously served as the Founding CFO of Genentech, Inc., and in various capacities, including Vice President of Finance, Administration, Corporate Development, Chief Financial Officer, and as President of Genentech Development Corporation. Mr. Middleton holds an M.B.A. with distinction from Harvard University and a B.S. degree in Chemistry from the Massachusetts Institute of Technology.
Dr. Royston, both a scientist and entrepreneur-financier, is a recognized leader in cancer research and the founding father of San Diego's biotech industry. In 1978, he co-founded Hybritech, Inc., one of the first companies to commercialize monoclonal antibodies and the first to market a prostate-specific antigen (PSA) test for prostate cancer. Following the sale of Hybritech, Dr. Royston formed IDEC Pharmaceuticals (now Biogen Idec), which discovered Rituxan® to treat Non-Hodgkin's Lymphoma and is the best-selling cancer drug worldwide. From 1978-1990, Dr. Royston was on the faculty of the medical school and cancer center at the University of California, San Diego. From 1990-2000, he served as the founding President and CEO of the non-profit Sidney Kimmel Cancer Center.
Dr. Royston received the San Diego Entrepreneur of the Year Award in 1994. In 1997, President Clinton appointed him to a six-year term on the National Cancer Advisory Board. In 2006, Dr. Royston was inducted into San Diego's CONNECT Entrepreneur Hall of Fame. He earned his B.A. and M.D. degrees from Johns Hopkins University and completed post-doctoral training in internal medicine and medical oncology at Stanford University.
Although MMR will continue to maximize the value of its biotech assets to its shareholders, the Company remains focused on its primary business, which is specifically the development and distribution of the MyMedicalRecords Personal Health Record (www.MyMedicalRecords.com) and MMRPro, an end-to-end document management solution for physicians which features an integrated patient portal (www.MyMedicalRecordsMD.com), and other related solutions in Health IT based on the Company's patented technologies.
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