Sorrento Therapeutics Announces Closing of $25 Million Registered Direct Offering
October 09 2019 - 10:35AM
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 closing of its previously
announced 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 net proceeds to Sorrento from this
offering are expected to be approximately $23.3 million, after
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.
H.C. Wainwright & Co. acted as the exclusive placement agent
for the offering.
The securities described above were 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 was made only by means of a prospectus
supplement that forms a part of the registration statement. A
prospectus supplement and accompanying base prospectus relating to
the securities being offered were filed with the SEC on October 8,
2019. Electronic copies of the prospectus supplement and
accompanying base prospectus may be obtained 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 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
offering filed with the Securities and Exchange Commission on
October 8, 2019, including risks and uncertainties associated with
general economic and market 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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