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Scilex Holding Company (SCLX) has provided an update.
Scilex Holding Company’s subsidiary and Sorrento Therapeutics filed a lawsuit alleging breaches and misappropriation by the former President of Scilex Pharma, Anthony Mack, and his company, Virpax Pharmaceuticals. A settlement reached with Virpax includes payments totaling $6 million and future royalties on certain drug sales, while litigation against Mack continues. The company recently received a $2.5 million payment as part of the settlement agreement.
For detailed information about SCLX stock, go to TipRanks’ Stock Analysis page.