Los Angeles-based Endonovo said that the groups had reached a settlement agreement and dismissed all complaints and cross-complaints from the contemplated investments.
As part of the settlement, Kodiak is returning 2.1 million shares of common stock in Endonovo, with Endonovo paying $80,000 to Kodiak. Neither company admitted any wrongdoing, and negotations were handled amicably, according to an Endonovo press release.
Both companies are terminating their securities purchase atreement, equity purchase atreement and registration rights agreement, as well as their claims against eachother.
Last November, Endonovo said it inked a $5 million deal with an anonymous strategic investor aimed at retiring its convertible debt, launching pre-clinical studies of its Immunotronics platform and uplisting its shares.
The company is developing technology it calls “Immunotronics” to stimulate liver regeneration and treat inflammatory conditions.