WASHINGTON--(BUSINESS WIRE)--The Biotechnology Industry Organization (BIO) today released the following statement on the decision by the U.S. Patent and Trademark Office rejecting challenges to two patents held by Acorda Therapeutics.
This statement can be attributed to BIO President and CEO Jim Greenwood:
“We applaud the decision by the U.S. Patent and Trademark Office to reject hedge fund manager Kyle Bass’ challenge of two of Acorda’s patents. Nonetheless, it remains critical that Congress and the PTO continue their efforts to reform the Inter Partes Review (IPR) process in order to ensure that it operates in a balanced manner and is not able to be abused by those attempting to game the system for their own financial gain. As has been noted in the media, Mr. Bass has filed 10 more petitions this month. This is clearly not the purpose for which the IPR system was created. The PTO should send a clear signal that it won’t tolerate the abuse of its processes for such improper purposes, and Congress should act swiftly to reform the system so that it doesn’t continue to create incentives for misuse by financial speculators and extortionists.”
For more information on BIO and the biotechnology industry, please visit www.bio.org.
About BIO
BIO is the world's largest trade association representing 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. BIOtechNOW is BIO's blog chronicling “innovations transforming our world” and the BIO Newsletter is the organization’s bi-weekly email newsletter. Subscribe to the BIO Newsletter.
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