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.
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