SORRENTO THERAPEUTICS INC - SRNE STOCK NEWS

On February 2, 2023, Sorrento Therapeutics, Inc. (Nasdaq: SRNE) announced a supplement to its FAQs regarding the dividend distribution of Scilex Holding Company's common stock to its stockholders. This update confirms the removal of the contra-CUSIP by the Depository Trust Clearing Corporation (DTCC), which is effective immediately for the shares distributed as a dividend. It also advises concerned brokerage firms and banks to verify the dividend confirmation previously sent. Sorrento reiterated important points about stock loans and dividend entitlements for Record Holders. For more details, visit Sorrento's investor relations website.

Sorrento Therapeutics announced a dividend of 76 million shares of Scilex Holding Company stock, effective January 19, 2023. Stockholders of record as of January 9, 2023, will receive 0.1410127 shares of Scilex for each share of Sorrento owned. Fractional shares will be compensated in cash based on Scilex's closing price of $5.87 on the record date. The dividend payment will not require stockholder approval and will be issued in book-entry form, with transfer restrictions lifting on May 12, 2023. The dividend doesn't change Sorrento's stock status as it will continue trading under the ticker SRNE.

Sorrento Therapeutics (Nasdaq: SRNE) announced a stock dividend of 76 million shares of Scilex Holding Company (Nasdaq: SCLX). The Record Date for this dividend was January 9, 2023, with shares distributed on January 19, 2023. Each Sorrento stockholder will receive 0.1410127 shares of Scilex for each share held. No fractional shares will be issued; instead, cash will be provided for any fractions at a rate of $5.87 per share. The Dividend Stock will have transfer restrictions until May 11, 2023. The announcement provides clarity to stockholders on how to obtain their dividend and addresses implications for short positions in Sorrento stock.

Sorrento Therapeutics (SRNE) has announced topline results from a Phase 1b study of STI-1558, an oral main viral protease inhibitor for COVID-19. Conducted in China, the study involved single and multiple ascending doses, demonstrating that STI-1558 was well-tolerated with no severe adverse events. The 600 mg BID dose showed significant viral load reduction in COVID-19 patients by Day 2. The pharmacokinetics were consistent with prior studies, confirming adequate blood levels. A Phase 3 trial protocol has been submitted to the National Medical Products Administration of China, aiming to enroll 1,200 patients.

Sorrento Therapeutics has received FDA clearance to begin clinical trials for STI-1557, a next-generation mRNA vaccine targeting SARS-CoV-2 Omicron variants. This innovative vaccine includes a modified spike protein designed to improve safety by preventing S1 subunit leakage, which is associated with side effects from existing mRNA vaccines. Preclinical studies show promise for improved immune responses with both traditional and advanced lymphatic delivery methods. If successful, STI-1557 could serve as a vital alternative to current vaccines and enhance global access in underserved regions.

Sorrento Therapeutics (SRNE) announced promising Phase II results for IMC-001, a PD-L1 monoclonal antibody, showing a 60% objective response rate in heavily treated NK/T-cell lymphoma patients. Notably, 100% complete remission was achieved among responders. The study also indicates sustained safety and efficacy for prolonged therapy beyond a year. Presented at ESMO Asia 2022, these results highlight IMC-001's potential in a market with significant unmet needs, as no immuno-oncology drug is currently approved for this indication.

Sorrento Therapeutics (Nasdaq: SRNE) announced the availability of topline safety and pharmacokinetic data from its Phase I study of STI-1558, an oral M^pro inhibitor for COVID-19, conducted in 58 healthy volunteers in Australia. The study showed STI-1558 was well-tolerated with no severe adverse events. The pharmacokinetic profile demonstrated dose proportionality, and trough levels were significantly above the effective concentration for viral inhibition. A similar study in China is underway, and Phase II/III trial protocols have been submitted to regulatory agencies, including the US FDA.

Sorrento Therapeutics (Nasdaq: SRNE) announced a virtual Key Opinion Leader panel discussion focused on its Sofusa Lymphatic Drug Delivery System, scheduled for November 17, 2022. The discussion will review clinical data showing significant improvements in disease activity and lymphatic function in rheumatoid arthritis patients who responded inadequately to traditional treatments. All enrolled patients reported a positive response to Sofusa, with dosages lower than standard treatments. This data was also presented at the ACR Convergence 2022 meeting.

Scilex Holding Company will ring the Nasdaq opening bell on November 11, 2022, at 9:30 a.m. ET following its business combination with Vickers Vantage Corp. I. The company aims to enhance growth in the non-opioid pain management sector, focusing on both acute and chronic pain treatments. Scilex's stock will trade under the ticker SCLX. The event celebrates Scilex's transition to a public entity and its commitment to responsible pharmaceutical development.