Sorrento Therapeutics, Inc. (Nasdaq: SRNE, “Sorrento”) and
SmartPharm Therapeutics, Inc. (“SmartPharm”) announced today that
Sorrento has completed the acquisition of SmartPharm, a
gene-encoded protein therapeutics company developing non-viral DNA
and RNA gene delivery platforms for COVID-19 and rare diseases with
broad potential application in enhancing any antibody-centric
therapeutics.
The platform in synergy with Sorrento’s
industry-leading fully human G-MAB™ antibody library has the
potential to be the engine for the next-generation, cost-effective
in vivo production of antibody therapeutics in patients. By
encoding the antibody sequence into a plasmid, a single injection
into someone’s muscle could potentially lead the person to make
their own antibodies in vivo for months, instead of relying on
repeat administrations of an externally manufactured antibody.
“We are very encouraged by the preclinical data
generated thus far by our STI-2020dna plasmid candidate against
COVID-19,” said Henry Ji, Ph.D., CEO of Sorrento Therapeutics. “But
beyond STI-2020dna the integration of the plasmid DNA technology
with our existing antibody products has the potential to make
antibody therapy much more accessible and affordable for patients,
and is applicable to a multitude of indications ranging from cancer
to infectious diseases.”
The current SmartPharm R&D and senior
management team will remain in place and is expected to integrate
into the Sorrento research, development, and corporate
infrastructure.
The merger was completed on September 1, 2020
and at such time, SmartPharm became a wholly owned subsidiary of
Sorrento. The total value of the consideration payable to the
holders of capital stock of SmartPharm in the merger was $19.4
million, subject to certain adjustments for net working capital,
indebtedness, transaction expenses and cash. Upon completion
of the merger, SmartPharm stockholders became entitled to receive
an aggregate of approximately 1.76 million shares of Sorrento
common stock based on a price per share equal to $10.60.
About SmartPharm
Therapeutics
SmartPharm Therapeutics, Inc. is a privately
held, development stage biopharmaceutical company focused on
developing next-generation, non-viral gene therapies for the
treatment of serious or rare diseases with the vision of creating
“Biologics from Within.” SmartPharm is currently developing a novel
pipeline of non-viral, gene-encoded proteins for the treatment of
conditions that require biologic therapy such as enzyme replacement
and tissue restoration. SmartPharm commenced operations in 2018 and
is headquartered in Cambridge, MA, USA. For more information,
please visit www.smartpharmtx.com.
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", "DAR-T™"),
antibody-drug conjugates ("ADCs"), and clinical stage oncolytic
virus ("Seprehvir™"). Sorrento is also developing potential
coronavirus antiviral therapies and vaccines, including COVIDTRAP™,
ACE-MAB™, COVI-MAB™, COVI-GUARD™, COVI-SHIELD™ and T-VIVA-19™; and
diagnostic test solutions, including COVI-TRACK™ and COVI-TRACE™.
Sorrento's commitment to life-enhancing therapies for patients is
also demonstrated by our effort to advance a first-in-class (TRPV1
agonist) non-opioid pain management small molecule, resiniferatoxin
("RTX"), and ZTlido® (lidocaine topical system) 1.8% for the
treatment of post-herpetic neuralgia. RTX is completing a phase IB
trial for intractable pain associated with cancer and a phase 1B
trial in osteoarthritis patients. ZTlido® was approved by the
FDA on February 28, 2018.
For more information, visit
www.sorrentotherapeutics.com
Forward-Looking Statements
This press release and any statements made for
and during any presentation or meeting contain forward-looking
statements related to Sorrento Therapeutics, Inc., 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 potential effects that the acquisition of SmartPharm
may have on Sorrento’s business and product candidate pipeline; the
data read-outs related to ongoing studies for COVID-19 using
antibodies and gene-encoded antibodies; the potency and potential
therapeutic capabilities of gene-encoded antibodies and
STI-2020dna, and their respective impact on SARS-CoV-2; the
expected length of any therapeutic benefit or antiviral protection
provided by gene-encoded antibodies and STI-2020dna; the potential
administration and applications for a range of disease indications
of gene-encoded antibodies and STI-2020dna, alone or in
combination; the status of preclinical testing for STI-1499 and
STI-2020dna; the therapeutic potential of gene-encoded antibodies,
and STI-2020dna for SARS-CoV-2 and COVID-19; the potential costs
and cost-effectiveness associated with STI-2020dna and other DNA
plasmids; Sorrento’s ability to produce antibody candidates against
pathogens and cancer cells; Sorrento’s ability to transition from
product development to full scale manufacturing and
commercialization; Sorrento’s ability to advance SmartPharm’s
non-viral gene therapy technology and its gene-encoded platform
technology; Sorrento’s ability to combine SmartPharm’s technology
with Sorrento’s technology and manufacturing capabilities; and
Sorrento’s potential position in the biopharmaceutical industry.
Risks and uncertainties that could cause our actual results to
differ materially and adversely from those expressed in our
forward-looking statements, include, but are not limited to: risks
related to Sorrento's technologies and prospects with newly
acquired technologies, including the acquisition of SmartPharm and
the utilization of SmartPharm’s Gene-Encoded Therapeutics (GET)
platforms for the treatment and prevention of coronavirus
infections and other pathogens and cancer cells; risks related to
seeking regulatory approvals and conducting clinical trials; the
clinical and commercial success of the treatment and prevention of
coronavirus infections using gene-encoded antibodies; the viability
and success of using gene-encoded antibodies for treatments in
anti-viral therapeutic areas, including coronavirus; clinical
development risks, including risks in the progress, timing, cost
and results of clinical trials and product development programs;
risk of difficulties or delays in obtaining regulatory approvals;
risks that prior study and trial results may not be replicated in
future studies and trials; risks that clinical study results may
not meet any or all endpoints of a clinical study and that any data
generated from such studies may not support a regulatory submission
or approval; risks related to seeking regulatory approvals and
conducting clinical trials; risks of manufacturing drug product;
risks related to leveraging the expertise of its employees,
subsidiaries, affiliates and partners to assist the company in the
execution of its strategies; risks related to the global impact of
COVID-19 and other risks 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, 2019, and subsequent Quarterly Reports
on Form 10-Q filed with the Securities and Exchange
Commission, including the 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, DVM (SVP Corporate
Development)Telephone: 1.858.203.4120Email:
mediarelations@sorrentotherapeutics.com
Sorrento® and the Sorrento logo are registered
trademarks of Sorrento Therapeutics, Inc.G-MAB™, COVI-GUARD™,
COVI-SHIELD™, COVIDTRAP™, T-VIVA-19™, COVI-MAB™, ACE-MAB™,
COVI-TRACK™, and COVI-TRACE™ are trademarks of Sorrento
Therapeutics, Inc.
ZTlido® is a trademark owned by Scilex
Pharmaceuticals Inc.All other trademarks are the property of their
respective owners.© 2020 Sorrento Therapeutics, Inc. All Rights
Reserved.
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