SAN DIEGO and MIAMI, Sept. 18 /PRNewswire-FirstCall/ -- Sorrento Therapeutics, Inc. ("STI"), a privately-held and development-stage biopharmaceutical company with a proprietary technology platform for the discovery and development of human therapeutic antibodies for the treatment of a variety of disease conditions, has merged with a wholly-owned subsidiary of QuikByte Software, Inc. (OTC Bulletin Board: QBSW), a publicly-traded company with no active operations. As a result of the merger, Sorrento has become a wholly-owned subsidiary of QuikByte. In connection with the consummation of the merger, QuikByte intends to change its name to "Sorrento Therapeutics, Inc." and redomesticate to a corporation incorporated under the laws of the State of Delaware. The combined company will be headquartered in San Diego, California.
Immediately prior to the closing of the merger, QuikByte completed a $2 million private placement of its common stock to certain investors, including affiliates of Dr. Phillip Frost, Chairman and Chief Executive Officer of OPKO Health, Inc. (NYSE Amex: OPK), which was a stockholder of STI prior to the merger, and an affiliate of Mr. Glenn L. Halpryn, a director of QuikByte and its Chairman, President and Chief Executive Officer prior to the merger, and Mr. Steven Jerry Glauser, a greater than 5% shareholder of QuikByte, President of the Glauser Group, Denver, Colorado and President and Managing Partner of Alex Rodriguez Mercedes Benz, Houston, Texas.
Upon the completion of the merger, after giving effect to the private placement, the QuikByte shareholders as of immediately prior to the private placement owned approximately 4.92% of the combined company, the investors in the private placement, some of whom were QuikByte or STI shareholders prior to the private p
|SOURCE Sorrento Therapeutics, Inc.|
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