NOVAVAX CEO Addresses U.S. Patent and Trademark Office (USPTO) on Behalf of the Biotechnology Industry Organization (BIO)
ROCKVILLE, Md., Oct 27, 2011 (GlobeNewswire via COMTEX) --
Novavax, Inc. (Nasdaq:NVAX) today announced that Stanley C. Erck, President and Chief Executive Officer of Novavax, testified this afternoon on behalf of BIO to support its initiative for reducing filing and prosecution costs for international patent protection of biotechnology discoveries.
In remarks presented to the USPTO, Mr. Erck stated: "For our small biotechnology businesses, securing IP protection can be as important as obtaining laboratory equipment, leasing space, or hiring creative, dedicated employees. There is no reason, therefore, to exclude efforts to secure patent rights from publicly funded small business assistance programs that are available for more tangible assets such as capital equipment, hiring, or leasing space. Securing international patent rights, a necessary protection for even the smallest biotech companies, can be an expensive proposition, so permitting public assistance programs to defray such expenses would give these companies greater flexibility to focus resources on important development efforts."
Small biotechnology companies face unique challenges as biotechnology patent prosecution in foreign jurisdictions can be more expensive and complicated and subject to greater non-uniformity of the law than many other technologies. The scope of patent claims and what is allowed can differ significantly from country to country, which further complicates and increases the cost of international patent filing for biotech inventions. Without procedural or substantive harmonization, these problems are likely to further increase costs for small biotechnology companies.
"Biotech companies rely heavily on their patents to attract the significant investment necessary to bring innovative biotech therapies and other products to market," stated BIO President & CEO Jim Greenwood. "The importance of international intellectual property protection has increased as these companies seek to expand the markets for their products. We urge the USPTO to consider ways it can help small biotechnology companies file and prosecute patents internationally more efficiently, so that these companies can dedicate more resources to research, job creation, and product commercialization for the benefit of patients, farmers and other consumers."
Novavax, Inc. (Nasdaq:NVAX) is a clinical-stage biopharmaceutical company creating novel vaccines to address a broad range of infectious diseases worldwide. Using innovative virus-like particle (VLP) and recombinant nanoparticle technology, as well as new and efficient manufacturing approaches, the company produces potent vaccine candidates to combat diseases, with the goal of allowing countries to better prepare for and more effectively respond to rapidly spreading infections. Novavax is committed to using its technology platforms to create geographic-specific vaccine solutions and is therefore involved in several international partnerships, including collaborations with Cadila Pharmaceuticals of India and LG Life Sciences of Korea. Together, these companies have worldwide commercialization capacity and the global reach to create real and lasting change in the biopharmaceutical field. Additional information about Novavax is available on the company's website: www.novavax.com.
BIO represents more than 1,100 biotechnology companies, academic institutions, state biotechnology centers and related organizations across the United States and in more than 30 other nations. BIO members are involved in the research and development of innovative healthcare, agricultural, industrial and environmental biotechnology products. BIO also produces the BIO International Convention, the world's largest gathering of the biotechnology industry, along with industry-leading investor and partnering meetings held around the world. BIO produces BIOtech Now, an online portal and monthly newsletter chronicling "innovations transforming our world."
This news release was distributed by GlobeNewswire, www.globenewswire.com
SOURCE: Novavax, Inc.
CONTACT: Frederick W. Driscoll VP, Chief Financial Officer and Treasurer Novavax, Inc. 240-268-2000