MyMD Joins LOT Network To Protect Company And Shareholders From Patent Trolls

MyMD Pharmaceuticals, Inc. MYMD has joined LOT Network, the international, non-profit community of companies working together to protect themselves against litigation brought on by patent assertion entities (PAEs, also known as “patent trolls”). MyMD’s joining the LOT (License on Transfer) Network’s community of 2,800+ companies is intended to enable MyMD to protect the interests of the company against patent assertion entities.

The LOT Network community is committed to protecting members against frivolous PAE litigation. Members agree that if, and only if, a member’s patent asset falls into the hands of a PAE, other members are granted a license to that patent – rendering them immune to a PAE lawsuit using that patent. With a total of 2,289 patent troll cases in 2022 alone (according to Unified Patents) the average lawsuit costing $4 million to defend (according to BlueIron), and 87% of patent assets used in PAE lawsuits originating from operating companies, LOT Network’s coverage of nearly 4 million patent assets globally provides broad protection and peace of mind to member companies.

“Biotech companies are increasingly finding themselves defending costly patent-troll lawsuits,” stated Christopher Chapman, MD, director, and chief medical officer at MyMD Pharmaceuticals. “MyMD joins a growing number of life science companies leveraging LOT Network as a layer of protection against troll litigation, so that we can continue to focus our resources on our clinical development programs and protect our expansive IP portfolio and the interests of our shareholders.”

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