MMRF NEWS --
LOS ANGELES, CA, Nov 30, 2010 (MARKETWIRE via COMTEX) -- MMRGlobal, Inc.
(OTCBB: MMRF) (MMR) today announced it has signed a settlement agreement with
the Lymphoma Research Foundation (LRF), resolving its lawsuit with LRF an d
giving the Company exclusive control of certain data and tissue samples created
during trials of Favrille, Inc.'s FavId(TM) vaccine. The assets had been the
subject of an ownership dispute with LRF. The Company acquired the FavId
intellectual property, along with other biotech assets, from its reverse merger
with Favrille, Inc., a San Diego biotech company, in January 2009. More than
$140 million was spent on the development of the vaccine and other biotech
assets and related patents.
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, th e 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 me thods, 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 Hea lth 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
ms@publiccommunications.biz
SOURCE: MMRGlobal, Inc.
CONTACT: mailto:ms@publiccommunications.biz
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SUBJECT CODE: Medical and Healthcare:Facilities and Pr oviders
Medical and Healthcare:Health and Nutrition
Pharmaceuticals and Biotech:Biotech
Medical and Healthcare:Surgery and Treatments
Medical and Healthcare:Healthcare
