Cellceutix Settles with Former CEO for $1M

2/15/11

Cellceutix, a Beverly, MA-based developer of drugs for cancer and other diseases, says that the company and its former CEO George Evans have settled a compensation dispute. The company has agreed to buy 4.6 million shares of stock held by Evans, a former Pfizer lawyer, and/or his sons over the past three years for $1 million. In November, the Cellceutix told regulators that Evans sought $1.7 million in back salary and future compensation over a dispute about his pay at the firm.

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