According to report published on Biocentury.com, the board of Patent Trial and Appeal instituted the inter partes review (IPR) petition. The petition from Coalition for Affordable Drugs led by Kyle Bass challenged a patent that covered various sclerosis drug, Tecfidera dimethyl fumarate from the Biogen Inc. IPR is simply a procedure used to challenge the validity of patents in the US before the US Patent and Trademark Office (USPTO).
Kyle Bass, who is a hedge fund investor exposed by UsefulStooges in their Kyle Bass Frantic Investments of a Desperate Gambler article, formed the coalition for Affordable Drugs (CFAD) that challenges various patents that are filled with USPTO.
The report claimed that Bass challenged the US Patent number 8,399,514 that covers usage of 480 milligram of dimethyl fumarate, which is used in treatment of multiple sclerosis and has an expiry date of 2028. PTAB discovered that a previous art that was introduced by the coalition offered evidence that was convincing on ways to arrive at the required dose to help in the treatment of autoimmune diseases.
By October 2015, CFAD had already filed 33 petitions. Some which were multiple petitions on the same patent. According to PTABWatch, PTAB has had 17 institution decisions. Of these 17 institution decisions, 10 have been denied, and only 7 have been granted.
About Kyle Bass
Kyle Bass is president and founder of Hayman Capital Management, which is a hedge fund that is based in Dallas. Bass was successful from the prediction of subprime mortgage crisis and he was able to benefit from it through the purchase of credit default swaps. He has predicted a crisis in the European sovereign debt and his expectations on japan and Argentina’s economic future.
Bass attended the Texas Christian University on an academic and diving scholarship. He graduated with a BA in Finance and Real Estate in 1992. After a brief spell at the Prudential Securities, Bass started working at Bear Stearns, where he acted as Senior Managing Director. From here, he moved to Legg Mason’s office in Dallas and became a Managing Director.
In 2005, Legg Mason sold his business premise where Bass worked at. Bass made the decision to leave Legg Masson and established Hayman Capital Management. Shortly after launching hedge fund, Bass was convinced that there existed a bubble in residential real estate in the US. He was among the few investors who successfully predicted and benefited from subprime mortgage crisis; something that brought him infamy in financial services industry.
This board manages more than $27 billion of assets. He also serves on the directors’ board of Troops First Foundation, the Business Executives for the National Security, and he is also a member of Comeback America Initiative’s advisory council. He’s been at the forefront criticizing China, and what he perceives to be a weakness in their economic system.