SOURCE: MMRGlobal, Inc.

MMRGlobal, Inc.

March 08, 2011 08:35 ET

MMRGlobal to Form Wholly-Owned Subsidiary to Maximize Value of Biotech Assets

LOS ANGELES, CA--(Marketwire - March 8, 2011) -  MMRGlobal, Inc. (OTCBB: MMRF) today announced that it has begun the process of forming a wholly-owned subsidiary called MMR Life Sciences Group, Inc. The subsidiary company will remain part of parent MMRGlobal and is being formed exclusively to maximize the value of MMRGlobal's biotech assets, which were acquired via its merger with Favrille, Inc. in January 2009.

At a recent meeting of MMRGlobal's Board of Directors, it was decided that its biotech assets, developed at a cost of more than $100 million and which include data from its FavId®/Specifid™ vaccine pre-merger clinical trials, other intellectual property to treat B-cell malignancies, patient tumor samples, anti-CD20 monoclonal antibodies and numerous worldwide biotech patents in various stages, will be transferred to the new subsidiary. 

According to Robert H. Lorsch, Chairman and Chief Executive Officer of MMRGlobal, "Based on recent successes in licensing and interest in forming strategic alliances to utilize these biotech assets in various forms of research and development, we believe that the value of our intellectual property is not accurately reflected in MMRGlobal's current corporate structure and current valuation."

"Additionally, potential partners interested in our MyMedicalRecords Personal Health Record and document management business, who might be interested in investment or other strategic relationships with MMR, find it complicated to deal with the biotech component of our business with their management and boards. Separating the two distinct business opportunities allows us to maximize the potential of both," Lorsch added.

MMRGlobal will continue to identify opportunities with universities, biotech and pharmaceutical companies and institutional biotech investors that can expand the value of MMRGlobal's pre-merger Favrille assets on a worldwide basis. As previously stated, MMRGlobal will also focus on cross-selling MMRGlobal's Personal Health Record products for customized use in the design of clinical trials.

About MMRGlobal

MMRGlobal, Inc., through its wholly-owned operating subsidiary, MyMedicalRecords, Inc. (MMR), provides secure and easy-to-use online Personal Health Records (PHRs) and electronic safe deposit box storage solutions, serving consumers, healthcare professionals, employers, insurance companies, financial institutions, and professional organizations and affinity groups. MyMedicalRecords enables individuals and families to access their medical records and other important documents, such as birth certificates, passports, insurance policies and wills, anytime from anywhere using the Internet. The MyMedicalRecords Personal Health Record is built on proprietary, patented technologies to allow documents, images and voicemail messages to be transmitted and stored in the system using a variety of methods, including fax, phone, or file upload without relying on any specific electronic medical record platform to populate a user's account. MMRGlobal's professional offering, MMRPro, is designed to give physicians' offices an easy and cost-effective solution to digitizing paper-based medical records and sharing them with patients in real time through an integrated patient portal. MMR is an Independent Software Vendor Partner with Kodak to deliver an integrated turnkey EMR solution for healthcare professionals. MMR is also an integrated service provider on Google Health. To learn more about MMRGlobal, Inc. and its products, visit

Forward-Looking Statements

Any statements contained in this press release that refer to future events or other non-historical matters are forward-looking statements, and some can be identified by the use of words (and their derivations) such as "need," "possibility," "offer," "development," "if," "negotiate," "when," "begun," "believe," "achieve," "will," "estimate," "expect," "maintain," "plan, " "could," "help" and "continue," or the negative of such terms and other comparable terminology. MMRGlobal, Inc. disclaims any intent or obligation to revise or update any forward-looking statements. These forward-looking statements are based on MMRGlobal, Inc.'s reasonable expectations as of the date of this press release and are subject to risks and uncertainties that could cause actual results to differ materially from current expectations. The information discussed in this release is subject to various risks and uncertainties related but not limited to changes in MMRGlobal, Inc.'s business prospects, its results of operations or financial condition, the formation and outcomes of the MMR Life Sciences Group, Inc. as a wholly-owned subsidiary, government regulation and changes in healthcare initiatives, developing, defending and maximizing the value of its intellectual property rights including those pertaining to its biotech assets, and such other risks and uncertainties as detailed from time to time in MMRGlobal, Inc.'s public filings with the U.S. Securities and Exchange Commission.

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