Acacia Research Completes Board Reconstitution, Appointing Isaac T. Kohlberg and Luis Rinaldini to Board of Directors
Newly Reconstituted Board, With Exemplary Credentials and Deep IP
Experience, Reflects Milestone Achievement in Improved Corporate
Governance
NEWPORT BEACH, Calif.–(BUSINESS WIRE)–Acacia Research Corporation (Nasdaq: ACTG) today announced it has
appointed Isaac T. Kohlberg, Senior Associate Provost and Chief
Technology Development Officer at Harvard University, and Luis
Rinaldini, CEO of Groton Partners and former Vice Chairman and Global
Head of Telecom Mergers & Acquisitions at Credit Suisse First Boston, to
its Board of Directors (“Board”). These appointments complete the
rebuilding of Acacia’s Board and bring its membership to six directors.
C. Allen Bradley, Jr., who joined the Board in 2018, is resigning from
the Board having successfully led the reconstitution and strengthening
of Acacia’s Board. Newly elected Chairman Maureen O’Connell said, “With
a full Board now in place, we expect to quickly build out the management
team.”
Acacia Director Clifford Press said, “With Isaac and Luis’ additions the
Acacia Board of Directors now has an exemplary range of experience and
expertise in IP-related disciplines, including developing royalty
agreements and other commercialization structures.”
“Isaac Kohlberg’s distinguished career, including serving as Chief
Technology Development Officer at Harvard University, and deep
experience in the patent space make him a superb addition to the Board,”
said Acacia Director Al Tobia. “Isaac has been at the cutting edge of
the intellectual property world for many years and he has consistently
devoted his efforts to ensuring that new inventions result in broad
societal benefits. We look forward to drawing on his expertise,
especially his focus on creating mutually beneficial royalty agreements,
as we work to develop new models for investing in IP as an asset class.”
“I look forward to partnering with Acacia on developing its approach to
investing in and commercializing IP assets,” said Kohlberg. “Through my
work at Harvard and in prior roles, I have focused on finding ways to
partner with companies to ensure that new inventions and discoveries
have the broadest possible benefit for society as a whole.”
“We are also thrilled to have Luis Rinaldini, former Vice Chairman of
Credit Suisse and a long-time Senior Managing Director of Lazard’s
Technology, Media and Telecom group, join Acacia’s Board,” continued
Tobia. “With his impressive career and deep experience in finance,
technology and healthcare, and a particular emphasis on pharmaceutical
royalties, we know Luis will be a valuable addition to the Board.”
“I am excited to be a part of this new chapter for Acacia as it expands
its approach to investing in and commercializing IP assets,” said
Rinaldini. “Through my work at Groton Partners and in prior roles, I
have focused on acquisitions, divestitures, joint ventures and financing
of companies that depend heavily on innovation and intellectual
property.”
Clifford Press continued, “Allen Bradley stepped into his Board role
under exigent circumstances and provided a steadying hand for Acacia.
With his help, we have recruited a new, highly experienced and deeply
relevant Board with exceptionally qualified, independent individuals. On
behalf of the Board I’d like to thank Allen for his invaluable role in
this urgent and critically important effort, and thank him for his wise
guidance and insight throughout.”
Isaac T. Kohlberg Biography
Mr. Kohlberg has had a distinguished career protecting and
commercializing IP for leading universities and research institutions.
He currently is a Senior Associate Provost and Chief Technology
Development Officer at Harvard University, where he responsible for the
strategic management and commercial development of all technologies and
intellectual property (IP) arising from Harvard’s research enterprise.
Mr. Kohlberg’s role at Harvard University includes industry liaising and
outreach, IP management, business development, technology
commercialization and the formation of startup companies and new
ventures around Harvard technology platforms. In tandem, he is also
responsible for generating, structuring, and negotiating research
alliances and collaborations with industry and generating
industry-sponsored research funding for Harvard faculty.
Prior to joining Harvard in 2005, Isaac Kohlberg was the CEO of Tel Aviv
University’s Economic Corporation and head of Ramot, its technology
transfer organization. Prior to his role at Ramot, Mr. Kohlberg held
various roles at New York University (NYU), including Vice Provost, Vice
President for Industrial Liaison (NYU’s technology transfer program) and
headed the Office of Science and Technology Administration at NYU School
of Medicine. During his time at NYU, the institution entered into a
major licensing agreement to develop Remicade, a humanized monoclonal
antibody used in the treatment of Crohn’s Disease and other autoimmune
diseases, which led to one of the largest royalty revenue streams
generated by any university worldwide.
Before NYU, Mr. Kohlberg was the CEO of YEDA, the commercial arm of the
Weizmann Institute of Science in Israel. While at YEDA, Kohlberg
negotiated and concluded major royalty-bearing license agreements. Mr.
Kohlberg has served as a Director at Anchiano Therapeutics Ltd (TLV:
ANCN, NASDAQ: ANCN), a pivotal-stage biopharmaceutical company, since
2017 and as a Director at Clal Biotechnology Industries Ltd. (TLV: CBI),
a life sciences investment company, since 2015. Mr. Kohlberg received
his M.B.A. from INSEAD and LL.B. from Tel Aviv University.
Luis Rinaldini Biography
Luis E. Rinaldini has been CEO of Groton Partners since he founded the
firm in 2003. At Groton Partners, Mr. Rinaldini has advised Royalty
Pharma in over $1.5 billion of recapitalization transactions and
numerous royalty acquisitions. From 2001 to 2002, he was Vice Chairman
and Global Head of Telecom Mergers & Acquisitions at Credit Suisse First
Boston, based in London.
Mr. Rinaldini joined Credit Suisse First Boston from Lazard Frères,
where he served on the Executive Committee and was the Senior Managing
Director in charge of Telecom, within the Media, Technology and Telecom
Group as well as the firm’s Latin American practice.
ABOUT ACACIA RESEARCH CORPORATION
Founded in 1993, Acacia Research Corporation (NASDAQ:ACTG) is an
industry leader in patent licensing and partners with inventors and
patent owners to unlock the financial value in their patented
inventions. Acacia bridges the gap between invention and application,
facilitating efficiency and delivering monetary rewards to the patent
owner.
Information about Acacia and its subsidiaries is available at www.acaciaresearch.com.
Safe Harbor Statement under the Private Securities Litigation Reform
Act of 1995
This news release contains forward-looking statements within the
meaning of the “safe harbor” provisions of the Private Securities
Litigation Reform Act of 1995. These statements are based upon our
current expectations and speak only as of the date hereof. Our actual
results may differ materially and adversely from those expressed in any
forward-looking statements as a result of various factors and
uncertainties, including the contributions of newly appointed director,
the appointment of additional directors, the ability to successfully
develop licensing programs and attract new business, rapid technological
change in relevant markets, changes in demand for current
and future intellectual property rights, legislative, regulatory and
competitive developments addressing licensing and enforcement of patents
and/or intellectual property in general, general economic conditions and
the success of our investments. Our Annual Report on Form
10-K, recent and forthcoming Quarterly Reports on Form 10-Q, recent
Current Reports on Form 8-K, and any amendments to the forgoing, and
other SEC filings discuss some of the important risk factors that may
affect our business, results of operations and financial condition. We
undertake no obligation to revise or update publicly any forward-looking
statements for any reason. The results achieved in the most recent
quarter are not necessarily indicative of the results to be achieved by
us in any subsequent quarters, as it is currently anticipated that
Acacia Research Corporation’s financial results will vary, and may vary
significantly, from quarter to quarter. This variance is
expected to result from a number of factors, including risk factors
affecting our results of operations and financial condition referenced
above, and the particular structure of our licensing transactions, which
may impact the amount of inventor royalties and contingent legal
fees expenses we incur period to period.
Contacts
Investors:
Hayden IR
Rob Fink, 646-415-8972
ACTG@HaydenIR.com
Media:
Sloane & Company
Joe Germani / Kristen
Duarte, 212-486-9500
jgermani@sloanepr.com
/ kduarte@sloanepr.com