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Sorrento Therapeutics Completes IgDraSol Merger
Date:9/10/2013

SAN DIEGO, Sept. 10, 2013 /PRNewswire/ -- Sorrento Therapeutics, Inc. (OTC QB: SRNE; Sorrento) announced today that it has completed the merger with IgDraSol, Inc., a privately-held company focused on the development of cancer therapeutics. Upon the closing of the merger, IgDraSol shareholders will receive the equivalent of 3,047,968 million shares of Sorrento's common stock. Such issuance reflects Sorrento's recent reverse stock split, and based on the closing share price on September 6, 2013, the transaction is valued at $28.2 million.

Sorrento's drug development pipeline now features the late-stage compound, Cynviloq™, a next-generation nanoparticle formulation of paclitaxel for the potential treatment of metastatic breast cancer (MBC), non-small cell lung cancer (NSCLC), pancreatic cancer (PC), and other solid tumors. In July, the FDA Division of Oncology Products 1 agreed that the data available are sufficient to support a 505(b)(2) pathway, using Abraxane® and Taxol® as the Reference Listed Drugs, to obtain approval. Sorrento anticipates initiating the single Bioequivalence trial required for registration, in the fourth quarter of 2013.

Sorrento is advancing its G-MAB® library-derived fully human therapeutic antibody candidates against a number of clinically relevant targets, including PD-L1, PD-1, and G Protein-Coupled Receptors (GPCRs).  Sorrento is also developing proprietary antibody drug conjugates (ADCs) as well as antibody formulated drug conjugates (AfDC) combining its G-MAB® antibodies and anti-tumor agents.

In connection with the merger: (i) Dr. Vuong Trieu, the former Chief Executive Officer of IgDraSol, was appointed Chief Scientific Officer of Sorrento, (ii) George Uy, the former Chief Commercial Officer of IgDraSol, was appointed Chief Commercial Officer of Sorrento, and (iii) the board of directors of S
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SOURCE Sorrento Therapeutics, Inc.
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