LUND, Sweden, Dec. 16, 2019 /PRNewswire/ -- NeuroVive
Pharmaceutical AB (Nasdaq Stockholm: NVP, OTCQX: NEVPF) announced
today that it has fully and finally settled the dispute with
CicloMulsion AG regarding certain pharmaceutical technology.
In 2004, NeuroVive entered into a License Agreement with
CicloMulsion AG under which NeuroVive licensed the rights to use
and develop products based on a certain pharmaceutical technology.
In March 2013, CicloMulsion AG
commenced an arbitration seeking declaratory relief aimed at
establishing the company's rights to royalties, which CicloMulsion
AG claimed that NeuroVive was obliged to pay under the terms of the
License Agreement. CicloMulsion AG also made other claims in
relation to NeuroVive's obligations under the License
Agreement.
NeuroVive and CicloMulsion AG have now fully and finally settled
the dispute. The settlement means that NeuroVive shall not make any
payments to CicloMulsion for the claims made in the arbitration.
The ownership of the technology shall remain with NeuroVive, who
shall thus have exclusive rights thereto, and NeuroVive shall not
be liable for any future royalties relating to the technology. The
arbitration shall be terminated, and each party shall bear its own
costs in the arbitration.
This information is information that NeuroVive Pharmaceutical AB
(publ) is obliged to make public pursuant to the EU Market Abuse
Regulation. The information was submitted for publication, through
the agency of the contact person set out below, at 11:00 a.m. CET on 16
December 2019.
About NeuroVive
NeuroVive Pharmaceutical AB is a leader in mitochondrial
medicine, with one project in clinical phase I (KL1333) for chronic
treatment of primary mitochondrial diseases and one project, in
preparation for clinical trials (NV354), for treatment of primary
mitochondrial diseases with Complex I deficiency. NeuroSTAT for
traumatic brain injury (TBI) is ready to enter a clinical phase II
efficacy study. The R&D portfolio also consists of early
projects for primary mitochondrial disease, and NASH. NeuroVive's
ambition is to take drugs for primary mitochondrial diseases
through clinical development and all the way to market, with or
without partners. For the TBI and NASH projects the goal is to
enter strategic partnerships. A subset of compounds under
NeuroVive's NVP015 program has been licenced to Fortify
Therapeutics, a BridgeBio company, for local treatment development
of Leber's Hereditary Optic Neuropathy (LHON). NeuroVive is listed
on Nasdaq Stockholm, Sweden
(ticker: NVP). The share is also traded on the OTCQX Best Market in
the US (OTC: NEVPF).
For more information please contact:
Catharina Johansson, CFO, IR &
Communications
+46 (0)46-275 62 21
ir@neurovive.com
NeuroVive Pharmaceutical AB (publ)
Medicon Village, SE-223 81 Lund,
Sweden
Tel: +46 (0)46 275 62 20 (switchboard)
info@neurovive.com
www.neurovive.com
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NeuroVive announces settlement in dispute with CicloMulsion AG