CAMBRIDGE, Mass., Dec. 22 /PRNewswire/ -- Appraisal and asset liquidation firm Michael Fox International (MFI), of Buffalo, NY and EKMS, Inc., a leading intellectual property (IP) management firm of Cambridge, MA, recently collaborated to evaluate and auction the patents and assets of bankrupt pulmonary drug delivery manufacturer Sheffield Pharmaceuticals, netting proceeds 57% higher than initial bids.
After receiving initial bids, Lucien A. Morin III, trustee in the Sheffield Pharmaceutical bankruptcy, selected MFI to sell Sheffield’s assets and EKMS to evaluate Sheffield’s IP assets, which included 12 U.S. patents and numerous patent applications.
After a thorough review, MFI and EKMS advised Morin that the initial offer for Sheffield’s assets was too low and recommended that the bid be rejected. The MFI / EKMS team then worked closely to evaluate and globally market Sheffield product lines, culminating in a Dec. 18 auction of the entire suite of assets.
Although terms of the auction were not disclosed, MFI and EKMS secured a binding contract for the suite of assets, including all technologies, patents and trademarks, for a price that was 57% higher than the initial bid.
About Michael Fox International
Michael Fox International Inc. (MFI) is the U.S. leader in the liquidation, auction and appraisal of real estate, machinery and equipment, inventories, and business assets. A Division of GoIndustry, it is one of the world’s largest industrial asset sales organizations, with 240 employees and 35 offices in 17 countries. Serving the corporate, financial and legal communities, MFI is an expert in traditional auctions, and has the world’s leading web-based asset management and disposition system. MFI’s technology enables it to sell assets via Intranet or Internet using web-based and webcast sales. MFI was founded in Baltimore, Maryland, in 1946 by Michael Fox.
About EKMS, Inc.
EKMS, founded in 1986, is a pioneer in the field of intellectual property (IP) management, helping companies extract maximum financial value and strategic business advantage from their IP assets. The company’s clients span a broad range of sizes and industries and include Raytheon, IBM, Boeing, Dow, DuPont, Grumman Aerospace, J2 Global Communications, Telcordia, Boston Scientific, Rohm & Haas, and Pharmacia.
Contact dfiegel@buffnet.net for electronic photographs and more information.
CONTACT:
David Fiegel
Michael Fox International
(716) 688-5955, dfiegel@buffnet.net
Heidi Bleau
EKMS, Inc.
(617) 864-2100, hbleau@ekms.com
-------------------------------------------------------------------------------- Source: EKMS, Inc.