Canadian Company Fetches Top Price at First-Ever Patent Auction

At the first-ever public patent auction in North America April 6, the Canadian company Paxton Developments, Inc. received $1.4 million U.S. for its patent for technology that drives on-demand movie systems. “We secured this patent in 1992 and our clients are just thrilled to see it receive such attention. This was the highest amount paid for any patent at the auction,” says Charles Kent, a partner with the intellectual property law firm Ridout & MaybeeLLP (Ottawa), and author of the patent. Ocean Tomo, the company that ran the auction, estimated that nearly 700 people attended the San Francisco event, which focused on technology patents. Another auction featuring healthcare and other patents is planned for October. “This is an innovative vehicle for patent owners to see their hard work and innovation brought to fruition. Many inventors hold on to valuable patents because they lack the resources and business structure to successfully implement and market them. Patent auctions will allow them to both secure revenue and watch their inventions find a home in the marketplace.” Kent is available to discuss patent auctions and what patent owners should understand if considering this option. News Contact: Kevin Aschenbrenner Email: kaschenbrenner@jaffepr.com Phone: 250-294-8431