Core Viewpoint - SciSparc Ltd. has reached a settlement agreement regarding a lawsuit against six former directors, which includes a cash payment and the termination of a licensing agreement, allowing the company to retain its intellectual property rights [1][2][3]. Group 1: Settlement Agreement - The settlement includes a cash payment of $411,000 from the defendants in exchange for the dismissal of claims against them [2]. - The settlement also terminates a disputed licensing agreement with Dekel Pharmaceuticals Ltd., effective February 5, 2024, allowing SciSparc to retain exclusive global rights to its intellectual property [3]. Group 2: Company Overview - SciSparc Ltd. is a clinical-stage pharmaceutical company focused on developing therapies for central nervous system disorders, with drug development programs targeting conditions such as Tourette Syndrome, Alzheimer's disease, autism, and status epilepticus [4]. - The company is also involved in the sale of hemp seed oil-based products through a subsidiary on the Amazon.com Marketplace [4].
SciSparc Secures Favorable Settlement in Lawsuit It Filed, Receiving Cash Compensation and a Full Release from All Commitments, Royalties, and Allegations Asserted Against It on Claimed Core Technology