VCs Write To Leahy On Patent Bill
The venture capital community lauded Senate Judiciary Committee Patrick Leahy this week for his commitment to patent reform but said the current bill under consideration, S.1145, needs to be changed.
The measure, which passed the Vermont Democrat's panel in July, awaits action by the full chamber. The VCs proposed several modifications "in an effort to enact patent reform that is balanced and protects innovators."
On the issue of damages, the group suggested an approach that would maintain the current multi-factored analysis and define limited circumstances in which apportionment may apply.
They also voiced concern that the creation of a new proceeding within the Patent and Trademark Office "to permit extended administrative challenges of validly-issued patents could improperly question the reliability of an emerging company’s intellectual property."
Additionally, the legislation does not curtail the "inequitable conduct" defense, the group said. S. 1145 codifies the current intent standard but lowers the standard of materiality to a prima facie case of unpatentability. Read more about patent reform in Technology Daily's PM Edition.
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