AST’s Industry Patent Purchase Program completes 56 patent family purchases…

Allied Security Trust, the patent aggregator run by CEO Russell Binns, said its Industry Patent Purchase Program (IP3) purchased 56 families of patents from a group of more than 1,400 families submitted during a two week period that ended June 10.

The Princeton, N.J.-based company said 21 companies participated in IP3 and spent all of the money earmarked for purchases.

Binns said in an interview that the purchases ranged from as low as $10,000 to as much as $320,000. He declined to say how much money was spent in the program, though based on the average price paid of $100,000, the cost was about $5.6 million.

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