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:6/27/2016)... California (PRWEB) , ... June ... ... pioneer in the patient payment industry today announced its strategic partnership with ... health system workflows. , The two companies’ proven, proprietary technology combine to ...
(Date:6/26/2016)... ... June 26, 2016 , ... Pixel Film Studios Released ProSlice ... "Film editors can give their videos a whole new perspective by using the ... of Pixel Film Studios. , ProSlice Levels contains over 30 Different presets to ...
(Date:6/25/2016)... ... June 25, 2016 , ... Austin residents seeking Mohs surgery services, can now ... and to Dr. Russell Peckham for medical and surgical dermatology. , Dr. Dorsey brings ... The selective fellowship in Mohs Micrographic Surgery completed by Dr. Dorsey was under the ...
(Date:6/25/2016)... ... June 25, 2016 , ... Dr. Calvin Johnson has ... he has implemented orthobiologic procedures as a method for treating his patients. The ... first doctors to perform the treatment. Orthobiologics are substances that orthopaedic surgeons use ...
(Date:6/24/2016)... ... 24, 2016 , ... June 19, 2016 is World Sickle Cell Observance Day. ... the benefits of holistic treatments, Serenity Recovery Center of Marne, Michigan, has ... , Sickle Cell Disease (SCD) is a disorder of the red blood cells, which ...
Breaking Medicine News(10 mins):
(Date:6/24/2016)... Mass. , June 24, 2016   ... Spaulding Rehabilitation Network,s Dean Center for Tick ... Physical Medicine and Rehabilitation, MIT Hacking Medicine, University ... for Innovation, today announced the five finalists of ... for Lyme disease.  More than 100 scientists, clinicians, ...
(Date:6/24/2016)... June 24, 2016 Dehaier Medical Systems Ltd. ... which develops, markets and sells medical devices and wearable ... signed a strategic cooperation agreement with Hongyuan Supply Chain ... Chain") on June 20, 2016, to develop Dehaier,s new ... cooperation agreement, Dehaier will leverage Hongyuan Supply Chain,s sales ...
(Date:6/24/2016)... Mass. , June 24, 2016   Pulmatrix, ... pharmaceutical company developing innovative inhaled drugs, announced today that ... Russell Investments reconstituted its comprehensive set of ... "This is an important milestone for Pulmatrix," ... will increase shareholder awareness of our progress in developing ...
Breaking Medicine Technology: