litigation
confidence high
sentiment negative
materiality 0.75
SELLAS initiates arbitration against 3D Medicines over $13M milestone payments and GPS development in China
SELLAS Life Sciences Group, Inc.
- Dispute over $13M development milestone payments due under 2020 license agreement for GPS in China region.
- 3D Medicines enrolled patients in Taiwan but failed to begin mainland China enrollment as expected in H2 2023.
- SELLAS claims 3D Medicines failed to use commercially reasonable best efforts; arbitration filed at HKIAC under NY law.
- Company cannot predict arbitration outcome or timing of any milestone payments or damages.