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 that it has entered into
definitive agreements with several healthcare-focused institutional
investors for the purchase in a registered direct offering of
10,869,566 shares of its common stock and warrants to purchase up
to 10,869,566 shares of its common stock, at a combined purchase
price of $2.30 per share and related warrant. The offering is
expected to close on or about October 9, 2019, subject to the
satisfaction of customary closing conditions.
H.C. Wainwright & Co. is acting as the exclusive placement
agent for the offering.
The warrants have an exercise price of $2.40 per share of common
stock, will be exercisable immediately upon issuance and will
expire seven years from the issuance date.
The gross proceeds of the offering are expected to be
approximately $25 million, before deducting the placement agent’s
fees and other estimated offering expenses. Sorrento currently
intends to use the net proceeds from the offering for the continued
clinical development of its RTX and CD38 CAR-T programs and general
research and development, working capital and general corporate
purposes.
The securities described above are being offered by Sorrento
pursuant to a “shelf” registration 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 offering of the securities will be made only by
means of a prospectus supplement that forms a part of the
registration statement. A final prospectus supplement and
accompanying base prospectus relating to the securities being
offered will be filed with the SEC. Electronic copies of the final
prospectus supplement and accompanying base prospectus may be
obtained, when available, on the SEC’s website
at www.sec.gov or by contacting H.C. Wainwright &
Co., LLC at 430 Park Avenue, 3rd Floor, New York, NY 10022, by
phone at 646-975-6996 or e-mail at placements@hcwco.com.
This press release shall 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 an
offer, solicitation or sale would be unlawful prior to 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 registered direct offering, timing, 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
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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