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Virpax Pharmaceuticals, Inc. has entered into a settlement agreement with Sorrento Therapeutics, Inc. and Scilex Pharmaceuticals Inc. to resolve litigation related to drug candidate development. The settlement, reached on February 29, 2024, requires Virpax to pay a total of $6 million, with $3.5 million due shortly after the effective date and the remaining $2.5 million by July 1, 2024. Additionally, Virpax will pay a 6% royalty on annual net sales of certain products. The agreement is subject to approval by the Bankruptcy Court overseeing Sorrento's bankruptcy. In a separate event, Virpax announced a 1-for-10 reverse stock split effective March 1, 2024, to comply with Nasdaq's minimum bid price requirement and make the stock more attractive to investors. The reverse split will reduce outstanding shares from approximately 11.7 million to about 1.2 million. The company's common stock will continue trading under the symbol VRPX with a new CUSIP number.
Virpax Pharmaceuticals, Inc. has entered into a settlement agreement with Sorrento Therapeutics, Inc. and Scilex Pharmaceuticals Inc. to resolve litigation related to drug candidate development. The settlement, reached on February 29, 2024, requires Virpax to pay a total of $6 million, with $3.5 million due shortly after the effective date and the remaining $2.5 million by July 1, 2024. Additionally, Virpax will pay a 6% royalty on annual net sales of certain products. The agreement is subject to approval by the Bankruptcy Court overseeing Sorrento's bankruptcy. In a separate event, Virpax announced a 1-for-10 reverse stock split effective March 1, 2024, to comply with Nasdaq's minimum bid price requirement and make the stock more attractive to investors. The reverse split will reduce outstanding shares from approximately 11.7 million to about 1.2 million. The company's common stock will continue trading under the symbol VRPX with a new CUSIP number.
Virpax Pharmicals, Inc.已與Sorrento Therapeutics, Inc.和Scilex Pharmicals Inc.簽訂了和解協議，以解決與候選藥物開發有關的訴訟。該和解協議於2024年2月29日達成，要求Virpax共支付600萬美元，其中350萬美元將在生效日期後不久到期，其餘250萬美元將在2024年7月1日之前到期。此外，Virpax將爲某些產品的年淨銷售額支付6％的特許權使用費。該協議須經負責監督索倫託破產的破產法院的批准。在另一起事件中，Virpax宣佈自2024年3月1日起實行1比10的反向股票拆分，以遵守納斯達克的最低出價要求，並使該股票對投資者更具吸引力。反向拆分將使已發行股票從約1170萬股減少到約120萬股。該公司的普通股將繼續使用新的CUSIP編號以VRPX進行交易。
Virpax Pharmicals, Inc.已與Sorrento Therapeutics, Inc.和Scilex Pharmicals Inc.簽訂了和解協議，以解決與候選藥物開發有關的訴訟。該和解協議於2024年2月29日達成，要求Virpax共支付600萬美元，其中350萬美元將在生效日期後不久到期，其餘250萬美元將在2024年7月1日之前到期。此外，Virpax將爲某些產品的年淨銷售額支付6％的特許權使用費。該協議須經負責監督索倫託破產的破產法院的批准。在另一起事件中，Virpax宣佈自2024年3月1日起實行1比10的反向股票拆分，以遵守納斯達克的最低出價要求，並使該股票對投資者更具吸引力。反向拆分將使已發行股票從約1170萬股減少到約120萬股。該公司的普通股將繼續使用新的CUSIP編號以VRPX進行交易。
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