PDL BioPharma, Inc., a biotech company engages in the management of antibody humanization patents and royalty assets, announced that two inventors of the company's patented breakthrough antibody technology have been named as a top-three finalist for the European Patent Office's (EPO) highly prestigious 2014 European Inventor Award in the "Non-European Countries" category. The award, which is Europe's highest distinction for inventors, is presented annually by the European Patent Office, with support of the Presidency of the Council of the European Union and by the European Commission, to inventors who have made a significant contribution to innovation, economy and society in Europe and draws from all technological fields of endeavor.
Dr Cary L Queen and Dr Harold E "Barry" Selick developed the technology for the breakthrough antibody technology which has been developed into eight drugs that are currently on the market for a variety of diseases including cancer, multiple sclerosis, rheumatoid arthritis and asthma. Two blockbuster cancer drugs, Avastin and Herceptin, currently marketed by Genentech and Roche, are among them. The breakthrough technology was developed in the late 1980s under Dr Queen's leadership while he and Dr Selick worked together at biotechnology company, Protein Design Labs—now called PDL BioPharma. PDL BioPharma now manages the portfolio of patents referred to as the Queen et al. patents which underlie more than $15 billion per year related to the sale of the licensed products that use this technology.
Dr Queen is now president of the biotechnology company, Galaxy Biotech, LLC; and Dr Selick is now chief executive officer of Threshold Pharmaceuticals, Inc. Dr Selick also serves on the board of directors of PDL, a position he has held since 2009.
"PDL's breakthrough antibody technology, invented by Drs. Queen and Selick, has dramatically impacted the lives of many patients and their families and continues to today, so it is heartening to see that the European Patent Office has chosen them as a finalist for this prestigious award. We would like to offer heartfelt congratulations to Drs Queen and Selick on this important and well deserved nomination," stated John P. McLaughlin, president and chief executive officer of PDL BioPharma. "In addition to the patients, PDL and our shareholders have benefited greatly from this discovery, as the royalty stream related to the sale of the products derived from this antibody technology has allowed us to be the highest dividend-yielding company among biotech and pharmaceutical companies."
As one of the most prestigious competitions of its kind, the European Inventor Award pays tribute to the creativity of inventors the world over, who use their technical, scientific and intellectual skills to make a real contribution to technological progress and economic growth and so improve people's daily lives. Launched by the EPO in 2006, the award gives inventors the recognition they deserve. And, like every competition, it acts as an incentive for other potential winners. It helps to protect ideas and encourage innovation. The award will be presented in Berlin on June 17, 2014.