SAN DIEGO, Sept. 10, 2013 /PRNewswire/ -- Sorrento
Therapeutics, Inc. (OTC QB: SRNE; Sorrento) announced today that it
has completed the merger with IgDraSol, Inc., a privately-held
company focused on the development of cancer therapeutics. Upon the
closing of the merger, IgDraSol shareholders will receive the
equivalent of 3,047,968 million shares of Sorrento's common stock.
Such issuance reflects Sorrento's recent reverse stock split, and
based on the closing share price on September 6, 2013, the transaction is valued at
$28.2 million.
Sorrento's drug development pipeline now features the late-stage
compound, Cynviloq™, a next-generation nanoparticle formulation of
paclitaxel for the potential treatment of metastatic breast cancer
(MBC), non-small cell lung cancer (NSCLC), pancreatic cancer (PC),
and other solid tumors. In July, the FDA Division of Oncology
Products 1 agreed that the data available are sufficient to support
a 505(b)(2) pathway, using Abraxane® and Taxol® as the Reference
Listed Drugs, to obtain approval. Sorrento anticipates initiating
the single Bioequivalence trial required for registration, in the
fourth quarter of 2013.
Sorrento is advancing its G-MAB® library-derived fully human
therapeutic antibody candidates against a number of clinically
relevant targets, including PD-L1, PD-1, and G Protein-Coupled
Receptors (GPCRs). Sorrento is also developing proprietary
antibody drug conjugates (ADCs) as well as antibody formulated drug
conjugates (AfDC) combining its G-MAB® antibodies and anti-tumor
agents.
In connection with the merger: (i) Dr. Vuong Trieu, the former Chief Executive Officer
of IgDraSol, was appointed Chief Scientific Officer of Sorrento,
(ii) George Uy, the former Chief
Commercial Officer of IgDraSol, was appointed Chief Commercial
Officer of Sorrento, and (iii) the board of directors of Sorrento
was reconstituted to include two additional directors, Dr. Trieu
and Mr. Jaisim Shah. Mr. Shah was the Chief Business Officer of
Protein Design Labs.
Henry Ji, Ph.D., President and
Chief Executive Officer of Sorrento said: "The acquisition of
Cynviloq is a transformational event for Sorrento with tremendous
value potential. Cynviloq is already marketed in South Korea by Samyang Corporation, and may
have a rapid path to market approval in the U.S. This transaction
reflects Sorrento's commitment to improving the lives of cancer
patients worldwide through innovative medicines developed both
in-house and via external opportunities. In particular, Cynviloq
provides us with near-term revenue potential in MBC and NSCLC, and
longer-term revenue potential in PC and other solid tumors. The
acquisition of IgDraSol bolsters our leadership team with highly
relevant and successful experience in developing and
commercializing cancer therapeutics, including Abraxane®. We are
also delighted to add two gifted individuals to our Board of
Directors as the Company matures into a later-stage developer of
oncology products and ultimately a commercial organization.
Sorrento's overall business model recognizes the importance of
collaboration and partnering with pharmaceutical and biotechnology
companies to achieve its corporate objectives."
Vuong Trieu, Ph.D., commented "We
are excited to complete this transaction and officially join
Sorrento. Our experienced development and commercialization team
will combine efforts with Sorrento to develop and introduce a new
franchise oncology product in Cynviloq for unmet medical needs in
cancer treatment. The combined entity will be well positioned for
long-term growth as an oncology therapeutics company."
About Sorrento Therapeutics, Inc.
Sorrento
Therapeutics, Inc. is a publicly-traded, development-stage
biopharmaceutical company engaged in the acquisition, discovery,
development and commercialization of proprietary drug therapeutics
for addressing significant unmet medical needs in the Unites
States, Europe and additional
international markets. Sorrento's therapeutic focus is oncology,
but is also developing therapeutic products for inflammation,
metabolic, and infectious diseases. Sorrento's proprietary G-MAB®
fully-human antibody library platform was designed to facilitate
the rapid identification and isolation of highly specific antibody
therapeutics. In addition, Sorrento is developing proprietary ADCs
as well as AfDCs combining its G-MAB® antibodies with anti-tumor
agents.
More information is available at
www.sorrentotherapeutics.com.
About Abraxane® and Taxol®
Abraxane® is an
albumin-bound paclitaxel (nab-paclitaxel) product approved for the
treatment of MBC, NSCLC and PC. Taxol® is a cremophor-based
paclitaxel product approved for various cancer indications.
Forward-Looking Statements
This press release
contains forward-looking statements subject to risks and
uncertainties that could cause actual results to differ materially
from those projected. Words such as "assumes," "plans," "believes,"
"expects," "anticipates," and "will," and similar expressions, are
intended to identify forward-looking statements. Forward-looking
statements include statements about the preclinical and clinical
development of Sorrento's human antibody therapeutics. All such
forward-looking statements are based on Sorrento's current beliefs
and expectations, and should not be regarded as a representation by
Sorrento that any of its plans will be achieved. Actual results may
differ materially from those set forth in this press release due to
the risks and uncertainties inherent in Sorrento's businesses; the
potential for approval and commercial success of Cynviloq™ and the
successful integration of IgDraSol personnel; the scope and
validity of patent protection for Sorrento's platform technologies,
and the risk that the development or commercialization of product
candidates may infringe the intellectual property rights of others;
the potential that Sorrento may require substantial additional
funding in order to obtain regulatory approval for and
commercialize Sorrento Therapeutics' proprietary G-MAB® fully-human
antibody library platform technologies or product candidates; and
additional risks set forth in Sorrento Therapeutics' filings with
the Securities and Exchange Commission. These forward-looking
statements represent Sorrento Therapeutics' judgment as of the date
of this release. You are cautioned not to place undue reliance on
these forward-looking statements, which speak only as of the date
hereof. All forward-looking statements are qualified in their
entirety by this cautionary statement and STI undertakes no
obligation to revise or update this press release to reflect events
or circumstances after the date hereof. This caution is made under
the safe harbor provisions of Section 21E of the Private Securities
Litigation Reform Act of 1995.
SOURCE Sorrento Therapeutics, Inc.