Inhibitor Therapeutics settles derivative/class actions; Mayne to pay $14.25M cash and surrender equity

Inhibitor Therapeutics, Inc.

Mayne to pay $14.25M cash and surrender all its equity (205M+ common shares, convertible preferred, warrants); Mayne debt of $3M canceled.
Individual defendants Brendan Magrab, Stefan Cross, R. Dana Ono, et al. to retire from board/management; their options/warrants canceled.
Third Amended Supply and License Agreement with Mayne canceled; Company retains royalty on future US SUBA-Itraconazole BCCNS sales.
Company's hedgehog-related patents to Mayne become non-exclusive; Mayne's itraconazole formulation patents licensed to Company are terminated.
Settlement hearing set for November 10, 2022 in Delaware Chancery Court; plaintiffs may seek up to $2M in fees from the cash consideration.

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