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7th Circuit Rejects Fee Only Settlement 08/25/2016

Posted by Morse, Barnes-Brown Pendleton in Client News, Corporate, M&A.
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Ruling that the value of certain supplemental transaction disclosures in the context of a $15 billion merger was “nil,” the Seventh Circuit Court of Appeals recently overturned an award of attorneys’ fees to plaintiffs’ counsel in the context of merger litigation.  On August 10, 2016, in the case In Re: Walgreen Co. Stockholder Litigation, case number 15-3799, writing for the 7th Circuit, Judge Posner, following a recent trend of decisions denying requests for attorneys’ fees to attorneys representing shareholders challenging a merger, adopted Delaware’s Trulia standard for approval of such settlements.

To read more about the court’s decision, read the full post on our M&A blog.

Firm Client TechSandBox Launches Veterans’ Technology Entrepreneurship Program 08/19/2016

Posted by Morse, Barnes-Brown Pendleton in Client News, Intellectual Property.
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Morse, Barnes-Brown & Pendleton sponsored organization and client, TechSandBox, announced its partnership with MassDevelopment and the Massachusetts Technology Collaborative (“MassTech”) in the launch of a new program for military veterans.  The Military Veteran Entrepreneurs in Technology program (“VET”) is for veterans who are starting and growing new ventures in innovation-focused sectors and will provide support via mentoring, networking, and advising, among other services.  TechSandBox Logo (M0654842xB1386)

Through its involvement with VET, TechSandBox will supply veterans with the necessary resources to create and foster successful startups.  Specifically, TechSandBox will document the needs of the veterans, deliver programming for entrepreneurial development, and provide a network of other entrepreneurs in which the veterans can interact.

The VET will serve veterans in the MetroWest region and the Commonwealth.  The program will begin with a pilot phase, which will last for 18 months.  MassDevelopment and MassTech provided a combined grant of $53,101 for the pilot program.  For more information about the program, view TechSandBox’s website.

TechSandBox is a technology incubator for innovation-driven companies.  Its mission is to accelerate the success of science and technology entrepreneurs.  MBBP is proud of its client’s community-focused approach and the commitment to veterans through this new program.

Harvard Stem Cell Institute Teaming Up to Develop Diabetes Cure 08/18/2016

Posted by Morse, Barnes-Brown Pendleton in Client News, Intellectual Property, Medical Devices.
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A group of Boston-area health institutions, known as the Boston Autologous Islet Replacement Program, are teaming up to develop, test and deploy stem cells to cure diabetes. The group includes the Harvard Stem Cell Institute, Brigham and Women’s Hospital, the Joslin Diabetes Center, Dana-Farber Cancer Institute and Semma Therapeutics.

The innovation began when Doug Melton, Co-Director of Harvard Stem Cell Institute and Co-Founder of Semma Therapeutics, developed a way to turn embryonic stem cells into insulin-producing beta cells without needing to put the cells into mice to mature.  After this discovery, he knew he had to get these beta cells into humans but that it was going to take a group with the proper qualifications.

Melton explains, “No one institution anywhere has the expertise and technical abilities to make this kind of clinical trial possible, but in the unique Harvard biomedical ecosystem, we are able to bring all the necessary expertise and infrastructure to bear.” This new organization has the goal of testing the created beta cells in human patients within three years.

Congratulations to our client Harvard on these exciting new developments! For more information, read the full article.

Employment Law Alert: Massachusetts Pay Equity Law Imposes New Restrictions 08/11/2016

Posted by Morse, Barnes-Brown Pendleton in Employment, Legal Developments.
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2015-01-05_8-57-41MBBP’s Employment Law Group just released an Employment Law Alert regarding the recent wage equality act signed in Massachusetts. On August 1st, 2016, Governor Charlie Baker signed, “An Act to Establish Pay Equity (the Act)” which requires men and women to receive equal pay for comparable work and forbids employers from asking prospective employees about salary history.

Learn more on our Employment Law Blog.

MBBP Publishes August M&A Today Newsletter 08/09/2016

Posted by Morse, Barnes-Brown Pendleton in M&A, MBBP news.
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2016-08-08_16-11-25
Hot off the press!

Articles include:

Get more info on our M&A blog or read the full newsletter.

Interview with MBBP Client Valeritas Included in Wall Street Transcript Medical Devices Report 08/09/2016

Posted by Morse, Barnes-Brown Pendleton in Client News, Intellectual Property, Life Sciences, Medical Devices.
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The most recent Wall Street Transcript Medical Devices Report includes an interview with Valeritas, Inc.’s CEO, John Timberlake.  Timberlake discusses in detail Valeritas’s V-Go Disposable Insulin Delivery Device. The V-Go is a wearable basal-bolus insulin delivery device that allows patients to deliver insulin at a continuous preset basal rate, with bolus delivery as needed.  The V-Go has been cleared for use in the United States and in Europe.  big valThe fact that V-Go is a wearable product with scheduled insulin delivery enables patients to more easily go about their daily routines without having to stop to deliver insulin, and also allows them to discreetly deliver insulin during mealtimes without drawing attention to the act.

Valeritas is a commercial-stage medical technology company that develops new Type II diabetes technology products aimed at improving the lives of patients with Type II diabetes.  For more information about Valeritas and its V-Go product, read the full interview with The Wall Street Transcript.

Attorneys’ Fee Request Denied in Context of Merger Litigation 08/04/2016

Posted by Morse, Barnes-Brown Pendleton in Corporate, Legal Developments.
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JCM Headshot Photo 2015 (M0846612xB1386)On July 22nd, 2016, a Delaware Chancery Court judge denied a request for an award of attorneys’ fees and expenses in connection with Keurig Green Mountain Inc. shareholder litigation. The judge, Chancellor Andrew G. Bouchard, has taken a strong position against granting significant fee awards in the context of disclosure-only settlements in shareholder litigation.

For more insight on this case, read the full post written by corporate attorney Joe Marrow on our M&A Today blog.

Civil Penalties for HSR Violations Raised by FTC 08/03/2016

Posted by Morse, Barnes-Brown Pendleton in Legal Developments, M&A.
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TCFB Headshot Photo 2015 (M0846497xB1386)he Federal Trade Commission announced that the maximum civil penalty for violations of the premerger notification requirements of the HSR Antitrust Improvements Act of 1976 has increased from $16,000 to $40,000 per day. A premerger notification gives the FTC and the Department of Justice, which share jurisdiction over HSR, the ability to review a transaction for anti-competitive effects and determine whether to seek injunctive or other relief before it closes. This 150% penalty increase is due to “catch-up” inflation adjustments.

Learn more about this increase in the full post on our M&A Today blog.

Firm Client Applied BioMath Recognized in Greater Boston’s 2016 Small Business of the Year Awards 08/02/2016

Posted by Morse, Barnes-Brown Pendleton in Client News, Corporate, Life Sciences.
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MBBP is thrilled to announce that client Applied BioMath, LLC is one of ten winners of the 2016 Small Business of the Year Awards (SBOY), announced by The Greater Boston Chamber of Commerce.  The SBOY recognizes smaller for-profit companies within the Greater Boston area who possess product innovation, workplace excellence, community and social responsibility, strong financial performance, and achievement in management.Applied BioMath Logo (M0887167xB1386)

Applied BioMath, LLC was founded in 2013 with the goal of transforming the quality and the economics of drug invention by applying advanced mathematical analysis at critical decision points in the drug invention process.  The ten award winners will be recognized at the event “Nailed It: A Conversation with Successful Business Leaders”, which will be held on October 6th.

MBBP assisted Applied BioMath in drafting its various Service Agreements with customers, among other key legal services.  Congratulations to our client in what is sure to be one of many successes!

MBBP Client Fanzcall Receives Backing from Red Sox’s David Ortiz 07/29/2016

Posted by Morse, Barnes-Brown Pendleton in Client News, Corporate, Games & Interactive Entertainment.
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logoFanzcall, an interactive live sports game app, announced that Boston Red Sox’s David Ortiz is now a shareholder in the Waltham-based startup company.  Ortiz has an equity stake in the company, and will serve as an Ambassador.  Fanzcall allows users to guess the outcome of at-bats during live games.  It was founded by Anton Khinchuk and has already raised approximately $1.6 million through investors.

Regarding his involvement with Fanzcall, Ortiz remarked “I’m excited that the Fanzcall app allows baseball fans to become a part of the game they love… I love this opportunity to work with Fanzcall to extend my own love of the game, even after I retire.”  The app is available for free in the App Store and in Google Play.

MBBP is thrilled to continue its work with client Fanzcall, and looks forward to witnessing its continued success!

Delaware Chancery Court Rules on “Fair Value” Doctrine 07/29/2016

Posted by Morse, Barnes-Brown Pendleton in Legal Developments, M&A.
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M0846615The Delaware Chancery Court recently rejected the long-standing doctrine that the merger price in an arm’s-length transaction always represents fair value. The court carved out exceptions to the doctrine in two cases specifically: Appraisal of Dell, Inc (May 31, 2016) and Appraisal of DFC Global Corp. (July 8, 2016). In both cases, the Chancery Court found that there were specific, enumerated factors that made the merger price inadequate as a measure of fair value, despite the fact that the seller in both cases ran an aggressive and thorough sales process.

Read the full article on our M&A Today blog.

Good News for Patent Holders 07/22/2016

Posted by Morse, Barnes-Brown Pendleton in Intellectual Property, Legal Developments, New Resources.
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LMW Headshot Photo 2015 (M0846622xB1386)By: Lisa Warren

In what has been a seemingly rare occurrence in recent months, the U.S. Court of Appeals for the Federal Circuit recently issued a pro-patentee decision in Immersion Corporation v. HTC Corporation and HTC America, Inc., holding that a continuing application filed on the same day as the parent application issues as a patent satisfies the requirement that the continuing application be filed before the parent is patented.  The decision noted the consistent judicial and agency interpretations of the statutory language at issue (35 U.S.C. 120) as supporting its decision, stating that, “…that history, we think, is so weighty as to be determinative.”  A cheer undoubtedly arose from patent holders, as, according to the decision, over-turning the PTO’s position allowing priority claims for such filings would have affected the priority dates of more than 10,000 patents currently in force.

Client Alert: EU-U.S. Privacy Shield Adopted 07/15/2016

Posted by Morse, Barnes-Brown Pendleton in Client News.
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The European Commission Has Adopted and Launched
the EU-U.S. Privacy Shield 

By: Faith Kasparian

client alert skinnyEarlier this week, the European Commission adopted the EU-U.S. Privacy Shield – a new framework for transatlantic data flows.  The European Commission’s Press Release announcing the Shield promises that the new framework “protects the fundamental rights of anyone in the EU whose personal data is transferred to the United States” and brings “legal clarity for businesses relying on transatlantic data transfers.”

The EU-U.S. Privacy Shield replaces the Safe Harbor framework, which previously governed data transfers between the EU and the U.S. until it was declared invalid by the Court of Justice of the European Union on October 6, 2015.  On February 2, 2016, the EU and the U.S. reached political agreement as to the new Privacy Shield.  The European Commission’s “adequacy decision” implementing the Privacy Shield was approved on July 12.  See our prior Alerts on this subject here and here.

Read the full alert which includes the principal elements of the Privacy Shield.

MBBP’s Life Sciences Vector, Summer 2016 07/14/2016

Posted by Morse, Barnes-Brown Pendleton in Client News, Life Sciences, MBBP news, New Resources.
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ext2016 LIFE SCIENCES PANEL SERIES

At the second of our Life Sciences panel Series: “Laying the Foundation for Growth: Entity & Equity”, experts discussed whether a corporation or a limited liability company is the “Right Stuff ” for building an emerging company, and how to structure and optimize the equity compensation of the team. MBBP’s John Hession moderated the panel, which included Marc Cote of Accellient and Jeff Solomon of Katz Nannis + Solomon. Stay tuned for details on Panel 3 in the fall.

Click here to learn more.

MBBP ADDS TWO ATTORNEYS

Weatherly Ralph Emans, Corporate Senior Attorney – As a member of the firm’s PIFA team in the corporate group, Weatherly focuses her practice primarily on private investment funds, including private equity funds, venture funds, hedge funds and funds of funds. Weatherly’s practice also includes venture capital transactions and providing general corporate advice to early stage companies.

Amanda R. Phillips, Litigation Associate – As a member of the firm’s litigation practice, Amanda focuses her practice on commercial civil disputes and securities litigation, and has broad experience working with clients under investigation by federal and state government agencies.

WAIT A MINUTE MR. POSTMAN…

Sooner or later many companies with a successful product or service will receive an overture from a patent holder. Some are almost friendly, proposing a potential mutually beneficial business relationship involving the patent. Others are decidedly less so, leveling claims of patent infringement and seeking immediate termination of the activity or product sales and/or significant financial compensation. This entire range of written communications is commonly referred to as “demand letters.” So – what’s the next step if your company receives a demand letter?

Read more on Page 2.

SUPREME COURT DENIES SEQUENOM’ PETITION TO CLARIFY SCOPE OF MAYO IN SEQUENOM V. ARIOSA

On June 27, 2016, the United States Supreme Court denied a Petition for Writ of Certiorari filed by Sequenom, Inc. requesting the Supreme Court to clarify the scope of its Mayo Collaborative Services v. Prometheus Laboratories, Inc., 132 S. Ct. 1289 (2012) decision, as applied to Sequenom’s claimed inventions. The Mayo decision, which held that a method correlating a drug dosage regimen and levels of the drug in the blood was an unpatentable law of nature, has had the profound effect of narrowing the scope of patent-eligible subject matter in the United States and has cast doubt on the validity and enforceability of previously issued United States patents.

Read more on Page 3.

CLIENT SPOTLIGHT: iSpecimen 

iSpecimen is a trusted, one-stop source of customized human biospecimen collections. Compliantly sourced from our diverse
partner network of hospitals, labs, biobanks, blood centers, and other healthcare organizations, our solid tissues, biofluids, and cells are delivered directly into the hands of biomedical researchers using our unique, turnkey technology. Scientists gain access to a ready supply of the high-quality, richly-annotated specimens they need from the patients they want. Supply partners gain an opportunity to further contribute to biomedical discovery as well as their bottom line.

Read more on Page 4.

Client Corista Selected by Johns Hopkins Medicine to Extend Pathology Capabilities 07/11/2016

Posted by Morse, Barnes-Brown Pendleton in Client News, Medical Devices.
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Corista Logo (M0931457xB1386)Exciting news for MBBP client Corista as Johns Hopkins Medicine, one of the leading health care systems in the United States, has successfully installed Corista’s DP3 system. The DP3 is a digital pathology network platform that removes the physical boundaries from pathology and enables real-time remote expert diagnoses. It is a workflow solution integrating multiple facilities, scanners, physicians, patients and Laboratory Information Systems.

Johns Hopkins is standardizing this DP3 system as its centralized digital pathology platform in order to streamline workflows among its five hospital centers. The overall objective is to provide more efficient and accurate flow of information across core systems that manage diverse functions in the hospital system. Specifically, the system will help improve each hospital’s Tumor Board process, integration of existing systems including LIS, and global remote access.

Congratulations, Corista! MBBP serves as general counsel to Corista and assisted in negotiating its contract with Johns Hopkins. For more information, visit Corista News & Events.

MBBP Client BBK Worldwide Partners with Apptomics on App to Monitor Parkinson’s Patients 07/11/2016

Posted by Morse, Barnes-Brown Pendleton in Client News, Computer Software & Hardware, Life Sciences, Medical Devices.
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Firm client BBK Worldwide is partnering with Wellesley-based digital health app maker, Apptomics, as it prepares to launch a one-year clinical trial in September. Using a combination of apps (iMotor and MyPD), for monitoring patients with Parkinson’s disease, the trial will test the effectiveness of these tools in impacting the management of Parkinson’s disease and health outcomes.  iMotor measures objectively patients’ motor function by combining several variables and MyPD focuses on collecting data related to symptoms, medications, side effects sleep quality, and emotional status. Data collected are transmitted in reports to patients’ neurologists.BBK Worldwide Holdings logo (M0790340xB1386)

BBK Worldwide is the foremost patient recruitment and engagement technology firm, providing a range of award-winning creative services and technology solutions to the world’s most innovative pharmaceutical and biopharmaceutical companies and their outsourced suppliers, such as CROs and eClinical providers. Apptomics works to achieve optimal management of chronic neurological conditions, including Parkinson’s, through scientifically validated mobile applications that allow collection of objective and patient reported data on disease progression.  BBK Worldwide is now a minority investor in Apptomics, with BBK Principal Matthew Stumm serving on the Apptomics Board of Directors.

The two companies will work to develop a collection of apps aimed at monitoring patients with chronic neurological diseases and relaying the information to their doctors.  Apptomics has already had success with the iMotor app through two studies that clearly demonstrated the scientific effectiveness of its data collection.  The app also proved able to distinguish Parkinson’s patients from healthy individuals, and distinguished with high sensitivity the effects of treatment plans.

Congratulations to both companies on their new venture!

 

MBBP Client ConforMIS, Inc. Acknowledged for Patient Satisfaction with Knee Replacements 07/07/2016

Posted by Morse, Barnes-Brown Pendleton in Client News, Employment, Life Sciences, Medical Devices.
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ConforMIS, Inc., a medical technology company that manufactures and sells joint replacement implants, received positive results from its iTotal CR study.  The iTotal CR is a fully customized implant for use in total knee replacement, and the study found that 92% of patients were satisfied with the product in the year after receiving a knee replacement.  conformis-inc-logo

In developing, manufacturing, and selling joint replacement implants, ConforMIS uses its iFit Image-to-Implant technology, which allows for a customized implant specifically designed to fit an individual’s anatomy.  The iTotal CR study included 300 patients in the United States, and is still ongoing.  The interim study results were presented at the 2016 SICOT International Orthopaedic “Specialized Knee Surgery” Conference in Germany, which ran from June 30th to July 2nd.

The positive feedback is consistent with a previous study that showed that patients noted significantly higher satisfaction with the ConforMIS iTotal CR in their knee replacements, than with off-the-shelf implants.  The positive results speak to the benefits of anatomically customized implants, and illustrate how ConforMIS’s products are making a positive and lasting impact in the joint replacement implant market.

To read more about the study and ConforMIS’s technology, read the full article.

Managing Partner Lisa Warren Moderating Entrepreneur’s University: Acquiring IP 07/06/2016

Posted by Morse, Barnes-Brown Pendleton in Attorney News, Events.
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LMW Headshot Photo 2015 (M0846622xB1386)Lisa Warren will be serving as a Co-Moderator for the upcoming, “Entrepreneur’s University: Acquiring IP” program organized by MassBio Entrepreneur’s University Working Group. Entrepreneur University hosts forums to help entrepreneurs thrive in today’s competitive biotech environment.  During this program specifically, industry experts will share critical advice for entrepreneurs who are setting out to acquire their intellectual property.

The key topics that will be discussed include:

  • Traditional routes of IP acquisition – including licensing from a university, e.g. the employer of a scientific founder
  • Licensing arrangements – often the first contractual relationships into which the emerging biotech company enters
  • How universities have changed their approaches to technology transfer and licensing terms in recent years – including an increased focus on revenue, especially in light of declining government research funding
  • Alternatives to university deals – for example, some companies have succeeded in “rescuing” assets from big pharma through in-licensing assets that have been shelved
  • Generating an IP portfolio – when, what and how entrepreneurs, scientists and biotech leaders should manage this important part of their IP expansion strategy

The program will take place the morning of July 13th. MassBio members can register here.

 

Client Bruce Brumberg of myStockOptions named Coach of the Year 07/05/2016

Posted by Morse, Barnes-Brown Pendleton in Client News.
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It’s been 16 years since myStockOptions.com went live for MBBP client and co-founder, Bruce Brumberg. Ever since, he has made complex legal and tax concepts understandable for people who don’t necessarily enjoy deciphering securities laws or the Internal Revenue Code. But, Bruce’s successes go beyond the office.

This year, Bruce was honored in the Boston Globe’s 2016 Boys’ Tennis All-Scholastics as Division 3 Coach of the Year! Bruce has coached tennis at Maimonides in Brookline, MA for seven years. This spring he lead the team to a 10-1-2 season and a final four appearance in the South Sectionals. Congratulations, Bruce!

Highlights from MBBP Life Sciences Series Panel 2 – Laying the Foundation for Growth: Entity & Equity 07/05/2016

Posted by Morse, Barnes-Brown Pendleton in Attorney News, Client News, Corporate, Events, Life Sciences, Venture Capital & Private Equity.
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On Wednesday June 22nd, the offices of Morse, Barnes-Brown & Pendleton were filled with a crowd of people for a life sciences panel discussion on “Laying the Foundation for Growth: Entity & Equity.”  Esteemed panelists included Marc Cote, COO of Accellient; Jeffrey Solomon, Managing Shareholder of Katz Nannis + Solomon; and MBBP’s own John Hession as moderator.

The panel explained to the audience the importance of understanding the different entity options when starting a new business, and JMH Headshot Photo 2015 (M0846571xB1386)provided important tips on how to pick the right fit for the business.  John Hession stated that when choosing an entity it is crucial to consider where you plan on heading with the business and the long-term goals, how long before you generate money, investments, exit strategy, and how long before you will be investing money of your own into the business.

Jeffrey Solomon explained that most investors will insist that your business is a Delaware C-Corp.  He detailed that although LLCs can be beneficial because of their pass through tax benefits, they also have more complexities with tax filings.  However, since C-Corps are able to receive 1202 tax treatment and exclude gains, C-Corps are typically preferred.  The panel also discussed equity strategic considerations, including restricted stock options, with Marc Cote describing the importance of filing an 83(b) within 30 days of executing the agreement.

These were merely a few of the insightful topics discussed at the 2nd Life Sciences Series Panel.  The next panel in September will be equally educational, so keep an eye out for further details, including registration information, on our site.

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