SORRENTO THERAPEUTICS INC - SRNE STOCK NEWS

Scilex Holding Company, a subsidiary of Sorrento Therapeutics (Nasdaq: SRNE), reported a 53% year-over-year increase in preliminary gross sales of its ZTlido product, reaching $8.1 million in March 2022. First-quarter gross sales for ZTlido totaled approximately $18.4 million, up 26% from the previous year. The company has prioritized access to select payor accounts representing 200 million of the 300 million covered lives in the U.S. Scilex is also preparing for a business combination with Vickers Vantage Corp. I, which is expected to close by Q3 2022, pending shareholder approval.

Sorrento Therapeutics (SRNE) has received FDA clearance to begin a Phase 3 clinical trial for Abivertinib in severe COVID-19 patients requiring oxygen supplementation. This trial includes a Phase 2 run-in to determine the recommended Phase 3 dose. Previous Phase 2 studies indicated that high-risk patients on non-invasive ventilation showed up to a 5-fold increased benefit from Abivertinib compared to those on low flow oxygen. The study, conducted across multiple sites in the USA, Mexico, and Brazil, aims to address the limited treatment options for severely affected COVID-19 patients.

Scilex Holding Company, a majority-owned subsidiary of Sorrento Therapeutics (NASDAQ: SRNE), has announced a non-binding term sheet with B. Riley Principal Capital for a committed equity financing facility. This facility allows Scilex to sell up to $5 billion of its registered common stock over a five-year period, enhancing financial flexibility as it advances drug development and business initiatives. The agreement coincides with the pending merger with Vickers Vantage Corp I, expected to close in Q3 2022, pending shareholder approval.

Sorrento Therapeutics (Nasdaq: SRNE) announced a breakthrough in COVID-19 vaccine development, perfecting a designer mRNA vaccine that targets the Omicron and Delta variants. This new vaccine includes a furin cleavage site mutation to enhance safety by reducing undesirable side effects. Trials show strong immunity against variants in animals, indicating broad-spectrum efficacy. Sorrento aims to seek Emergency Use Authorization (EUA) for this innovation in Mexico and other developing countries to address global vaccination needs.

Scilex Holding Company announced positive results from its SP-102 (SEMDEXA™) Phase 3 C.L.E.A.R. trial, involving 401 patients with radiculopathy. The trial showed significant pain relief with a mean difference of -1.08 against placebo (p < 0.001) in just four weeks. SP-102 demonstrated sustained effects, with a median time to repeat injection reaching 99 days. Improvement in disability, as measured by the Oswestry Disability Index, reached 28%. The product, which received FDA Fast Track status, boasts a clean safety profile with no serious adverse events linked to the treatment.

Scilex Holding Company, a subsidiary of Sorrento Therapeutics (Nasdaq: SRNE), has announced a merger with Vickers Vantage Corp. I, which values the combined company at approximately $1.64 billion. The merger will grant Scilex stockholders an estimated 88% ownership in the new entity. The combined company plans to utilize the anticipated $140 million in gross proceeds to fund the registration and commercialization of its leading candidate, SP-102 (SEMDEXA™), a potential first-to-market non-opioid treatment for sciatica. The merger is expected to close by Q3 2022.

Sorrento Therapeutics (SRNE) announced promising preclinical results for its intranasal neutralizing antibody, STI-9199, demonstrating that it can prevent SARS-CoV-2 infections in animals when administered 24 hours prior to exposure. This finding suggests potential applications for high-risk groups, including household members of infected individuals and healthcare workers. The FDA has cleared the IND for STI-9199, signaling progress toward clinical trials. The company emphasizes the broad neutralizing activity of STI-9167 against COVID-19 variants, including Omicron strains.

FDA has granted IND clearance for STI-9199 (COVISHIELD) to Sorrento Therapeutics (SRNE) for a Phase 1 study focusing on safety and pharmacokinetics in healthy volunteers. This will be followed by Phase 2/3 trials in the USA, UK, and Mexico targeting mild to moderate COVID-19 patients. STI-9199 shows efficacy against key SARS-CoV-2 variants, including Omicron strains. Sorrento plans to consult with the FDA on endpoints for a pivotal study, which could lead to Emergency Use Authorization pending successful trial results.

Sorrento Therapeutics (Nasdaq: SRNE) announced that its antibody STI-9167 demonstrates effective neutralization against the Omicron variants BA.1, BA.1+R346K, and BA.2, exhibiting superior performance relative to other EUA-approved treatments. An IND application for COVISHIELD IN, a formulation for intranasal administration, was submitted to the FDA on February 1, 2022, aimed at treating early symptomatic and asymptomatic COVID-19 infections. The company is advancing to clinical trials for both COVISHIELD and COVISHIELD IN, following promising preclinical results.