SAMPLE REPORT

Sample report A report by MaxVal Group, Inc August 22, 2009

SWINE FLU TREATMENT

Market and IP Survey Report (Sample report)

SAMPLE REPORT

Sample report A report by MaxVal Group, Inc August 22, 2009

TABLE OF CONTENTS

OBJECTIVE .............................................................................................................................. 1

SUBJECT OF SEARCH ............................................................................................................ 1

COMMENTARY ....................................................................................................................... 1

Key Players & Products ................................................................................................. 2

IP Front .......................................................................................................................... 3

Recent Newsmakers and Race for Money ..................................................................... 4

SEARCH RESULTS ................................................................................................................. 7

PRODUCTS AND MANUFACTURERS ................................................................................. 9

PATENT LANDSCAPE .......................................................................................................... 13

Filing Trends of Key Assignees ................................................................................... 14

Concentration of International Patent Classification (IPC) Codes .............................. 15

KEY PATENTS ....................................................................................................................... 18

EMERGING PLAYERS .......................................................................................................... 21

APPENDIX .............................................................................................................................. 22

SAMPLE REPORT

Sample report A report by MaxVal Group, Inc August 22, 2009 1

OBJECTIVE

The objectives of this search was to identify

Companies and products (vaccines and other medicines), which are available on the market

and under development and are related to treatment of Swine flu in human beings.

Relevant patents and applications related to treatment of Swine flu.

Key assignees in the Swine flu treatment space and their filing trends

SUBJECT OF SEARCH

Swine flu or Swine Influenza is caused by any one of the several types of swine influenza virus (SIV)

that is endemic in pigs. As of 2009, known SIV strains include influenza C and subtypes influenza A

known as H1N11, H1N2, H3N1, H3N2 and H2N3.

On June 11, 2009, the World Health Organization (WHO) declared that a global pandemic of H1N1 is

underway and raised the worldwide alert level to Phase 6 indicating that new H1N1 is causing

widespread human infection. This recent outbreak has triggered extensive efforts to accelerate

production of antiviral drugs and develop a vaccine to combat the spread of the virus/ infection.

COMMENTARY

A comprehensive search was performed to identify companies with relevant products and patents2

related to treatment of swine flu in human beings.

Out of 20 companies identified in this search, 2 have products on the market, 5 companies

manufacture generic version of drug and 13 have products (antivirals and vaccine) in different

developmental/clinical stages.

Drugs available on the market for the treatment of Swine flu are Tamiflu (Roche) and Relenza

(Glaxo).

There has been an upsurge in patent filing activity following flu outbreak in 2005.

A visual of the current landscape is given below.

1 Sequence of Influenza A virus (A/California/09/2009(H1N1)) segment 6 neuraminidase (NA) gene, complete

cds 2 By patents we mean issued and published applications

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Key Players & Products

Gilead Sciences and Biota Scientific Corporation own patent rights for two types of anti-

viral products for swine flu treatment-- Oseltamivir and Zanamivir, respectively.

Hoffmann La Roche (with license from Gilead Sciences) and GlaxoSmithkline (with

license from Biota Scientific Corporation) are manufacturing and marketing the above

products under brand names TAMIFLU and RELENZA, respectively.

At present no vaccine is available on the market for Swine flu virus. Eight companies

(listed below) are in the process of developing vaccines or adjuvant compositions for

available vaccines against swine flu virus, H1N1

Baxter International

MedImmune (wholly owned by AstraZeneca)

Novartis AG

Novavax

Protein Science Corporation

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Sanofi Aventis

Vaxart

VaxInnate

Other companies manufacturing either generic version of these drugs or as an Active

Pharmaceutical Ingredient (API) include :

Betapharma

Cipla

Hetero Drugs Ltd

Raw Drugs Ltd

Shanghai Pharmaceuticals

An overall view of companies along with their product category (drug/vaccine) and status

related to Swine flu treatment is listed below in Figure 1.

IP Front

MedImmune LLC (wholly owned by AstraZeneca) has the largest number of IP assets3 (42)

followed by Gilead Sciences, Crucell Holland BV, Biota Scientific, Novartis and others

(see Table 3A for expanded list).

Activaero GmbH, Arbor Vita Corporation, BioDiem Ltd, Hawaii Biotech and others are

emerging companies, i.e., assignees with recently published applications (published after

2006) related to swine flu treatment that either have no products on the market or have

products under development (see expanded list in Table 4).

o Activaero and Arbor Vita have filed applications for a drug composition against

swine flu virus, while rest of the identified companies has applications claiming

vaccines against swine flu.

Key patents, most of which expire in the next decade, with method or composition claims for

swine flu treatments include those (see details in Figure 5A) assigned to the following

entities:

Biota

Ciba Geigy

Gilead

Shaman Pharmaceuticals

Profylakse APS

3 Analysis is based on various keywords (see Appendix) in worldwide patent databases

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Biocryst Pharma

Protein Science Corp.

MedImmune (wholly owned by AstraZeneca)

Crucell Holland

Yeda Research

Univ. of Pittsburg

Noteworthy applications (published after 2008) currently under prosecution that warrant

watching belong to the following entities (also see Figure 5B):

Adamas Pharmaceuticals

Activaero

Baxter

Glaxo Smithkline

Kirin Pharma

Novartis

RNL Bio

Recent Newsmakers and Race for Money

Race for Money—Forecast & Recent Venture Capital Funding:

Among companies who make antivirals, Roche, Gilead Sciences and Glaxo, are best

positioned 4 to see a boost in profits, if disease escalates to epidemic proportions.

Among companies developing vaccines to combat the infection, Sanofi-Pasteur is best

positioned to lead the race followed by Novartis. Novavax has developed a multi-strain

vaccine yet to be approved by FDA.

Companies focused on producing vaccine (only those in the race for swine flu treatment are

included here5), antiviral drugs and disease tracking system have raised recent venture capital

to combat the Swine flu (see Table 1 below).

4 Obtained from news articles

5 Vaccine based companies such as Vivaldi Biosciences, Vaxin, Inc are excluded because their drug

development efforts have not been directed to combat H1N1 in particular.

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Table 1: Companies Funded by Venture Capital (since 2005)

Company Name Funded By Capital Raised

(in millions )

Product

(in clinical trials)

BioCryst Kleiner Perkins

$30

(in 2005)

Antiviral

Novavax

Kleiner Perkins

Prospect Venture Partners

$20 Cell-based Vaccine

Pulmatrix, Inc

based in Lexington,

Mass.)

Polaris Venture Partners

5AM Ventures

$3 (in 2007) Inhaled drug

(PUM003)

Vaxart, Inc6.

(based in San Francisco)

Bay Partners

Quantum Tech Partners

N/A Vaccine

VaxInnate7

(based in NJ)

CHL Medical Partners

Healthcare Ventures

Canaan Partners

MedImmune Ventures

New leaf Ventures

Oxford Bioscience Partners

$30 Vaccine

Veratect, Inc. Fluke Venture Partners

Beneroya Capital $7.5

Disease tracking

system

Newsmakers (since April, 2009)

August 06, 2009

Novartis, Sanofi-Pasteur (unit of Paris based Sanofi-Aventis PA) and Australian drugmaker

CSL have started testing swine-flu vaccine (egg based/cell based) in humans.

July, 2009 (arranged in chronological order)

Glaxo’s Swine flu vaccine will be available from September. “GSK has received orders for

195-m doses and is in discussions over further orders with over 50 governments”. The

London firm is expected to make up to 1.3 billion pounds ($2.1 billion) in swine flu vaccine

sales next year.

Inovio Biomedical’s SynCon TM H1N1 Influenza DNA Vaccines imparts protection against

swine flu virus in pigs

6 No IP assigned to the company or key founders (Sean Tucker or Michael Finney) could be identified in

worldwide patent databases in Delphion 7 Only one PCT (WO06069262), assigned to this company and key inventor, Thomas Powell, related to a

composition of influenza viral proteins used for stimulating an immune response could be identified in

Delphion.

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Novavax- Cadila Pharmaceuticals to conduct swine flu clinical trials in Ahmedabad, India.

Novavax will develop the vaccine with Spanish drug maker Rovi Pharmaceuticals and will

collect royalties on Rovi’s sales of the products.

June 12, 2009

Novartis moves closer to producing the vaccine

May, 2009

Vical Incorporated (based in San Diego, CA) has completed development of a prototype H1

vaccine.

PUR003, a novel inhaled cationic airway lining modulator (iCALM) drug from Pulmatrix (a

Lexington, Mass. based company) could be used against Swine flu.

April, 2009

Roche in talks with Obama administration (which is seeking a $1.5billion from Congress to

combat the threat of swine flu pandemic) to ramp up production to 400 million courses a year.

CIPLA won the Indian patent battle over Tamiflu and is ready to supply generic drug

Oseltamivir, to West.

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SEARCH RESULTS

An overall tabular representation of the companies, their product status and categories

related to treatment for Swine flu is depicted in Table 2. Product status in each category is

also shown in Table 2.

Top 10 assignees related to treatment for swine flu are placed in Table 3A and Top 10

inventors in Table 3B along with their associated companies.

Figure 2 gives an overview of the distribution of IP assets among top assignees in this field.

Filing trends (from 1999 to 2009) of the top 10 assignees are shown graphically in Figure3.

Figure 4 gives an overall concentration of the IPC codes.

A list of key patents along with their assignees has been presented in Figure 5A.

Figure 5B shows published applications to look out for in future in this space.

Emerging companies in Swine flu treatment space along with their representative IPs have

been listed in Table 4.

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Figure 1: Key Players and Products

* Currently developing a drug (Peramivir) which is under clinical trials-Phase II

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PRODUCTS AND MANUFACTURERS

TABLE 2: COMPANIES AND PRODUCT STATUS

Table 2A: Companies with Existing Treatments for Swine Flu

Company Name Product

Name

Representative

IP

No. of IP

Assets8

Product Description and Application9

GlaxoSmithKline plc.

(with license from

Biota Scientific

Holdings Ltd)

Relenza

US5360817

46

(21-GSK

Ltd and 25-

Biota

Scientific)

RELENZA is a medicine that can both treat influenza (flu, infection caused by

influenza virus) and help to prevent getting the flu. While some antiviral

medicines only protect against influenza A, RELENZA is effective against

both influenza A and B.

RELENZA belongs to medicines called neuraminidase inhibitors. RELENZA

treats the cause of influenza at its source, rather than simply treating the

symptoms.

Hoffmann La Roche

(with license from

Gilead Sciences)

Tamiflu US5763483

30

(1-Roche

and 29-

Gilead)

Tamiflu (Oseltamivir phosphate) is available as capsules containing 30mg,

45mg or 75mg oseltamivir for oral use. Oseltamivir phosphate is an ethyl ester

prodrug requiring ester hydrolysis for conversion to the active form

Oseltamivir carboxylate.Oseltamivir carboxylate is an inhibitor of influenza

virus neuraminidase affecting release of viral particles.

8 US, Europe( issued and applications) and PCT

9 From Company’s website

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Table 2B: Companies with Potential Vaccines/Drugs For Swine Flu Treatment

Company Name Product

Name

Representative

IP

No. of IP

Assets10

Product Description and Application

Baxter International

CELVAPAN-

pandemic

vaccine

US6146873 5

Using its Vero cell technology, Baxter has received European Medicines

Agency (EMEA) approval for a mock-up pandemic vaccine called

CELVAPAN, the brand name for the company's pandemic vaccine. Baxter

will submit the A/H1N1 vaccine for approval upon completion of initial

manufacturing runs.

BioCryst

Pharmaceuticals

Peramivir

(Neuraminidas

e Inhibitor)

(currently in

Phase II

clinical trials)

US5602277

2

BioCryst is currently conducting a Phase II clinical trial studying an

intravenous formulation of Peramivir in hospitalized patients. That trial is

designed to compare the efficacy and safety of intravenous Peramivir to

orally administered oseltamivir in patients who require hospitalization due to

acute influenza.

Biota Scientific Corp

(In collaboration with

Daiichi Sankyo)

CS-8958

(Clinical trials

Phase III)

US5919819 25

Biota has a joint venture with Japanese based Daiichi Sankyo for the

development of long-acting neuraminidase inhibitors (LANIs) for treatment

of swine flu.

MedImmune, LLC

(owned by Astra

Zeneca, acquired

AVIRON in 2002)

Nasal Spray

Vaccine for

H1N1 virus

(under

development)

US7510719

42

MedImmune announced that the U.S. Department of Health and Human

Services HHS) awarded MedImmune a contract to manufacture monovalent

(single-strain) live attenuated influenza vaccine for Novel Influenza A

(H1N1) to vaccinate priority populations identified by HHS in the National

Strategy for Pandemic Influenza. This project has been funded in whole or in

part with the Federal funds from HHS/ASPR/BARDA

10

US, Europe( issued and applications) and PCT

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Company Name Product

Name

Representative

IP

No. of IP

Assets10

Product Description and Application

Novartis AG

(acquired Chiron Corp)

Influenza

A(H1N1)

vaccine

(under

development)

US7169395

34

Novartis has completed production of the first batch of the Influenza A

(H1N1) vaccine using the wild virus strain. Based on the success with the

wild type strain production, Novartis expects to be able to achieve rapid

manufacture and scale up of Influenza A (H1N1) vaccine production using

cell-based and the reassortant seed.

Novavax Inc

VLP Vaccine

(pre-clinical

evaluation in

progress)

US20060263804

5

Novavax is working closely with government officials to develop and test a

VLP vaccine against the novel influenza H1N1 virus. Novavax plans to test a

range of vaccine doses and booster in human trials once its vaccine candidate

is cleared by regulatory authorities for clinical studies.

Protein science corp.

Swine flu

vaccine

(under

development)

US6245532 9

Protein science corp. plans to be making a swine flu vaccine at its pilot

production plant

Sanofi Aventis

novel

A/California/7

/2009(H1N1)

vaccine

(under

development)

US7169395

2

Sanofi pasteur, the vaccines division of Sanofi-Aventis Group, has begun

large-scale production of the novel A/California/7/2009(H1N1) vaccine at

their facilities in the United States and France

Vical Incorporated

Influenza

vaccine

(currently in

Phase I

clinical trials)

US7537768 10

Vical in Co-operative Research and Development Agreement (CRADA) with

U.S. Navy Medical Research Center (NMRC), a biomedical research

organization within U.S. Navy, is advancing towards clinical testing of

Vaxfectin®- formulated H1 DNA vaccine.

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Table 2C: Companies Manufacturing Generic Version of Drugs

Company Name Product

Name

Representative

IP

No. of IP

Assets11

Product Description and Application

Betapharma

Oseltamivir

phosphate

_ _ Active Pharmaceutical Ingredient (API) manufacturer

Cipla

Oseltamivir

phosphate

Zanamivir

_ _ Generic Drug manufacturer

Hetero Drugs Limited

Oseltamivir

phosphate

Zanamivir

_ _ Generic Drug Manufacturer

(with sub license from Roche Ltd)

Raw Drugs

Oseltamivir

(75mg)

_ _ Active Pharmaceutical Ingredient(API) manufacturer

Shanghai

Pharmaceuticals Oseltamivir _ _

Generic Drug Manufacturer

(with sub license from Roche Ltd)

11

US, Europe( issued and applications) and PCT

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Sample report A report by MaxVal Group, Inc August 22, 2009 13

PATENT LANDSCAPE

Key Assignees

A comprehensive search was performed to identify companies with relevant patents (issued and

published applications) related to swine flu treatment.

Figure 2: Distribution of IP Assets across Different Companies

As shown in Figure 2, MedImmune LLC (now owned by Astra Zeneca) holds a large share (42)

of patent documents related to treatments for Swine flu followed by Gilead Sciences (30) and

Crucell Holland BV (28).

Only Hoffmann La Roche and GlaxoSmithKline (with license from Gilead Sciences and Biota

Scientific Corporation, respectively) have therapeutic products for Swine flu.

Although MedImmune, Crucell Holland and Novartis AG are the dominant players based on the

size of IP assets, these companies do not currently have products on the market and are

developing drugs/vaccines that are under various stages of development.

Top 10 inventors, based on the number of IP assets (US issued, US applications & PCT) related to

swine flu treatment are listed in the Table 3B below.

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Filing Trends of Key Assignees

Figure 3: Filing Trends for 1999-2009

Figure 3 shows the number of patent applications2 filed and published over a period of 10

years (1999 – 2009) by various companies and institutions for the treatment of Swine flu.

As evident from the graph, application filings have been gradually increasing from 2005

onwards (in response to flu outbreaks across the world) and are at a peak in 2009 as WHO

declares Swine flu a pandemic.

Out of the 10 entities in Figure 4, incumbents such as Biota, St.Jude Children’s Research

Hospital, Govt of USA, Gilead and Mount Sinai show patent activity since 1999 while

emerging companies such as MedImmune, Novartis and Glaxo show activity only in the past

4 years.

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Sample report A report by MaxVal Group, Inc August 22, 2009 15

Concentration of International Patent Classification (IPC) Codes

Based on our analysis, the major IPC codes under which recent filings have been made are

(a) A61K*(b) C12N* (c) CO7K* (d) A61P* (e) C07D* (f) C07H*.

Figure 4: Concentration of IPC codes in Swine flu related IP filings

IPC Code Definition

IPC class Definition

A61K* PREPARATIONS FOR MEDICAL, DENTAL, OR TOILET PURPOSES

C12N*

MICRO-ORGANISMS OR ENZYMES; COMPOSITIONS THEREOF

PROPAGATING, PRESERVING, OR MAINTAINING MICRO-ORGANISMS

MUTATION OR GENETIC ENGINEERING; CULTURE MEDIA

CO7K* PEPTIDES

A61P* THERAPEUTIC ACTIVITY OF CHEMICAL COMPOUNDS OR MEDICINAL

PREPARATIONS

C07D* HETEROCYCLIC COMPOUNDS

C07H* SUGARS; DERIVATIVES THEREOF; NUCLEOSIDES; NUCLEOTIDES; NUCLEIC

ACIDS

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Table 3A: Top 10 Assignees, Representative IP and Product Availability

S.

No. Assignee Representative IP

No. of

IP

Assets12

Products

Availability Comments

1 MEDIMMUNE LLC US7510719 42 X

MedImmune LLC, wholly owned by Astra Zeneca Ltd acquired Aviron

in June 2002. It is currently developing Nasal vaccines for Swine flu

2 GILEAD SCIENCES US5763483 30

Gilead Sciences has licensed its anti viral compound patent to

Hoffmann la Roche, which is marketing the product under the brand

name Tamiflu. Roche has issued sub licenses to Hetero Drugs,

Shanghai Pharma and Aspen Pharma in view of the recent Swine flu

outbreak.

3 CRUCELL HOLLAND BV US7297680 28 X

Crucell is testing new adjuvants and new routes of administration in

humans for virosome-based pandemic influenza vaccines in the EU

(Panfluvac program). Crucell has discovered human monoclonal

antibodies broadly protecting against H1 strains to which family the

current swine flu virus belongs.

4

BIOTA SCIENTIFIC

MANAGEMENT PTY

LTD

US7157494 25 Biota Scientific has licensed its Patent to GlaxoSmithkline Ltd which is

currently marketing the product under brand name Relenza

5 NOVARTIS AG US7169395 25 X

Novartis has started Pilot scale production of its vaccine against H1N1.

6 GOVERNMENT OF USA US2008096264A1 22 X NA

7 GLAXOSMITHKLINE

BIOLOGICALS SA US2005201946A1 21

GSK Ltd in collaboration with Biota Scientific Pty Ltd is marketing

anti viral compound under trade name Relenza. It is also developing

vaccines for Swine flu

8 ST.JUDE CHILDREN’S

RESEARCH HOSPITAL

US2008311148A1

19 X

NA

12

US, Europe( issued and applications) and PCT

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Sample report A report by MaxVal Group, Inc August 22, 2009 17

S.

No. Assignee Representative IP

No. of

IP

Assets12

Products

Availability Comments

9 MOUNT SINAI SCHOOL

OF MEDICINE

US6451323

13 X NA

10

THE REGENTS OF THE

UNIVERSITYOF

MICHIGAN

US7314624 10 X

NA

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Table 3B: Top 10 Inventors

Top Inventors No. of IP Assets Assignee

Smith, Gale Eugene 19 Protein Sciences Corporation

Baker, James R. 16 The Regents of the University of Michigan

Yang; Chin-Fen 16 MedImmune Vaccines, Inc.

Hoffmann; Erich 15 St. Jude Children's Research Hospital

Palese, Peter 13 Mount Sinai School of Medicine of the City

University of New York

Pau, Maria Grazia 12 Crucell Holland B.V.

Hanon; Emmanuel Jules 11 Glaxosmithkline Biologicals S.A.

Boyd, Richard L. 10 Monash University

Demaine, Derek, A. 8 Biota Scientific Management Pty. Ltd.

Parkin, Neil T. 8 Aviron

KEY PATENTS

Key patents claiming13

treatments against swine flu (drugs / vaccines) were identified and are

presented below:

13

Patents identified by claim analysis of relevant IPs picked by SS3 & 4

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Figure 5A: Key Patents with Projected/Estimated Expiry Dates

< 1990 1995 2000 2005

US5866601 | Gilead Sciences (licensed to Roche)

Filed: June 6, 1995 Expiry: Dec, 2016

US5360817 | Biota (licensed to GSK) Filed: Nov 10, 1992 Expiry: Sep, 2014

US6406698 | Profylakse APS Filed: Jul 24, 1998

Expiry: Jul, 2018

US5494661 | Shaman Pharmaceuticals

Filed: Feb 27, 1996

Expiry: Feb 2016 US6951649| Protein Science Corp.

Filed: Oct 4, 2002

Expiry: Oct, 2022

US7527800 | MedImmune LLC

Filed: May 20, 2005 Expiry: May 2025

US5189017 | Ciba Geigy Corp (Novartis AG)

Filed: Oct 17, 1990

Expiry: Oct 2010

US5149531 | University of Pittsburgh

Filed: Sep 22, 1992

Expiry: Sep 2012

US6410594 | BioCryst Pharma

Filed: Jun 9, 1999 Expiry: Jun, 2019

US6337070 | Takara Shuzo Co. Filed : Aug 1, 2002 Expiry: Aug 2022

US7521220 | Crucell Holland

Filed: Oct 21, 2005

Expiry: Oct, 2025

US7514086 | Yeda Research Filed: Feb 7, 2007 Expiry: Feb 2027

Application Year

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Figure 5B: Applications to Watch

US2009162366

US200822774

US2009155270

US2009142418

US2009047353

US2009060950

US2009081253

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EMERGING PLAYERS

Published patent applications

14 in worldwide database were analyzed to determine emerging

companies in Swine flu treatment space. Following companies were found to have applications filed

recently for drugs or vaccines against swine flu virus:

Table 4: Emerging Players

S.

No. Company

No of

IP

Assets

Representative IP

1 Activaero GmbH 3 US2009155270: Caspase inhibitors, especially caspase 3

inhibitors, for the treatment of influenza

2 Arbor Vita

Corporation 4

US2007161078: Methods and compositions for diagnosis

and treatment of influenza

3 BioDiem Ltd. 2 WO2007118284: Influenza virus vaccine

4 Hawaii Biotech 4 US2007042001: Influenza recombinant subunit vaccine

5 Novavax Inc 5 US2006263804: Functional influenza virus-like particles

6 Pharmexa Inc.

(Affitech AS) 3

US2008032921: Inducing immune responses to influenza

virus using polypeptide and nucleic acid compositions

7 Protheon Co.

(website not available) 2

US2008311153: Attenuated influenza virus and a live

vaccine comprising the same

8 Sirna Therauptics

(subsidiary of Merck) 5

US2007099858: RNA interference mediated of inhibition

of influenza virus gene expression using short interfering

nucleic acid (siNA)

14

Picked by SS3

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APPENDIX

SEARCH STRATEGY

The search was performed in

World Wide Web to identify relevant manufacturers, products, IP holders, newsmakers in the

field of swine flu treatment.

Delphion to identify key players and their relevant IP assets using optimized search string

(shown below) that resulted in 729 hits for US (Issued, Applications), Europe (Issued,

Applications) and PCT applications.

Search String

S. No. Search String No. of

Hits

1 ((("swine flu" or "influenza A") <near/5> (treatment or vaccine))) 1264

2 ((("swine flu" or "influenza A" or "swine influenza") <near/5> (treatment or

vaccine))) 1948

3 ((("swine flu" or "influenza A" or H1N1) <near/5> (treatment or vaccine)) and

(neuraminidase)) 729

4 (((((("swine flu" or "influenza A" or H1N1) and (treat*)) ) <in> CLAIMS) )

AND (PD>=1985-01-01 )) 51*

*as of August 05, 2009

Databases searched: US (granted and applications), Europe (granted and applications), PCT

Keywords: Swine flu, H1N1, influenza A, vaccine, anti-viral, drug, treatment.

DISCLAIMER

The information provided in this document and its attachment(s) has been obtained from sources deemed reliable. MaxVal-

IP does not guarantee the accuracy, completeness or adequacy of such information and expressly disclaims any liability or

responsibility for the accuracy, errors, omissions or inadequacies in the enclosed information or for interpretations thereof.

Any decisions or actions by any party based in any way whatsoever on the contents of the attachment(s) shall be the sole

responsibility of that party.