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Prices & Quotes - UK Markets - Circassia Group (CIR)

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Share Price:
Up 42.55p
Change Today:
0.15p
Market Cap:
178.06m
Sector:
Medical Equipment and Services

Circassia settles LungFit dispute with Beyond Air

By Josh White

Date: Wednesday 26 May 2021

LONDON (ShareCast) - (Sharecast News) - Respiratory diagnostics-focussed medical device company Circassia Group has signed an agreement to settle its contractual dispute with Beyond Air, it announced on Wednesday, around the licensing of the 'LungFit' product to Circassia by Beyond Air in January 2019.
The AIM-traded firm said that under the terms of the original agreement, it issued $10.5m (7.43m) of Circassia shares to Beyond Air during the first half of 2019.

Under the terms of the settlement, Circassia said it would surrender its rights to the LungFit product in exchange for payments by Beyond Air, for up to a maximum of $16.5m, payable in cash instalments.

The first payment would be $2.5m, within 60 days of the approval of LungFit by the United States Food and Drug Administration (FDA).

A second $3.5m payment would be made within 60 days of the first anniversary of FDA approval, and a final $4.5m would fall due within 60 days of the second anniversary of FDA approval.

Circassia said it would also be entitled to a further royalty of 5% of net sales of LungFit, beginning on the second anniversary of FDA approval, and capped at a maximum of $6m.

"We are pleased to have been able to resolve this dispute without recourse to formal arbitration, with its associated long timescales and significant legal expense," said executive chairman Ian Johnson.

At 1505 BST, shares in Circassia Group were up 5.54% at 35.57p.

Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

 

CIR Market Data

Currency UK Pounds
Price 42.55p
Change Today 0.15p
52 Week High 46.05p
52 Week Low 23.90p
Volume 493,593
Shares Issued 418.46m
Market Cap 178.06m
Beta 0.06

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What The Brokers Say

Strong Buy 1
Buy 0
Neutral 1
Sell 0
Strong Sell 0
Total 2
buy
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CIR Dividends

No dividends found

Trades for 26-Jan-2022

Time Volume / Share Price
10:07 12,000 @ 42.81p
09:55 10,460 @ 42.55p
09:44 50,000 @ 42.82p
09:40 50,000 @ 42.82p
09:39 25,000 @ 42.81p

CIR Key Personnel