PharmX Technologies remains resilient despite court setback.

PharmX Technologies Ltd (ASX: PHX) reported the outcomes of appeal proceedings from the Victorian Supreme Court involving Fred IT Group Pty Ltd. PharmX faced a setback as the Court overturned a previous judgment favoring Corum Systems, while simultaneously affirming a past judgment in favor of PharmX. As a result, PharmX must repay nearly AU$8.1 million to Fred IT, plus additional unquantified amounts for interest and trial costs, although exact figures are pending final orders expected by August 16, 2024. Despite this disappointing outcome, PharmX's Board and Management have focused on building a sustainable business model, and the company anticipates no significant impact on its operations or growth strategy. Additionally, PharmX has set aside a provision of AU$9.8 million and reported cash holdings of AU$13.1 million as of June 30, 2024.

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