Lipocine Inc (NASDAQ: LPCN) signed an agreement with Clarus Therapeutics Inc. to resolve outstanding claims. On the other hand, Barnwell Industries, Inc. (NYSEAMERICAN: BRN) agreed to sell Barnell Canada’s interest in the Spirit River area of Alberta, Canada.
Resolve outstanding claims in ongoing IP litigation: Lipocine Inc (NASDAQ: LPCN), a biopharmaceutical company, signed the agreement with Clarus Therapeutics Inc. to resolve claims in the current IP (intellectual property) litigation and ongoing interference proceeding between both the companies. As per the agreement, both the companies agreed to dismiss the ongoing litigation Lipocine Inc. v Clarus Therapeutics, Inc., No 19-cv-622 (WCB) ongoing in the U.S District Court. In addition, both the companies also agreed to end the interference proceedings. The details of the agreement or the settlement remain confidential.
Entered into purchase and sale agreement: Barnwell Industries, Inc. (NYSEAMERICAN: BRN) has signed an agreement with the third party to complete the purchase and sale of Barnwell Canada’s interests in specific natural gas and oil properties located in the Spirit River area of Alberta, Canada. The consideration of the assets is approximately $1.037 million, at the current Canadian dollar, subject to certain other specific adjustments. Post closure of the agreement, Barnwell Industries would report a profit on the sale of assets and expected to be recognized in the fourth quarter ending September 30, 2021. The transaction shows that the company will focus on its core business. It will try to exit from all non-core oil and natural gas assets (property) when the opportunity arises. The proceeds from the transaction are expected to get deployed to acquire oil and gas assets and other drilling opportunities in the future. As per the release, fifty percent of the transaction proceeds will be deposited in an escrow account until all the tax clearances are obtained from Canadian tax authorities.