Curated News
By: NewsRamp Editorial Staff
December 09, 2024
RedHill Biopharma Wins $8 Million Court Judgment Against Kukbo Co. Ltd.
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- RedHill Biopharma wins $8 million in breach of contract lawsuit, boosting investor confidence and eliminating potential stock overhang.
- RedHill Biopharma sued Kukbo over a breach of contract related to opaganib, a first-in-class orally administered SPHK2 selective inhibitor targeting multiple indications.
- The ruling gives RedHill Biopharma more cash to develop its pipeline, paving the way for progress in developing opaganib for infectious diseases such as Ebola.
- RedHill Biopharma's opaganib delivers a statistically significant increase in patient survival time when given at 150 mg/kg twice a day, showing activity in EBOV.
Impact - Why it Matters
This news matters as it signifies a significant legal and financial victory for RedHill Biopharma, eliminating a potential overhang on the company's stock and boosting investor confidence. The ruling also highlights the company's adherence to contractual agreements and its progress in developing opaganib for infectious diseases with the support of the U.S. government.
Summary
RedHill Biopharma Ltd. (NASDAQ: RDHL) has won a significant legal and financial victory in its New York Supreme Court case against Kukbo Co. Ltd. of South Korea, with an award of about $8 million plus costs. The lawsuit stemmed from Kukbo’s failure to make agreed payments to RedHill pursuant to a subscription agreement related to opaganib, the company’s first-in-class orally administered sphingosine kinase-2 (SPHK2) selective inhibitor with anticancer, anti-inflammatory and antiviral activity. The positive ruling eliminates a potential overhang on the stock and could boost investor confidence in the company. RedHill Biopharma is also making progress in developing opaganib for infectious diseases such as Ebola, with the U.S. government providing partial funding for further advancement of the drug.
Source Statement
This curated news summary relied on this press release disributed by News Direct. Read the source press release here, RedHill Biopharma Wins $8 Million Court Judgment Against Kukbo Co. Ltd.
