PreMD Announces U.S. PTO Decision
December 23 2005 - 11:25AM
PR Newswire (US)
TORONTO, Dec. 23 /PRNewswire-FirstCall/ -- PreMD Inc. (TSX: PMD;
Amex: PME) today announced that the United States Patent and
Trademark Office (U.S. PTO) has informed the company of its
decision not to reinstate two U.S. patents related to PreMD's skin
tissue cholesterol technology. PreMD is evaluating possible avenues
of appeal. As previously disclosed, the two patents had been listed
as abandoned by the U.S. PTO for failure to pay maintenance fees.
The failure to pay these maintenance fees occurred when the files
were transferred between U.S. and Canadian patent agents. PreMD has
authorized legal action against the law firm that was responsible
for managing its patent portfolio at the time when the maintenance
fees for the two patents in question should have been paid. The
U.S. PTO found that the patents lapsed as a result of the law
firm's failure to use its established docketing procedures
regarding payment of the maintenance fees. Damages claimed in that
action have yet to be quantified. "We strongly believe in the
merits of our petition and are obviously disappointed with the U.S.
PTO's decision," said Dr. Brent Norton, President and Chief
Executive Officer. "That being said, it is important to remember
that in the United States PreMD has an additional two patents in
force covering other aspects of the technology as well as two
patents pending, and that the two patents in question remain in
force in all other jurisdictions. Our skin sterol test system is
the product of years of proprietary development and expertise that
is exclusive to PreMD, and for those reasons, we do not expect that
PREVU(x) Skin Sterol Test could be duplicated." Dr. Norton
continued, "At this point in time, McNeil Consumer Healthcare, our
marketing partner for PREVU(x) Skin Sterol Test, is continuing to
advance its commercialization strategy. Additionally, we are
continuing to strengthen our intellectual property portfolio
through an aggressive strategy to evaluate and patent our trade
secrets, proprietary know-how and ongoing technological
innovation." PreMD's intellectual property portfolio currently
includes 38 issued patents and patents pending related to the skin
sterol technology, 22 patents and patents pending related to
PreMD's cancer technologies and nine patents and patents pending
related to the color measurement process. About PreMD PreMD Inc.
(formerly IMI International Medical Innovations, Inc.) is a world
leader in predictive medicine, dedicated to developing rapid, non-
invasive tests for the early detection of life-threatening
diseases. PreMD's cardiovascular products are branded as PREVU(x)
Skin Sterol Test. The company's cancer tests include
ColorectAlert(TM), LungAlert(TM) and a breast cancer test. PreMD's
head office is located in Toronto, and its research and product
development facility is at McMaster University in Hamilton,
Ontario. For further information, please visit
http://www.premdinc.com/. This press release contains
forward-looking statements. These statements involve known and
unknown risks and uncertainties, which could cause the Company's
actual results to differ materially from those in the forward-
looking statements. Such risks and uncertainties include, among
others, the successful development or marketing of the Company's
products, the competitiveness of the Company's products if
successfully commercialized, the lack of operating profit and
availability of funds and resources to pursue R&D projects, the
successful and timely completion of clinical studies, product
liability, reliance on third-party manufacturers, the ability of
the Company to take advantage of business opportunities,
uncertainties related to the regulatory process, and general
changes in economic conditions. In addition, while the Company
routinely obtains patents for its products and technology, the
protection offered by the Company's patents and patent applications
may be challenged, invalidated or circumvented by our competitors
and there can be no guarantee of our ability to obtain or maintain
patent protection for our products or product candidates. Investors
should consult the Company's quarterly and annual filings with the
Canadian and U.S. securities commissions for additional information
on risks and uncertainties relating to the forward-looking
statements. Investors are cautioned not to rely on these
forward-looking statements. PreMD is providing this information as
of the date of this press release and does not undertake any
obligation to update any forward-looking statements contained in
this press release as a result of new information, future events or
otherwise. (x) Trademark DATASOURCE: PreMD Inc. CONTACT: Sarah
Borg-Olivier, Director, Communications (416) 222-3449 ext. 27,
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