Scilex Holding Company (“Scilex”), a nearly 100% (or over 99.9%)
majority-owned subsidiary of Sorrento Therapeutics, Inc. (Nasdaq:
SRNE, “Sorrento”), a commercial biopharmaceutical company focused
on developing and commercializing non-opioid therapies for patients
with acute and chronic pain, announced the appointment of Laura
Hamill, an accomplished pharmaceutical and biotechnology executive,
to its Board of Directors. Ms. Hamill brings to the Scilex board
more than three decades of experience in the biopharma industry,
serving most recently as Executive Vice President, Worldwide
Commercial Operations at Gilead Sciences, Inc. Prior to Gilead, she
spent 18 years at Amgen Inc. in a number of leadership roles in the
U.S. and internationally, concluding her time there as Senior Vice
President and General Manager, with strategic oversight of Amgen’s
U.S. commercial operations. During her career, Ms. Hamill has
worked across a vast array of therapeutic areas, including
inflammation, oncology, pain, virology and cardiovascular disease.
She is a member of the boards of directors of BB Biotech,
AnaptysBio, Inc., Pardes Biosciences, Y-mAbs Therapeutics, Inc.,
and Unchained Labs, a private company of Carlyle Group. Ms. Hamill
also served on the board of director at Acceleron Pharmaceuticals,
Inc. before it was acquired by Merck in 2021. Ms. Hamill holds a
B.A. in business administration from the University of Arizona.
“Laura is joining our board at a particularly
opportune time, as Scilex is advancing its clinical development and
registration plans for SP-102 (SEMDEXATM) for sciatica pain in an
effort to expand its future global commercial footprint. Her
breadth of therapeutic-area expertise and lengthy track record of
successful global product launches will make her an extremely
valuable addition to the organization,” said Henry Ji, Ph.D.,
Executive Chairman of Scilex Holding and Chair and CEO of Sorrento
Therapeutics, Inc.”
“I am delighted to join the Board of Scilex. The
company’s first commercial product, ZTlido® is in the midst of a
highly successful growth curve and I’m extremely excited to now be
involved as its late-stage clinical and commercial development
plans come together for a potential first to market entry into the
sciatica and chronic low back pain opportunity. I look forward to
helping the company grow its impressive non-opioid pain footprint
and help it establish a strong growth trajectory,” said Ms.
Hamill.
“We are very pleased to welcome Laura Hamill, a
seasoned and highly-regarded leader in our industry as a new
independent director to the Scilex Holding board. She is joining at
an exciting time as we continue to fulfill our vision to be the
leading pain management company delivering novel opioid sparing and
non-addictive treatments for safe and durable relief of multiple
acute and chronic pain conditions. The addition of Laura
complements the skill and experience of our board, and we are
confident she will provide very valuable perspectives as we enhance
value to our stockholders. We look forward to her contributions,”
said Jaisim Shah, President and CEO of Scilex Holding.
Scilex Holding Company and Vickers Vantage Corp. I
(Nasdaq: VCKA) (“VCKA”), a special purpose acquisition company
sponsored by Vickers Venture Fund VI Pte Ltd and Vickers Venture
Fund VI (Plan) Pte Ltd, entered into a definitive business
combination agreement ("BCA") on March 17, 2022. Upon the closing
of the transaction, the combined company (the “Combined Company”)
will be renamed Scilex Holding Company, and its common stock is
expected to be listed on Nasdaq under the ticker symbol “SCLX”. The
boards of directors of each of VCKA, Scilex and Sorrento have
unanimously approved the proposed transaction. The closing of the
transaction, which is expected to occur by the third quarter of
2022, is subject to the approval of VCKA’s shareholders and the
satisfaction or waiver of certain other customary closing
conditions.
A corporate presentation describing Scilex's
development plans can be found at www.scilexholding.com.
About Scilex Holding Company
Scilex Holding Company, a nearly 100% (or over
99.9%) majority-owned subsidiary of Sorrento Therapeutics, Inc., is
dedicated to the development and commercialization of non-opioid
pain management products for treatment of acute and chronic pain.
Scilex is uncompromising in its focus to become the global pain
management leader committed to social, environmental, economic, and
ethical principles to responsibly develop pharmaceutical products
to maximize quality of life. Highly positive results from the Phase
III Pivotal Trial C.L.E.A.R Program for SEMDEXATM, its novel,
non-opioid product for the treatment of lumbosacral radicular pain
(sciatica), were announced in March 2022. Scilex targets
indications with high unmet needs and large market opportunities
with non-opioid therapies for the treatment of patients with
moderate to severe pain. Scilex launched its first commercial
product in October 2018 and is developing its late-stage pipeline,
which includes a pivotal Phase 3 candidate and one Phase 2 and one
Phase 1 candidate. Its commercial product, ZTlido® (lidocaine
topical system) 1.8%, or ZTlido®, is a prescription lidocaine
topical product approved by the U.S. Food and Drug Administration
for the relief of pain associated with postherpetic neuralgia,
which is a form of post-shingles nerve pain. Scilex’s three product
candidates are SP-102 (injectable dexamethasone sodium phosphate
viscous gel product containing 10 mg dexamethasone), or SEMDEXA™, a
Phase 3, novel, viscous gel formulation of a widely used
corticosteroid for epidural injections to treat lumbosacral
radicular pain, or sciatica, with FDA Fast Track status; SP-103
(lidocaine topical system) 5.4%, a Phase 2, triple-strength
formulation of ZTlido®, for the treatment of low back pain; and
SP-104, 4.5 mg Delayed Burst Release Low Dose Naltrexone
Hydrochloride (DBR-LDN) Capsule, for the treatment of chronic pain,
fibromyalgia in multiple Phase 1 programs expected to be initiated
this year. For further information regarding the SP-102 Phase 3
efficacy trial, see NCT identifier NCT03372161 - Corticosteroid
Lumbar Epidural Analgesia for Radiculopathy - Full Text View -
ClinicalTrials.gov.
Scilex Holding Company is headquartered in Palo
Alto, California, with operations in both Palo Alto and San Diego,
California. For further information please visit
www.scilexholding.com.
About Sorrento Therapeutics,
Inc.
Sorrento is a clinical and commercial stage
biopharmaceutical company developing new therapies to treat cancer,
pain (non-opioid treatments), autoimmune disease and COVID-19.
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”),
immuno-cellular therapies (“DAR-T™”), antibody-drug conjugates
(“ADCs”), and oncolytic virus (“Seprehvec™”). Sorrento is also
developing potential antiviral therapies and vaccines against
coronaviruses, including Abivertinib, COVI-AMG™, COVISHIELD™,
COVI-MSC™ and COVIDROPS™; and diagnostic test solutions, including
COVITRACK™ and COVISTIX™.
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 SP-102 (10 mg, dexamethasone
sodium phosphate viscous gel) (“SEMDEXA”™), a novel, viscous gel
formulation of a widely used corticosteroid for epidural injections
to treat lumbosacral radicular pain, or sciatica, and to
commercialize ZTlido® (lidocaine topical system) 1.8% for the
treatment of post-herpetic neuralgia (PHN). RTX has been cleared
for a Phase II trial for intractable pain associated with cancer
and a Phase II trial in osteoarthritis patients. Positive top-line
results from the Phase III Pivotal Trial C.L.E.A.R Program for
SEMDEXATM, its novel, non-opioid product for the treatment of
lumbosacral radicular pain (sciatica), were announced in March
2022. ZTlido® was approved by the FDA on February 28, 2018.
For more information visit
www.sorrentotherapeutics.com.
About Vickers Vantage Corp. I
Vickers Vantage Corp. I is a blank check company
formed for the purpose of effecting a merger, share exchange, asset
acquisition, share purchase, reorganization or similar business
combination with one or more businesses or entities.
Important Information for Investors and
Stockholders
This press release relates to a proposed
transaction between Scilex and VCKA. This press release does not
constitute an offer to sell or exchange, or the solicitation of an
offer to buy or exchange, any securities, nor shall there be any
sale of securities in any jurisdiction in which such offer, sale or
exchange would be unlawful prior to registration or qualification
under the securities laws of any such jurisdiction. In connection
with the transaction described herein, VCKA intends to file
relevant materials with the SEC, including a registration statement
on Form S-4, which will include a document that serves as a
prospectus and proxy statement of VCKA, referred to as proxy
statement/prospectus. After the registration statement is declared
effective by the SEC, the proxy statement/prospectus will be sent
to all VCKA shareholders as of a record date for the meeting of
VCKA shareholders to be established for voting on the proposed
business combination. VCKA will also file other documents
regarding the proposed transaction with the SEC. This press release
does not contain all of the information that will be contained in
the proxy statement/prospectus or other documents filed or to be
filed with the SEC. Investors and security holders of VCKA
are urged to read these materials (including any amendments or
supplements thereto) and any other relevant documents in connection
with the transaction that VCKA files with the SEC when, and if,
they become available because they will contain important
information about VCKA, Scilex and the proposed
transaction. Investors and security holders will be
able to obtain free copies of the registration statement, the proxy
statement/prospectus and all other relevant documents filed or that
will be filed with the SEC by VCKA through the website maintained
by the SEC at www.sec.gov.
Participants in the
Solicitation
VCKA and its directors and executive officers may
be deemed participants in the solicitation of proxies from VCKA’s
shareholders in connection with the transaction. A list of the
names of such directors and executive officers and information
regarding their interests in the proposed business combination will
be contained in the proxy statement/prospectus when available. You
may obtain free copies of these documents as described in the
preceding paragraph.
Scilex and its directors and executive officers may
also be deemed to be participants in the solicitation of proxies
from the shareholders of VCKA in connection with the proposed
transaction. Information about Scilex’s directors and executive
officers and information regarding their interests in the proposed
transaction will be included in the proxy statement/prospectus for
the proposed transaction.
Non-Solicitation
This press release is not a proxy statement or
solicitation of a proxy, consent or authorization with respect to
any securities or in respect of the potential transaction and shall
not constitute an offer to sell or a solicitation of an offer to
buy the securities of VCKA, the Combined Company or Scilex, nor
shall there be any sale of any such securities in any state or
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of such state or jurisdiction. No offer of
securities shall be made except by means of a prospectus meeting
the requirements of the Securities Act of 1933, as amended.
Forward-Looking Statements
This press release and any statements made for and
during any presentation or meeting concerning the matters discussed
in this press release contain forward-looking statements related to
VCKA, Sorrento Therapeutics, Inc. and its subsidiaries, including
but not limited to Scilex, under the safe harbor provisions of
Section 21E of the Private Securities Litigation Reform Act of 1995
and are subject to risks and uncertainties that could cause actual
results to differ materially from those projected. Forward-looking
statements include statements regarding the proposed business
combination between Scilex and VCKA, including the timing of such
business combination, the potential listing of the Combined
Company’s common stock on Nasdaq or other major securities exchange
and the anticipated stock ticker symbol for such shares, the
expectation that VCKA will file a registration statement on
Form S-4 with the SEC, which would include a proxy
statement/prospectus, the estimated or anticipated future results
and benefits of the Combined Company following the proposed
business combination, including the likelihood and ability of the
parties to successfully consummate the proposed business
combination, future opportunities for the Combined Company, the
timing of the completion of the proposed business combination,
Scilex’s and the Combined Company’s proposed business strategies,
the expected cash resources of the Combined Company and the
expected uses thereof; Scilex’s and the Combined Company’s current
and prospective product candidates, planned clinical trials and
preclinical activities and potential product approvals, as well as
the potential for market acceptance of any approved products and
the related market opportunity; statements regarding SP-102
(SEMDEXA™), if approved by the FDA; Scilex’s development and
commercialization plans; and Sorrento’s products, technologies and
prospects and Scilex’s products, technologies and prospects,
including the potential for Scilex’s product candidates to be
best-in-class or first-in-class therapies. Risks and uncertainties
that could cause Sorrento’s and Scilex’s actual results to differ
materially and adversely from those expressed in our
forward-looking statements, include, but are not limited to: the
inability of the parties to consummate the proposed business
combination transaction for any reason or the occurrence of any
event, change or other circumstances that could give rise to the
termination of the BCA, including any failure to meet applicable
closing conditions; changes in the structure, timing and completion
of the proposed transaction between VCKA and Scilex; VCKA’s ability
to continue its listing on the Nasdaq Capital Market until closing
of the proposed transaction; the Combined Company’s ability to list
its securities on Nasdaq or other major securities exchange after
closing of the proposed transaction; the ability of the parties to
achieve the benefits of the proposed transaction, including future
financial and operating results of the Combined Company; the
ability of the parties to realize the expected synergies from the
proposed transaction; risks related to the outcome of any legal
proceedings that may be instituted against the parties following
the announcement of the proposed business combination; general
economic, political and business conditions; risks related to the
ongoing COVID-19 pandemic; the risk that the potential product
candidates that Scilex develops may not progress through clinical
development or receive required regulatory approvals within
expected timelines or at all; risks relating to uncertainty
regarding the regulatory pathway for Scilex’s product candidates;
the risk that Scilex will be unable to successfully market or gain
market acceptance of its product candidates; the risk that Scilex’s
product candidates may not be beneficial to patients or
successfully commercialized; the risk that Scilex has overestimated
the size of the target patient population, their willingness to try
new therapies and the willingness of physicians to prescribe these
therapies; risks that the prior results of the clinical trials of
SP-102 (SEMDEXA™) may not be replicated; regulatory and
intellectual property risks; the risk that any requisite regulatory
approvals to complete the transaction are not obtained, are delayed
or are subject to unanticipated conditions that could adversely
affect the Combined Company or the expected benefits of the
proposed transaction or that the approval of VCKA’s shareholders is
not obtained; the risk of failure to realize the anticipated
benefits of the proposed transaction; the amount of redemption
requests made by VCKA’s shareholders and other risks and
uncertainties indicated from time to time and other risks set forth
in Sorrento’s and VCKA’s filings with the SEC. 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 may be required by law.
Contacts:
For Scilex Holding Company
Jaisim ShahChief Executive OfficerScilex Holding
Company 960 San Antonio RoadPalo Alto, CA 94303Office: (650)
516-4310Email: jshah@scilexpharma.com
Website: www.sorrentotherapeutics.com and
www.scilexholding.com
Investors and Media Contact:
Contact: Brian CooleySenior Vice PresidentCorporate
Communications and Investor RelationshipsHead of Lymphatic Drug
DeliveryEmail: mediarelations@sorrentotherapeutics.comWebsite:
www.sorrentotherapeutics.com
For Vickers Vantage Corp. I
Jeffrey Chi Chief Executive Officer 85 Broad
Street, 16th FloorNew York, NY 10004Phone: (646) 974-8301Email:
jeff.chi@vickersventure.com
Website: www.vickersvantage.com
Investors and Media Contact: Nicolette Ten, Senior
Account Executive, SPRGEmail: nicolette.ten@sprg.com.sg
Sorrento® and the Sorrento logo are registered
trademarks of Sorrento Therapeutics, Inc.
G-MAB™, DAR-T™, Seprehvec™, SOFUSA™, COVI-AMG™,
COVISHIELD™, COVIDROPS™, COVI-MSC™, COVITRACK™ and COVISTIX™ are
trademarks of Sorrento Therapeutics, Inc.
SEMDEXA™ (SP-102) is a trademark owned by Semnur
Pharmaceuticals, Inc., a wholly owned subsidiary of Scilex Holding
Company. A proprietary name review by the FDA is planned.
ZTlido® is a registered trademark owned by Scilex
Pharmaceuticals Inc., a wholly owned subsidiary of Scilex Holding
Company.
All other trademarks are the property of their
respective owners.
© 2022 Sorrento Therapeutics, Inc. All Rights
Reserved.
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