MIAMI and SAN DIEGO, July 14 /PRNewswire-FirstCall/ -- Sorrento Therapeutics, Inc., a privately-held company with a proprietary platform technology for the generation of fully human monoclonal antibodies, and QuikByte Software, Inc. (OTC Bulletin Board: QBSW), a publicly-traded company with no active operations, have signed a merger agreement pursuant to which Sorrento Therapeutics will become a wholly owned subsidiary of QuikByte. After the merger is completed, QuikByte will be renamed to integrate the Sorrento brand and will be headquartered in San Diego, California. The merger is expected to close in the third quarter of 2009.
The closing of the transaction is subject to, among other conditions, QuikByte's receipt of an aggregate investment of $2 million from certain investors. QuikByte anticipates that among the investors will be affiliates of Dr. Phillip Frost, Chairman and Chief Executive Officer of OPKO Health, Inc. (NYSE Amex: OPK), which is an existing Sorrento stockholder, Glenn L. Halpryn, chairman, president and CEO of QuikByte, and Steven Jerry Glauser, President of the Glauser Group, Denver, Colorado and President and Managing Partner of Alex Rodriguez Mercedes Benz, Houston, Texas. Under the terms of the merger agreement, upon consummation of the merger, the current QuikByte shareholders will own approximately 4.92% of the company, the new investors in QuikByte will own approximately 19.83% of the company, and current Sorrento Therapeutics stockholders, including OPKO, will own approximately 75.25% of the company, in each case on a fully-diluted basis.
Following the merger, the board of directors of QuikByte will consist of four directors to be appointed by Dr. Antonius Schuh, the current president and CEO of Sorrento Therapeutics, two directors to be appointed by OPKO and one direct
|SOURCE QuikByte Software, Inc.|
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