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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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
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