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ReNeuron settles legal dispute with Neuralstem in the US

Last updated: 02:50 28 Jan 2011 EST, First published: 03:50 28 Jan 2011 EST

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Stem cell therapeutics specialist ReNeuron Group PLC (LON:RENE) said it has reached a settlement with Neuralstem Inc (NYSE Amex: CUR) regarding the existing litigation in the US between the parties.

Under the terms of the settlement, ReNeuron makes no admission of liability and the lawsuit will be dismissed.  ReNeuron will make payments to Neuralstem tied to the successful development of stem cell products using certain of ReNeuron's cell lines relevant to the case.  The detailed financial terms are undisclosed.

ReNeuron chief executive Michael Hunt said: “We are pleased to have settled this dispute.  The relatively short schedule to trial for this particular case would have entailed a costly and time-consuming process for the company from this point.  The settlement terms fall within our existing financial forecasts, leaving our current two year cash runway unaffected."

Neuralstem first filed suit in 2008, alleging that ReNeuron had improperly used Neuralstem's technology.

The companies had both been parties to a joint venture agreement covering aspects of the technologies in dispute.

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