Greenwood said patent protection lifeblood of the biotech industry

The head of the Biotechnology Industry Organization had harsh words for a head fund manager who is challenging a biotech firm's patents for its most successful drug.

Kyle Bass, manager of Hayman Capital Market, is petitioning the U.S. Patent Office to revoke the patents for Ampyra, a treatment for multiple sclerosis, according to the New York Times. The patents are held by Acorda Therapeutics, but Bass argues the patents are not unique enough to merit protection.

Bass is not alone. Eight generic pharmaceutical firms also are challenging the patents so they can produce their own generic versions of the drug. If they are successful, then Bass and the companies will deprive Acorda of its main source of revenue. http://nyti.ms/1uKOXgG

BIO has long fought for stronger patent protections on which its industry depends, so it sees the hedge fund manager's bet against Acorda has a major new threat against biotech.

"Hedge fund manager Kyle Bass has opened a new door to abuse of the U.S. patent system, exploiting the USPTO's patent challenge proceeding as part of his cynical short-selling strategy against innovative biotech companies that are delivering transformative therapies to patients in need," BIO CEO Jim Greenwood said.

"Patents are the lifeblood of innovative, lifesaving biotech companies," Greenwood added. "Congress and the USPTO should act promptly to prevent abuse of the patent system in this manner."http://bit.ly/1Bj0KoM