Virpax Pharmaceuticals Announces Proposed Settlement of Litigation with Sorrento Therapeutics And Scilex Pharmaceuticals
Portfolio Pulse from Benzinga Newsdesk
Virpax Pharmaceuticals has reached a settlement with Sorrento Therapeutics and Scilex Pharmaceuticals, agreeing to pay $6 million in two installments and royalties on sales of certain drugs to settle all claims. The settlement includes no admission of liability and a release of all claims upon payment.
February 27, 2024 | 12:43 pm
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NEGATIVE IMPACT
Virpax Pharmaceuticals agrees to a $6 million settlement plus royalties with Sorrento Therapeutics and Scilex Pharmaceuticals, impacting its financial obligations.
The financial burden of the settlement and future royalty payments may negatively impact Virpax's short-term financial stability and cash flow, potentially affecting its stock price.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90
POSITIVE IMPACT
Scilex Pharmaceuticals part of the settlement with Virpax Pharmaceuticals, to receive part of the $6 million payment and future royalties.
As a beneficiary of the settlement, receiving a portion of the $6 million and future royalties, Scilex Pharmaceuticals may see a positive financial impact, potentially boosting its stock price in the short term.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 70
POSITIVE IMPACT
Sorrento Therapeutics to receive a total of $6 million and future royalties from Virpax Pharmaceuticals as part of a settlement agreement.
The receipt of $6 million and future royalties could provide a financial boost to Sorrento Therapeutics, potentially positively impacting its stock price in the short term.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 70