CytoDyn announces settlement with Amarex Clinical Research

CytoDyn announced that it has settled its lawsuit against Amarex Clinical Research, the Company’s former Contract Research Organization. The material terms of the settlement are as follows: Amarex will pay $12,000,000 to CytoDyn, $10,000,000 was paid upon execution of the agreement and the remainder to be paid within the next 12 months; the surety bond, valued at $6,500,000, will be released to CytoDyn in full; all sums Amarex had claimed as due and payable, aggregating to approximately $14,000,000, will be eliminated, with no payment required from CytoDyn; and a mutual release of claims, resolving all legal claims between the parties.