4:05p ET 7/11/2023 - Globe Newswire
CytoDyn Announces Company Updates and Investment Community Update Webcast
Mentioned: CYDY
GlobeNewswireJuly 11, 2023
Claim Filed in Former CRO Litigation for Damages Exceeding $100M
Dr. Arman Returns from Medical Leave as SVP of Business Operations
Webcast to be held Monday, July 24th, 2023, at 1 PM PT / 4 PM ET
VANCOUVER, Washington, July 11, 2023 (GLOBE NEWSWIRE) -- CytoDyn Inc. (OTCQB: CYDY) ("CytoDyn" or the "Company"
, a clinical-stage biotechnology company developing leronlimab, a CCR5 antagonist with the potential for multiple therapeutic indications, today announced that it has filed a supplemental Statement of Claim and formally requested a hearing date in its litigation proceeding against Amarex Clinical Research LLC ("Amarex" , the Company's former Contract Research Organization ("CRO" . The Company also announced that Dr. Cyrus Arman has returned to the Company, following his medical leave of absence, as Senior Vice President of Business Operations, a new role in which he will be working reduced hours. A search has begun for a new President and/or Chief Executive Officer, while Antonio Migliarese, the Company's Chief Financial Officer, will continue to serve as interim President.
Amarex provided clinical trial management and regulatory services to CytoDyn from 2013 to 2021. The Company took preliminary legal action against Amarex in late 2021, and has now filed a supplemental Statement of Claim and requested a final hearing date be set in the arbitration matter pending with the American Arbitration Association. Should the Company prevail at the final hearing, the Company will be entitled to recover its damages and legal fees incurred from Amarex. The Company's Statement of Claim, among other things, alleges that Amarex failed to perform its obligations and services under the master services agreement and work orders that governed the relationship between the parties, including failure to perform services to an acceptable professional standard and billing the Company for services it did not perform. Due to Amarex's failures, the Company suffered substantial damages and will be seeking an award in excess of $100 million at the final hearing.
Antonio Migliarese, CytoDyn's interim President, commented, "The recent filing against Amarex is the next step towards holding Amarex accountable for the damages they inflicted on the Company which we will aggressively continue to pursue. This filing builds on the momentum obtained from the previous favorable ruling by the U.S. District Court for the District of Maryland in our dispute with Amarex. We are very confident in our claims, in particular, due to the results of independent and FDA audits that have been conducted as to Amarex's services, and regulatory action taken by the FDA against Amarex. Our attorneys will be taking all steps necessary to maximize recovery from Amarex."
Dr. Arman, SVP of Business Operations, said, "I am excited to feel well enough to return from medical leave and contribute to CytoDyn. This new role will allow me to support CytoDyn and the development of leronlimab, which I continue to believe in and am very confident and optimistic about the potential of, while continuing to tend to my health." Tanya Urbach, Board Chair, also stated, "We are happy Dr. Arman is able to return, albeit not in his previous capacity, and lend his demonstrated knowledge and talent to the Company. With this group's cumulative regulatory, clinical, and industry expertise, it is my belief that we currently have the strongest leadership team of board members, executives, and advisors since I began my tenure as Chair. Although the Board has commenced a search for a President and/or CEO, the current team is beyond well-equipped."
Webcast Information
The Company will host the following live webcast to provide a Company update:
Date: Monday, July 24, 2023
Time: 1:00 PM PT / 4:00 PM ET
Access: https://event.choruscall.com/mediaframe/webca...d=1TBwlTE9
Questions: Please submit any questions prior to the webcast, and not later than Noon PT, Thursday, July 20, 2023. Questions can be submitted via email to: ir@cytodyn.com. Per CytoDyn's current policy, the presenters will not be able to take live questions during the webcast.
This is a livestream presentation. Participants are encouraged to login early prior to the start of the event. The replay will be available approximately 60 minutes after the conclusion of the webcast and can be accessed via the above link until August 24, 2023.
CytoDyn Announces Company Updates and Investment Community Update Webcast
Mentioned: CYDY
GlobeNewswireJuly 11, 2023
Claim Filed in Former CRO Litigation for Damages Exceeding $100M
Dr. Arman Returns from Medical Leave as SVP of Business Operations
Webcast to be held Monday, July 24th, 2023, at 1 PM PT / 4 PM ET
VANCOUVER, Washington, July 11, 2023 (GLOBE NEWSWIRE) -- CytoDyn Inc. (OTCQB: CYDY) ("CytoDyn" or the "Company"
, a clinical-stage biotechnology company developing leronlimab, a CCR5 antagonist with the potential for multiple therapeutic indications, today announced that it has filed a supplemental Statement of Claim and formally requested a hearing date in its litigation proceeding against Amarex Clinical Research LLC ("Amarex" , the Company's former Contract Research Organization ("CRO" . The Company also announced that Dr. Cyrus Arman has returned to the Company, following his medical leave of absence, as Senior Vice President of Business Operations, a new role in which he will be working reduced hours. A search has begun for a new President and/or Chief Executive Officer, while Antonio Migliarese, the Company's Chief Financial Officer, will continue to serve as interim President. Amarex provided clinical trial management and regulatory services to CytoDyn from 2013 to 2021. The Company took preliminary legal action against Amarex in late 2021, and has now filed a supplemental Statement of Claim and requested a final hearing date be set in the arbitration matter pending with the American Arbitration Association. Should the Company prevail at the final hearing, the Company will be entitled to recover its damages and legal fees incurred from Amarex. The Company's Statement of Claim, among other things, alleges that Amarex failed to perform its obligations and services under the master services agreement and work orders that governed the relationship between the parties, including failure to perform services to an acceptable professional standard and billing the Company for services it did not perform. Due to Amarex's failures, the Company suffered substantial damages and will be seeking an award in excess of $100 million at the final hearing.
Antonio Migliarese, CytoDyn's interim President, commented, "The recent filing against Amarex is the next step towards holding Amarex accountable for the damages they inflicted on the Company which we will aggressively continue to pursue. This filing builds on the momentum obtained from the previous favorable ruling by the U.S. District Court for the District of Maryland in our dispute with Amarex. We are very confident in our claims, in particular, due to the results of independent and FDA audits that have been conducted as to Amarex's services, and regulatory action taken by the FDA against Amarex. Our attorneys will be taking all steps necessary to maximize recovery from Amarex."
Dr. Arman, SVP of Business Operations, said, "I am excited to feel well enough to return from medical leave and contribute to CytoDyn. This new role will allow me to support CytoDyn and the development of leronlimab, which I continue to believe in and am very confident and optimistic about the potential of, while continuing to tend to my health." Tanya Urbach, Board Chair, also stated, "We are happy Dr. Arman is able to return, albeit not in his previous capacity, and lend his demonstrated knowledge and talent to the Company. With this group's cumulative regulatory, clinical, and industry expertise, it is my belief that we currently have the strongest leadership team of board members, executives, and advisors since I began my tenure as Chair. Although the Board has commenced a search for a President and/or CEO, the current team is beyond well-equipped."
Webcast Information
The Company will host the following live webcast to provide a Company update:
Date: Monday, July 24, 2023
Time: 1:00 PM PT / 4:00 PM ET
Access: https://event.choruscall.com/mediaframe/webca...d=1TBwlTE9
Questions: Please submit any questions prior to the webcast, and not later than Noon PT, Thursday, July 20, 2023. Questions can be submitted via email to: ir@cytodyn.com. Per CytoDyn's current policy, the presenters will not be able to take live questions during the webcast.
This is a livestream presentation. Participants are encouraged to login early prior to the start of the event. The replay will be available approximately 60 minutes after the conclusion of the webcast and can be accessed via the above link until August 24, 2023.
2
