CytoDyn (CYDY) has issued an announcement.
CytoDyn Inc. has reached a settlement agreement with its former clinical research organization, Amarex Clinical Research, LLC, resolving a lawsuit from October 2021. As part of the terms, Amarex will pay CytoDyn $12 million, with $10 million already paid and the remainder due by July 2025. Additionally, CytoDyn will recover a $6.5 million cash collateral and will have its outstanding balance for CRO services, amounting to approximately $14 million, credited to zero, effectively requiring no further payment. This mutual resolution clears all legal claims between the two parties, who had previously collaborated on managing clinical trials for CytoDyn’s drug candidate, leronlimab, from 2014 to 2021.
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