LINCOLNSHIRE, Ill. (HedgeWorld.com)–Aksys Ltd., a manufacturer of biomedical devices, has entered into a standstill with Durus Life Sciences Master Fund Ltd., part of a group of hedge funds managed by Durus Capital Management LLC, Norwalk, Conn. Previous HedgeWorld Story.
In the agreement filed with the Securities and Exchange Commission Oct.10, Durus represents that it “has not acquired and does not hold the Shares with the purpose or intent of controlling the Company [Aksys] or changing or influencing the control or management of the Company …,” and it covenants that it will neither buy nor sell Aksys stock without the prior written consent of Aksys, or 21 days after notifying Aksys, that it intends to abandon this covenant.
It was not immediately clear whether this standstill agreement is part of a broader settlement of the issues at stake in ongoing litigation between the two parties Previous HedgeWorld Story .
The agreement also states that Artal Long Biotech Portfolio LLC shall not be deemed to be an affiliate or associate of Durus, although Durus Capital Management also manages Artal.