{"id":1068495,"date":"2024-03-18T02:36:21","date_gmt":"2024-03-18T06:36:21","guid":{"rendered":"https:\/\/www.immortalitymedicine.tv\/scilex-holding-companys-wholly-owned-subsidiary-scilex-pharmaceuticals-inc-entered-into-a-definitive-mutual-release-and-settlement-agreement\/"},"modified":"2024-08-18T11:47:58","modified_gmt":"2024-08-18T15:47:58","slug":"scilex-holding-companys-wholly-owned-subsidiary-scilex-pharmaceuticals-inc-entered-into-a-definitive-mutual-release-and-settlement-agreement","status":"publish","type":"post","link":"https:\/\/www.euvolution.com\/futurist-transhuman-news-blog\/global-news-feed\/scilex-holding-companys-wholly-owned-subsidiary-scilex-pharmaceuticals-inc-entered-into-a-definitive-mutual-release-and-settlement-agreement.php","title":{"rendered":"Scilex Holding Company\u2019s Wholly Owned Subsidiary, Scilex Pharmaceuticals Inc., Entered into a Definitive Mutual Release and Settlement Agreement&#8230;"},"content":{"rendered":"<p><![CDATA[PALO ALTO, Calif., March  15, 2024  (GLOBE NEWSWIRE) -- Scilex Holding Company (Nasdaq: SCLX, \u201cScilex\u201d or \u201cCompany\u201d), an innovative revenue generating company focused on acquiring, developing and commercializing non-opioid pain management products for the treatment of acute and chronic pain, today announced that the U.S. Bankruptcy Court for the Southern District of Texas (the \u201cCourt\u201d), in connection with the bankruptcy proceedings of Sorrento Therapeutics, Inc. (\u201cSorrento\u201d), Scilex\u2019s former controlling stockholder, approved the settlement and mutual release agreement (the \u201cDefinitive Settlement Agreement\u201d) between Scilex\u2019s wholly owned subsidiary, Scilex Pharmaceuticals Inc. (\u201cScilex Pharma\u201d), and Sorrento, on the one hand, and Virpax Pharmaceuticals, Inc. (\u201cVirpax\u201d), on the other hand. The Definitive Settlement Agreement relates to the term sheet previously announced by Scilex on February 26, 2024, regarding a mutual release and settlement agreement between Scilex Pharma, Sorrento and Virpax in respect of the action (the \u201cAction\u201d) filed by Scilex Pharma and Sorrento (together, the \u201cPlaintiffs\u201d) against Anthony Mack, former President of Scilex Pharma and Virpax, a company founded and then headed by Mr. Mack. Pursuant to the Definitive Settlement Agreement, Virpax is obligated to make the following payments to the Company: (i) $3.5 million by March 18, 2024 (the \u201cInitial Payment\u201d); (ii) $2.5 million by July 1, 2024 (the \u201cSecond Payment\u201d); and (iii) to the extent any of the following drug candidates are ever sold, royalty payments of (a) 6% of annual Net Sales (as defined in the Definitive Settlement Agreement) of Epoladerm; (b) 6% of annual Net Sales of Probudur; and (c) 6% of annual Net Sales of Envelta. Such royalty payments will end upon the later of (i) expiration of the last-to-expire valid patent claim of Virpax or its licensor covering the manufacture, use or sale of such product in such country; and (ii) expiration of any period of regulatory exclusivity for such product in such country.]]><\/p>\n<p>Follow this link:<br \/>\n<a target=\"_blank\" rel=\"nofollow noopener\" href=\"https:\/\/www.globenewswire.com\/news-release\/2024\/03\/15\/2847058\/0\/en\/Scilex-Holding-Company-s-Wholly-Owned-Subsidiary-Scilex-Pharmaceuticals-Inc-Entered-into-a-Definitive-Mutual-Release-and-Settlement-Agreement-with-Virpax-Pharmaceuticals-Inc-Relati.html?f=22&amp;fvtc=5&amp;fvtv=46634288\" title=\"Scilex Holding Company\u2019s Wholly Owned Subsidiary, Scilex Pharmaceuticals Inc., Entered into a Definitive Mutual Release and Settlement Agreement...\">Scilex Holding Company\u2019s Wholly Owned Subsidiary, Scilex Pharmaceuticals Inc., Entered into a Definitive Mutual Release and Settlement Agreement...<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Follow this link: Scilex Holding Company\u2019s Wholly Owned Subsidiary, Scilex Pharmaceuticals Inc., Entered into a Definitive Mutual Release and Settlement Agreement... <a href=\"https:\/\/www.euvolution.com\/futurist-transhuman-news-blog\/global-news-feed\/scilex-holding-companys-wholly-owned-subsidiary-scilex-pharmaceuticals-inc-entered-into-a-definitive-mutual-release-and-settlement-agreement.php\">Continue reading <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"limit_modified_date":"","last_modified_date":"","_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[1246886],"tags":[],"class_list":["post-1068495","post","type-post","status-publish","format-standard","hentry","category-global-news-feed"],"modified_by":null,"_links":{"self":[{"href":"https:\/\/www.euvolution.com\/futurist-transhuman-news-blog\/wp-json\/wp\/v2\/posts\/1068495"}],"collection":[{"href":"https:\/\/www.euvolution.com\/futurist-transhuman-news-blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.euvolution.com\/futurist-transhuman-news-blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.euvolution.com\/futurist-transhuman-news-blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.euvolution.com\/futurist-transhuman-news-blog\/wp-json\/wp\/v2\/comments?post=1068495"}],"version-history":[{"count":0,"href":"https:\/\/www.euvolution.com\/futurist-transhuman-news-blog\/wp-json\/wp\/v2\/posts\/1068495\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.euvolution.com\/futurist-transhuman-news-blog\/wp-json\/wp\/v2\/media?parent=1068495"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.euvolution.com\/futurist-transhuman-news-blog\/wp-json\/wp\/v2\/categories?post=1068495"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.euvolution.com\/futurist-transhuman-news-blog\/wp-json\/wp\/v2\/tags?post=1068495"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}