Over $500 Million in Potential Infringement Damages Present in Diagnostic and Behavioral Markets
NEW YORK, NY, Jan. 06, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Parallax Health Sciences, Inc. (OTCQB: PRLX) (“Parallax” or the “Company”), an outcome-driven connected healthcare company, today announced its intent at asserting and monetizing its intellectual property patent rights within the Human Diagnostics and Behavioral Healthcare markets. The Company has been in the process of selecting a top patent litigation law firm to help the Company strategize and pursue some millions of dollars of identified infringement damages that have and continue to accumulate within the marketplace.
The growth of the Parallax patent portfolio and the corresponding infringement landscape was bolstered recently last year with the issuance of its patent US10,061,812 entitled, “Data Driven Outcomes” an international portfolio issued to Parallax Behavioral Health, Inc., a wholly-owned subsidiary of the Company that has added significantly to the Company’s intellectual property assets. Additionally, Parallax holds exclusive worldwide licenses with Montecito Bio Sciences, Ltd., (“Montecito”). The Montecito portfolio of patents include: 1) a “Method to Produce a Plurality of Antibodies”, United States patent number US9,573,990 covering its breakthrough; 2) a “Portable Apparatus for Sample Analysis”, United States patent number US8,920,725 with; 3) its international counterparts in China CN200780039901.x; and 4) Hong Kong HK 10103654.9; and 5) India IN279743; and 6) Macau MOJ00129; and 7) a “Flow Through Testing System with Pressure Indicator”, United States patent number US9,588,114 to name a few of the Company’s patents or licenses now owned within the IP portfolio of assets.
Parallax has studied and already acquired unbiased third-party confirmation of the infringing landscape and is in the process of compiling a detailed third-party validity report from a highly respected IP valuation group as to the infringement claims and damages within the Human Diagnostics and Behavioral Healthcare markets.
Top tier international law firms have interviewed with the Company clearing for all legal conflicts and have begun to propose to Parallax’s management various strategies best to monetize value for our shareholders through a variety of possible licensing strategies, which could include litigation. The Company is focused on possible non-dilutive litigation financing and various hybrid contingency proposals for a robust patent enforcement initiative that will begin to address Parallax’s damages stemming from infringement of our operations
Nathaniel Bradley, Parallax Health Sciences, Inc., Chief Technology Officer, stated, “IP monetization is a long process although we were early in our innovations, as a result we have the patents to prove it. Parallax is now well informed and positioned to properly monetize the substantial worth of our IP in today’s marketplace and to continue to protect our patented position in the growing landscape as the telehealth and diagnostics markets further mature.” Mr. Bradley continued, “We are continuing to reduce to practice what our IP claims state and are furthering the build out of our leading diagnostic and cognitive behavioral platform for remote patient monitoring. Parallax owns foundational patents and those rights are ours to defend for our shareholders. We are continuing to innovate and protect our patented position in the marketplace.”
Paul Arena, Parallax Health Sciences, Inc., Chief Executive Officer, stated, “We continue to believe there are a number of companies operating in the marketplace whose activities and products infringe on our patents.” Further Mr. Arena stated, “We are now positioned with strategic offensive as well as defensive claims in our IP portfolio and while we believe we have complete freedom to operate our platform technologies, others in our space do not. Therefore, we will approach a number of these infringing companies with the offer to either license our technology or they should be prepared to defend against our claims.”
About Parallax Health Sciences
Parallax Health Sciences is an advanced technology, outcome-driven telehealth company that allows for cost-effective remote diagnosis, treatment and monitoring of patients through proprietary platforms of integrated products and services. The Company's interoperable novel applications provide patients point-of-care testing and monitoring with information communicated via internet-based mobile phone applications that are agnostic as to operating system and are built on highly sophisticated data analytics. Information is retrieved real-time by physicians who are monitoring patients with chronic diseases or through biometric feedback for health-related behavior modification and is automated for integration into electronic health records. The Company's products and offerings capitalize on the digital transformation in healthcare for improved patient compliance, diagnosis and treatment, and support healthcare system cost savings and efficiencies. For more information, please visit www.parallaxhealthsciences.com or www.parallaxcare.com.
Forward-Looking Statements
This release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements regarding our expected future financial position, results of operations, cash flows, financing plans, business strategy, products and services, competitive positions, growth opportunities, plans and objectives of management for future operations, as well as statements that include words such as "anticipate," "if," "believe," "plan," "estimate," "expect," "intend," "may," "could," "should," "will," and other similar expressions are forward-looking statements. All forward-looking statements involve risks, uncertainties and contingencies, many of which are beyond our control, which may cause actual results, performance, or achievements to differ materially from anticipated results, performance, or achievements. Factors that may cause actual results to differ materially from those in the forward-looking statements include those set forth in our Form 10-K and other reports filed with the SEC. We are under no obligation to (and expressly disclaim any such obligation to) update or alter our forward-looking statements, whether as a result of new information, future events or otherwise.
Investor Contact:
Paul Arena
paul@parallaxcare.com
cell 404-915-8449