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
SciSparc (Nasdaq: SPRC) has reached a significant settlement agreement regarding a lawsuit it filed in February 2022 against six former directors. The settlement, approved through court-mediated negotiations, includes a $411,000 cash payment to SciSparc from the defendants.
The lawsuit alleged breaches of fiduciary duties under Israeli Companies Law related to a prior pain clinic network acquisition. A key component of the settlement is the termination of a disputed licensing agreement with Dekel Pharmaceuticals , effective February 5, 2024. This agreement had been established with the company's former chairman and CEO, Dr. Ascher Shmulewitz, in May 2015.
The settlement ensures SciSparc retains exclusive global rights to its IP portfolio, patents, know-how, and technologies, while being released from all commitments, claims, and royalties related to the License Agreement. Dekel will take ownership of patent applications for inflammatory disorder treatments, which are unrelated to SciSparc's current pipeline.
SciSparc (Nasdaq: SPRC) ha raggiunto un importante accordo di transazione riguardo a una causa intentata nel febbraio 2022 contro sei ex direttori. L'accordo, approvato attraverso negoziazioni mediate dal tribunale, prevede un pagamento in contante di $411.000 a SciSparc da parte dei convenuti.
La causa accusava violazioni dei doveri fiduciari secondo la Legge israeliana sulle società relative a un'acquisizione precedente di una rete di cliniche del dolore. Un elemento chiave dell'accordo è la risoluzione di un contratto di licenza contestato con Dekel Pharmaceuticals, efficace dal 5 febbraio 2024. Questo accordo era stato stabilito con l'ex presidente e CEO dell'azienda, il Dr. Ascher Shmulewitz, nel maggio 2015.
L'accordo garantisce a SciSparc il mantenimento dei diritti globali esclusivi sul proprio portafoglio di proprietà intellettuale, brevetti, know-how e tecnologie, mentre viene liberata da tutti gli impegni, le rivendicazioni e le royalties relative al Contratto di Licenza. Dekel assumerà la proprietà delle domande di brevetto per i trattamenti delle malattie infiammatorie, che non sono correlate all'attuale pipeline di SciSparc.
SciSparc (Nasdaq: SPRC) ha alcanzado un acuerdo de conciliación significativo respecto a una demanda presentada en febrero de 2022 contra seis exdirectores. El acuerdo, aprobado a través de negociaciones mediadas por el tribunal, incluye un pago en efectivo de $411,000 a SciSparc por parte de los demandados.
La demanda alegaba violaciones de los deberes fiduciarios según la Ley de Empresas de Israel relacionadas con una adquisición previa de una red de clínicas del dolor. Un componente clave del acuerdo es la terminación de un contrato de licencia en disputa con Dekel Pharmaceuticals, efectivo a partir del 5 de febrero de 2024. Este acuerdo había sido establecido con el ex presidente y CEO de la compañía, el Dr. Ascher Shmulewitz, en mayo de 2015.
El acuerdo asegura que SciSparc retenga los derechos globales exclusivos sobre su cartera de propiedad intelectual, patentes, know-how y tecnologías, mientras se libera de todos los compromisos, reclamos y regalías relacionadas con el Contrato de Licencia. Dekel asumirá la propiedad de las solicitudes de patente para tratamientos de trastornos inflamatorios, que no están relacionados con la actual cartera de SciSparc.
SciSparc (Nasdaq: SPRC)는 2022년 2월에 6명의 전 이사를 상대로 제기한 소송에 대해 중요한 합의에 도달했습니다. 법원 중재 협상을 통해 승인된 이 합의에는 피고들로부터 SciSparc에 대한 41만 1천 달러의 현금 지급이 포함됩니다.
이 소송은 이전의 통증 클리닉 네트워크 인수와 관련하여 이스라엘 회사법에 따른 신뢰 의무 위반을 주장했습니다. 합의의 핵심 요소는 Dekel Pharmaceuticals와의 논란이 있는 라이선스 계약의 종료로, 2024년 2월 5일부터 효력이 발생합니다. 이 계약은 회사의 전 회장 겸 CEO인 Dr. Ascher Shmulewitz와 2015년 5월에 체결되었습니다.
이 합의는 SciSparc가 지적 재산 포트폴리오, 특허, 노하우 및 기술에 대한 독점적인 글로벌 권리를 유지하도록 보장하며, 라이선스 계약과 관련된 모든 의무, 청구 및 로열티에서 면제됩니다. Dekel은 SciSparc의 현재 파이프라인과 관련이 없는 염증 질환 치료를 위한 특허 출원의 소유권을 인수하게 됩니다.
SciSparc (Nasdaq: SPRC) a atteint un accord de règlement significatif concernant un procès qu'elle a intenté en février 2022 contre six anciens administrateurs. L'accord, approuvé par le biais de négociations médiées par le tribunal, comprend un paiement en espèces de 411 000 dollars à SciSparc de la part des défendeurs.
Le procès alléguait des violations des devoirs fiduciaires en vertu de la Loi israélienne sur les sociétés liées à une acquisition antérieure d'un réseau de cliniques de douleur. Un élément clé de l'accord est la résiliation d'un contrat de licence contesté avec Dekel Pharmaceuticals, effectif à partir du 5 février 2024. Cet accord avait été établi avec l'ancien président et PDG de l'entreprise, Dr. Ascher Shmulewitz, en mai 2015.
L'accord garantit que SciSparc conserve les droits mondiaux exclusifs sur son portefeuille de propriété intellectuelle, ses brevets, son savoir-faire et ses technologies, tout en étant libérée de tous les engagements, réclamations et redevances liés au Contrat de Licence. Dekel prendra possession des demandes de brevet pour les traitements des troubles inflammatoires, qui ne sont pas liés à la pipeline actuelle de SciSparc.
SciSparc (Nasdaq: SPRC) hat eine bedeutende Vergleichsvereinbarung in Bezug auf eine Klage erreicht, die im Februar 2022 gegen sechs ehemalige Direktoren eingereicht wurde. Der Vergleich, der durch gerichtliche Mediation genehmigt wurde, umfasst eine Barzahlung von 411.000 Dollar an SciSparc von den Beklagten.
Die Klage behauptete Verstöße gegen treuhänderische Pflichten gemäß dem israelischen Unternehmensrecht im Zusammenhang mit einer früheren Übernahme eines Schmerzklinken-Netzwerks. Ein wesentlicher Bestandteil des Vergleichs ist die Beendigung eines umstrittenen Lizenzvertrags mit Dekel Pharmaceuticals, der am 5. Februar 2024 wirksam wird. Dieser Vertrag wurde im Mai 2015 mit dem ehemaligen Vorsitzenden und CEO des Unternehmens, Dr. Ascher Shmulewitz, geschlossen.
Der Vergleich stellt sicher, dass SciSparc die exklusiven globalen Rechte an seinem IP-Portfolio, Patenten, Know-how und Technologien behält und von allen Verpflichtungen, Ansprüchen und Lizenzgebühren im Zusammenhang mit dem Lizenzvertrag befreit wird. Dekel wird die Eigentumsrechte an Patentanmeldungen für Behandlungen von Entzündungserkrankungen übernehmen, die nicht mit der aktuellen Pipeline von SciSparc verbunden sind.
- Received $411,000 cash compensation from settlement
- Retained exclusive global rights to core IP portfolio and technologies
- Released from all future royalty obligations and commitments under the previous license agreement
- Resolved legal uncertainty regarding core technology ownership
- None.
Insights
This settlement represents a significant strategic victory for SciSparc that goes beyond the immediate
The termination of the disputed licensing agreement with Dekel Pharmaceuticals is particularly noteworthy as it:
- Eliminates future royalty payment obligations, improving long-term cost structure
- Provides clear ownership and control of the company's IP portfolio
- Removes potential impediments to future licensing deals or strategic partnerships
The settlement's structure demonstrates astute legal strategy - by securing both immediate financial compensation and long-term strategic benefits, SciSparc has effectively strengthened its position in the specialty pharmaceutical space. The retention of exclusive global rights to the company's IP portfolio is important for maintaining control over its development programs in central nervous system disorders.
From a corporate governance perspective, the resolution of claims against former directors through mediation suggests efficient dispute resolution while minimizing legal expenses and management distraction. This clean break from past management issues positions the company for improved operational focus on its clinical-stage programs.
The clarification regarding IP ownership and the release from all alleged commitments significantly reduces regulatory and legal risks, potentially making the company more attractive to institutional investors and strategic partners who typically shy away from entities with unresolved legal disputes or unclear IP rights.
TEL AVIV, Israel, Feb. 18, 2025 (GLOBE NEWSWIRE) -- SciSparc Ltd. (Nasdaq: SPRC) ("Company" or "SciSparc"), a specialty clinical-stage pharmaceutical company focusing on the development of therapies to treat disorders of the central nervous system, announced today that it has reached an important settlement agreement (the “Settlement”) regarding a lawsuit it filed in February 2022 with the Economic Division of the Tel Aviv-Jaffa District Court against six of the Company’s former directors (the “Defendants”) case number 34426-02-22 (the “Suit”). The Suit included allegations of breaches of fiduciary duties of the Defendants under the Israeli Companies Law, 1999, relating to a prior acquisition of a pain clinic network through a subsidiary of the Company.
As part of the Settlement, which was facilitated through mediation and approved by the court, SciSparc will be entitled to a
The Settlement also includes the termination, effective as of February 5, 2024 of a disputed licensing agreement with Dekel Pharmaceuticals Ltd., (“Dekel”) a company controlled by Dr. Ascher Shmulewitz, the Company’s former chairman and chief executive officer (and one of the Defendants) entered into on May 21, 2015 and amended from time to time (the “License Agreement”). As part of the Settlement, Dekel clarified, to SciSparc’s full satisfaction, that SciSparc will retain its exclusive global rights to its extensive IP portfolio, patents, know-how and technologies and is released from all alleged commitments, claims and royalties related or arising out of the License Agreement, including those related to claimed core technologies, ensuring a continued focus on SciSparc’s core development programs. Dekel will assume full and exclusive ownership of the patent application for compositions and methods for treating inflammatory disorders and all such underlying intellectual property, which are not related whatsoever to the Company’s pipeline and development program.
About SciSparc Ltd. (Nasdaq: SPRC):
SciSparc Ltd. is a specialty clinical-stage pharmaceutical company led by an experienced team of senior executives and scientists. SciSparc’s focus is on creating and enhancing a portfolio of technologies and assets based on cannabinoid pharmaceuticals. With this focus, the Company is currently engaged in the following drug development programs based on THC and/or non-psychoactive cannabidiol: SCI-110 for the treatment of Tourette Syndrome, for the treatment of Alzheimer's disease and agitation; and SCI-210 for the treatment of autism and status epilepticus. The Company also owns a controlling interest in a subsidiary whose business focuses on the sale of hemp seeds’ oil-based products on the Amazon.com Marketplace.
Forward-Looking Statements:
This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws. For example, SciSparc is using forward-looking statements when it discusses the terms of the Settlement reached and the rights that will be retained by it and the assets that will be owned by Dekel and the receipt of the payment of
Investor Contact:
IR@scisparc.com
FAQ
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