FX.co ★ Scilex Pharma Enters Definitive Mutual Release And Settlement Agreement With Virpax

Scilex Holding Company (SCLX) recently revealed that the U.S. Bankruptcy Court for the Southern District of Texas has given approval for a settlement and mutual release agreement. This agreement involves Scilex's subsidiary, Scilex Pharmaceuticals and its previously dominant shareholder, Sorrento Therapeutics, which is currently in bankruptcy proceedings. Virpax Pharmaceuticals is also involved in this settlement.

As per the stipulations of the agreement, Virpax Pharmaceuticals is required to make two payments to Scilex: first, an amount of $3.5 million by March 18, 2024, followed by a second payment of $2.5 million by July 1, 2024.

Furthermore, according to the explicit terms of this settlement, both the Plaintiffs and Virpax are to provide mutual releases of all claims that exist as of March 14, 2024.

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