Sorrento Therapeutics, Inc. (Nasdaq: SRNE, “Sorrento”), a clinical
stage, antibody-centric biopharmaceutical company developing new
therapies to turn malignant cancers into manageable and possibly
curable diseases, today announced the pricing of its public
offering of 8,333,334 shares of its common stock, Series A warrants
to purchase up to an aggregate of 8,333,334 shares of its common
stock, Series B warrants to purchase up to an aggregate of
8,333,334 shares of its common stock and Series C warrants to
purchase up to an aggregate of 8,333,334 shares of its common
stock, at a price to the public of $3.00 per share and accompanying
Series A, Series B and Series C warrant. The Series A warrants will
be exercisable commencing six months from the date of issuance,
will expire on the 10-year anniversary of the date of issuance and
will have an exercise price of $3.75 per share, subject to certain
adjustments. The Series B warrants will be exercisable commencing
on the date of issuance, will expire on the date that is nine
months from the date of issuance and will have an exercise price of
$3.00 per share, subject to certain adjustments. The Series C
warrants will be exercisable six months from the date of issuance
and only to the extent and in proportion to a holder of the Series
C warrants exercising its corresponding Series B warrants, will
expire on the 10-year anniversary of the date of issuance and will
have an exercise price of $3.75 per share, subject to certain
adjustments. Gross proceeds, before deducting underwriting
discounts and commissions and estimated offering expenses, are
expected to be approximately $25.0 million. Sorrento currently
intends to use the net proceeds from the offering for the continued
clinical development of its RTX, CEA CAR-T and CD38 CAR-T programs
and general research and development, working capital and general
corporate purposes. In addition, Sorrento has granted the
underwriters a 30-day option to purchase up to 1,250,000 additional
shares of its common stock and/or 1,250,000 warrant combinations,
which consists of 1,250,000 Series A warrants, 1,250,000 Series B
warrants and 1,250,000 Series C warrants. The offering is expected
to close on or about July 2 2019, subject to satisfaction of
customary closing conditions.
JMP Securities and H.C. Wainwright & Co. are acting as joint
book-running managers for the offering.
The public offering is being made pursuant to a shelf
registration statement on Form S-3 (File No. 333-221443) previously
filed with the Securities and Exchange Commission (the “SEC”) on
November 9, 2017, amended on December 1, 2017 and declared
effective by the SEC on December 6, 2017. The securities may
be offered only by means of a prospectus. A preliminary
prospectus supplement and the accompanying prospectus relating to
and describing the terms of the offering have been filed with the
SEC and are available on the SEC’s website at www.sec.gov. Copies
of the final prospectus supplement and the accompanying prospectus
relating to the offering, when available, may be obtained from JMP
Securities LLC, 600 Montgomery Street, Suite 1100, San Francisco,
California 94111, Attention: Prospectus Department, by calling
(415) 835-8985 or by e-mail at syndicate@jmpsecurities.com or H.C.
Wainwright & Co., LLC, 430 Park Avenue, 3rd Floor, New York, NY
10022, by calling (646) 975-6996 or by e-mail at
placements@hcwco.com.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of
these securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of any such state or
jurisdiction.
About Sorrento Therapeutics, Inc.
Sorrento is a clinical stage, antibody-centric,
biopharmaceutical company developing new therapies to turn
malignant cancers into manageable and possibly curable diseases.
Sorrento’s multimodal multipronged approach to fighting cancer is
made possible by its’ extensive immuno-oncology platforms,
including key assets such as fully human antibodies (“G-MAB™
library”), clinical stage immuno-cellular therapies (“CAR-T”),
intracellular targeting antibodies (“iTAbs”), antibody-drug
conjugates (“ADC”), and clinical stage oncolytic virus
(“Seprehvir®”).
Sorrento’s commitment to life-enhancing therapies for cancer
patients and Osteoarthritis (OA) patients is also demonstrated by
our effort to advance Resiniferatoxin (“RTX”), a first-in-class
(TRPV1 agonist) non-opioid pain management small molecule, ZTlido®
and SP-102, a non-opioid corticosteroid gel. Resiniferatoxin is
completing a Phase 1b trial in terminal cancer patients and a Phase
1b trial for OA. ZTlido was approved by US FDA on February 28,
2018. SP-102 is in Phase 3 pivotal study for the treatment of
lumbar radicular pain/sciatica.
For more information visit www.sorrentotherapeutics.com
Forward-Looking Statements
This press release contains forward-looking statements related
to Sorrento Therapeutics, Inc. and its subsidiaries under the safe
harbor provisions of Section 21E of the Private Securities
Litigation Reform Act of 1995 and subject to risks and
uncertainties that could cause actual results to differ materially
from those projected. Forward-looking statements include statements
regarding the proposed underwritten public offering, the amount and
anticipated use of proceeds from the offering and other matters
that are described in Sorrento’s most recent periodic reports filed
with the Securities and Exchange Commission, including Sorrento’s
Annual Report on Form 10-K for the year ended December 31,
2018, as amended, subsequent Quarterly Reports on Form 10-Q and the
preliminary prospectus supplement related to the proposed offering
filed with the Securities and Exchange Commission on or about the
date hereof, including risks and uncertainties associated with
general economic and market conditions and the satisfaction of
customary closing conditions and the other risk factors set forth
in those filings. Investors are cautioned not to place undue
reliance on these forward-looking statements, which speak only as
of the date of this release and we undertake no obligation to
update any forward-looking statement in this press release except
as required by law.
Media and Investor Relations
Contact: Alexis Nahama, SVP Corporate Development
Telephone: 1.858.203.4120
Email: mediarelations@sorrentotherapeutics.com
Website: www.sorrentotherapeutics.com
Sorrento® and the Sorrento logo are registered trademarks of
Sorrento Therapeutics, Inc.
ZTlido® and G-MAB™ are trademarks owned by Scilex
Pharmaceuticals Inc. and Sorrento, respectively.
SEMDEXA™ (SP-102) is a trademark owned by Semnur
Pharmaceuticals, Inc. A proprietary name review by the FDA is
planned.
Seprehvir®, is a registered trademark of Virttu Biologics
Limited, a wholly-owned subsidiary of TNK Therapeutics, Inc. and
part of the group of companies owned by Sorrento Therapeutics,
Inc.
All other trademarks are the property of their respective
owners.
© 2019 Sorrento Therapeutics, Inc. All Rights Reserved.
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