Patexia Press Release

Patexia Conducts first Crowdsourced Licensing Search

SANTA MONICA, Jan. 15th, 2013 -- This week Patexia, the crowdsourcing patent research website, has posted its first patent-licensing searches for its expert community. This is the first time that crowdsourcing has been used for this type of search.

These searches will help Patexia’s client determine the value of three patents related to pharmacy and medical technology. Patexia will ask its community of experts to find current uses of the inventions claimed. Whether or not such uses exist will provide the patent owners with important information about potential opportunities to license these inventions.

The winning expert community member will receive a $3000 prize as a reward for their contribution.

“Searching for licensing opportunities is another great way to use the crowdsourcing platform,” said CEO and founder Pedram Sameni, “instead of looking in the past and trying to invalidate patents, our new search looks for future use of existing, valid patents.”

The first patent describes a novel use for a common pharmaceutical compound, 5-aminosalicylate, and the second an imaging technique to improve cardiac surgeries. Both innovations could offer significant advantages to their respective fields of medicine, but have not yet found widespread use. A third search, for an innovation to help predict and treat certain heart conditions, will go live on the site next week.

Patexia’s contest platform has already proven success for prior art searches, where the expert community’s goal is to locate sources which will demonstrate that a patent is invalid. Patexia has successfully completed three such searches, awarding $5000 to community member Lingkai Kong (graduate student at UC Berkeley, and $500 each to Sibelle Andrade (a chemical engineer in Brazil), and another community member who preferred not to be named.

Qualified experts and patent searchers can request an invitation to join Patexia’s community and take part in our patent research contests for cash prizes []. Community members also have unrestricted access to Patexia’s extensive patent research tools.

About Patexia

Founded in 2010 to bring efficiency and transparency to intellectual property, Patexia is an online platform connecting corporations to subject matter experts who help assess the novelty of ideas. By distributing novelty assessment to a global network of subject matter experts we help corporations assess the validity of patents. Inability to confidently evaluate the novelty of ideas is a hamper on businesses; by offering more reliable novelty assessment, we seek to promote efficiency and drive innovation. Learn more about Patexia on our “About Us” page.