Sorrento Therapeutics

Sorrento Therapeutics is a publicly owned, anti-body centric, clinical stage biopharmaceutical company based in San Diego, California. It develops new treatments for cancer, inflammation, and autoimmune disease. The company aims to turn malignant cancers into manageable and possibly curable disease.

Sorrento's immuno-oncology (I-O) portfolio comprises of a wide array of assets, including a broad fully human antibody library (G-MAB), clinical stage chimeric antigen receptor-T cells (CAR-T), intracellular targeting antibodies (iTAbs), antibody drug conjugates (ADC), and an oncolytic virus (Seprehvir).

Under the I-O category, the company's cross-portfolio asset combination therapies include:

• CD38 CAR-T -- IND enabling for multiple myeloma

• CEA CAR-T -- Phase 1 clinical trials for metastatic liver tumors
• CD38 ADC -- IND enabling

Seprehvir is also under the I-O program and is in the Phase 1 of clinical trials for solid tumors, including glioblastoma, mesothelioma, melanoma, head and neck cancer, pediatric sarcomas, and pediatric neuroblastomas.

Within the pain management category, Sorrento's ZTlido is a lidocaine topical system which is available in the market as of October 2018. They are also developing RTX (resiniferatoxin), a first-class (TRPV1 agonist) non-opioid pain management molecule. As of December 2018, several administration routs are in various stages of Phase 1 trials for terminal cancer pain as well as moderate to severe osteoarthritis pain.

COVID-19

During the COVID-19 pandemic, the company developed a cellular vaccine for the virus that is still in pre-clinical trials. It also formed partnerships with other biotechnology companies, including SmartPharm Therapeutics and Mabpharm, to collaborate on the development, manufacturing, and distribution .

Funding

Venture

On June 19, 2009 Sorrento Therapeutics announced raising $2.3 million in venture funding from undisclosed investors.

Venture

On January 11, 2012 Sorrento Therapeutics announced raising $2 million in venture capital funding from undisclosed investors.

Venture

On March 28, 2013 Sorrento Therapeutics announced raising $6.4 million in venture capital funding from undisclosed investors.

Debt financing

On October 22, 2013 Sorrento Therapeutics announced raising $1.9 million in debt financing from undisclosed investors.

Post-IPO Equity

On April 11, 2016 Sorrento Therapeutics announced raising $150 million in post-IPO equity from Ally Bridge Group. The funding allowed Ally Bridge Group to buy new shares at a share price of $5.55 and warrants to buy common stock in the company at an exercise share price of $8.50.

Loan facility

On November 28, 2016 Sorrento Therapeutics announced raising $75 million in the form of a loan facility from Hercules Capital which will be issues in three tranches of $50 million, $10 million, and $15 million. The loan facility agreement is set to mature on December 1, 2020.

Post-IPO Equity

On October 9, 2019 Sorrento Therapeutics announced raising approximately $22.3 million in post-IPO equity from the sale of common stock and warrants at a combined purchase price of $2.30 per share. The company plans on using the funding primarily for continuing their clinical development of its RTX and CD38 CAR-T programs, and covering general research and development costs.