In connection with the merger, Dr. Antonius Schuh, who was the Chief Executive Officer of STI immediately prior to the merger, was appointed Chief Executive Officer of QuikByte, and Dr. Henry Ji, the inventor of the STI technology, who was the Chief Scientific Officer of STI prior to the merger, was appointed Chief Scientific Officer of QuikByte. Upon the merger, the board of directors of QuikByte was reconstituted to include four directors appointed by Dr. Schuh, who include Drs. Schuh and Ji, two directors appointed by OPKO and one director appointed by QuikByte.
Dr. Schuh commented, "Sorrento Therapeutics is excited to join with QuikByte, OPKO and Dr. Frost as we develop our proprietary platform technology for the generation of fully human monoclonal antibodies."
Mr. Glenn L. Halpryn, the Chairman, President and Chief Executive Officer of QuikByte prior to the merger stated, "We are pleased that QuikByte has this opportunity to enter into the growing field of human antibodies with an experienced team led by Drs. Schuh and Ji. The merger provides QuikByte shareholders with the opportunity to benefit from the experience of Sorrento's management and its proprietary technology as the Company develops its human antibody library." Mr. Halpryn will remain a director of QuikByte following the merger.
The securities issued in the private placement have not been registered under the Securities Act of 1933 and may not be offered or sold in the United States absent registration under the Securities Act of 1933 and applicable state securities laws or avail
|SOURCE Sorrento Therapeutics, Inc.|
Copyright©2009 PR Newswire.
All rights reserved