Navigation Links
QuikByte Software, Inc. and Sorrento Therapeutics, Inc. Announce Merger Agreement
Date:7/14/2009

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 director to be appointed by QuikByte. Dr. Schuh, a certified pharmacist who holds a Ph.D. degree in medicinal chemistry, will be the CEO of the company following the merger. Dr. Henry Ji, the sole inventor of the Sorrento technology who holds a Ph.D. in Animal Physiology and is the Chief Scientific Officer of Sorrento Therapeutics, will be the Chief Scientific Officer of the company following the merger.

Dr. Schuh commented, "Sorrento Therapeutics is excited to join with QuikByte as we develop and commercialize our proprietary technology for the generation of fully human monoclonal antibodies."

Glenn L. Halpryn stated "We are pleased that QuikByte has this opportunity to enter into the growing pharmaceutical field of human antibodies with an experienced team led by Drs. Schuh and Ji."

About Sorrento Therapeutics, Inc.

Sorrento Therapeutics, Inc. provides a broad, generally applicable platform for the generation of fully human monoclonal antibodies based on its proprietary technology. Sorrento intends to become a leading technology provider and developer of fully human monoclonal antibodies for research, diagnostic and therapeutic use.

About QuikByte Software, Inc.

QuikByte Software, Inc. is a publicly traded company with no active operations.

This press release contains "forward-looking statements," as that term is defined under the Private Securities Litigation Reform Act of 1995 (PSLRA), which statements may be identified by words such as "expects," "plans," "projects," "will," "may," "anticipates," "believes," "should," "intends," "estimates," and other words of similar meaning, including statements regarding expectations, beliefs or intentions regarding our business, technologies and products, financial condition, strategies or prospects, the merger and the other transactions contemplated by the merger agreement. Actual results may differ from those projected due to a number of risks and uncertainties, including, but not limited to, the possibility that some or all of the pending matters and transactions considered by QuikByte may not proceed as contemplated, and by all other matters specified in QuikByte's filings with the Securities and Exchange Commission, as well as risks inherent in funding, developing and obtaining regulatory approvals of new, commercially-viable and competitive products. These statements are made based upon current expectations that are subject to risk and uncertainty and information available to QuikByte as of the date of this press release. QuikByte does not undertake to update forward-looking statements in this press release to reflect actual results, changes in assumptions or changes in other factors affecting such forward-looking information. Assumptions and other information that could cause results to differ from those set forth in the forward-looking information can be found in QuikByte's filings with the Securities and Exchange Commission, including its most recent periodic report. We intend that all forward-looking statements be subject to the safe-harbor provisions of the PSLRA.


'/>"/>
SOURCE QuikByte Software, Inc.
Copyright©2009 PR Newswire.
All rights reserved

Related medicine news :

1. QuikByte Software, Inc. Announces Changes to Board of Directors and Executive Ranks
2. Call- Shadow IP Call Management Software, V.5. Now 64 bit with SIP and Enhanced Platform Support
3. Elsevier Acquires Professional Development Software, Inc., Provider of Software for Nurses Online Learning Education
4. Sorrento(R) Cheese Launches First Omega-3 Cheese on the Market
5. Cell Therapeutics, Inc. (CTI) to Present at BIO Investor Forum
6. Horizon Therapeutics, Inc. Scheduled to Present at Upcoming BioPartnering Europe Meeting
7. Sontra Medical Corporation Changes Name to Echo Therapeutics, Inc.
8. Cell Therapeutics, Inc. (CTI) CIBC and Rodman & Renshaw Healthcare Conference Presentations to be Webcast
9. Cell Therapeutics, Inc. (CTI) to Report Third Quarter Financial Results on November 8
10. Cell Therapeutics, Inc. (CTI) Reports Recent Accomplishments and Third Quarter 2007 Financial Results
11. Cell Therapeutics, Inc. (CTI) Appoints Jim Fong as Vice President, Commercial Operations
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:5/26/2016)... ... ... Despite last week’s media reports hinting at a June rate hike after the Federal ... an interest rate increase, according to Rajeev Dhawan of the Economic Forecasting Center at ... Committee (FOMC) dot charts are of interest to the press for their noise potential,” ...
(Date:5/26/2016)... Missouri (PRWEB) , ... May 26, 2016 , ... ... quality and clinical outcomes, hosted members and suppliers for its inaugural Member Conference ... focus on their mission of elevating the operational health of America’s healthcare providers. ...
(Date:5/26/2016)... ... , ... The Woodlands at John Knox Village , Florida’s first Life ... living and healing, celebrated its grand opening, today. The Woodlands at John Knox Village ... Empowered Staff. , “This is an incredibly fulfilling time for John Knox Village as ...
(Date:5/26/2016)... ... 2016 , ... Catalent Pharma Solutions, the leading global provider ... global clinical supply services, today announced two key appointments and the opening of ... strategic growth plans in the Asia Pacific region. , Howard Kim has joined ...
(Date:5/26/2016)... ... May 26, 2016 , ... Memorial Day Weekend marks the unofficial ... is sharing tips to make sure your family and vehicle are ready to ... Council, there may be 439 deaths and an additional 50,500 serious injuries from motor ...
Breaking Medicine News(10 mins):
(Date:5/26/2016)... -- A key trend that will boost ... new treatments. Cardax, a development stage life sciences company, ... is expected to fulfil large unmet medical needs in ... to develop new treatments for osteoarthritis. One such study ... osteoarthritis are being investigated, and early trials of stem-cell ...
(Date:5/26/2016)... May 26, 2016 Since its ... into an essential life science tool for conducting genetic ... BCC Research reveals in its new report that the ... phase, one powered by a range of new applications ...      (Logo: http://photos.prnewswire.com/prnh/20140723/694805 ) , ...
(Date:5/25/2016)... , Deutschland und GERMANTOWN, Maryland ... Zusammenarbeit mit Therawis bedient dringenden ... Brustkrebs   QIAGEN N.V. (NASDAQ: ... heute bekannt, eine Lizenz- und Entwicklungsvereinbarung mit Therawis ... für die Onkologie eingegangen zu sein. Ein erstes ...
Breaking Medicine Technology: