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Arcturus Therapeutics reaches settlement with founder

Arcturus Therapeutics Ltd. entered a settlement agreement with its founder and former CEO Joseph Payne, whom it sued for an alleged breach of contract and fiduciary duties.

Under the settlement, Arcturus appointed Payne's nominees to its board.

Peter Farrell, Andrew Sassine, James Barlow and Magda Marquet will replace Stuart Collinson, Daniel Geffken, David Shapiro and Craig Willett on the San Diego-based medicines company's board.

Both parties also agreed to terminate all pending litigation under the settlement.