SORRENTO THERAPEUTICS INC - SRNE STOCK NEWS

Sorrento Therapeutics (Nasdaq: SRNE) has acquired Virex Health, Inc., a Boston-based company known for its innovative at-home diagnostic platform, Virex Technology, on February 1, 2022. This technology utilizes electrochemical amplification to detect multiple biological analytes, including COVID-19, liver cancer markers, and more, with results in as little as 5 minutes. The acquisition is strategic, leveraging Sorrento's expertise in antibody development and widespread manufacturing infrastructure to enhance affordability and scalability in at-home diagnostics.

Sorrento Therapeutics (Nasdaq: SRNE) announced the effectiveness of its Mpro inhibitor, STI-1558, against the Omicron variant of SARS-CoV-2 in preclinical studies. With an EC50 value of 360 nM, STI-1558 shows comparable antiviral activity to the Delta variant. Notably, it possesses improved human liver stability and does not require Ritonavir, reducing potential drug interactions. The company is focused on developing effective COVID-19 therapies, as current vaccines offer limited protection against Omicron.

Sorrento Therapeutics Mexico has secured emergency use authorization (EUA) from COFEPRIS to import, market, and distribute COVISTIX tests in Mexico amidst a COVID-19 surge. Following a successful tender offer, Sorrento Mexico has ordered 10 million tests for immediate delivery. The company anticipates that demand will exceed this initial order. This comes as Mexico grapples with rising COVID-19 cases and significant testing gaps, highlighting the urgency for increased testing capacity.

Sorrento Therapeutics, Inc. (Nasdaq: SRNE) announced new data on the Omicron neutralizing antibody STI-9167, known as COVISHIELD. Discovered in collaboration with Icahn School of Medicine, this antibody has shown high potency against the Omicron variant with an in vitro IC₅₀ of 25 ng/mL. Preclinical studies indicate strong protection against Omicron in animal models. Sorrento has secured GMP manufacturing capabilities and plans to submit Investigational New Drug applications in the US, UK, and Mexico within a month.

Sorrento Therapeutics (Nasdaq: SRNE) has announced promising data for its Omicron neutralizing antibody, STI-9167, developed in collaboration with Icahn School of Medicine at Mount Sinai. The antibody shows high potency against Omicron, with an IC₅₀ of 25 ng/ml, and is effective against the Omicron (+R346K) variant. Administered intranasally or intravenously at low doses, STI-9167 demonstrated strong protective effects in animal models. The company aims to file an Investigational New Drug (IND) application soon to speed up clinical trials.

Sorrento Therapeutics, Inc. (Nasdaq: SRNE) announced the distribution of approximately 1 million COVISTIX tests in Mexico, responding to rising demand for a sensitive test that detects all SARS-CoV-2 variants, including Omicron. Additional millions of tests are scheduled for delivery, and tens of millions are being manufactured globally to meet the increasing need. CEO Dr. Henry Ji emphasized the significant unmet demand for rapid antigen testing. This expansion indicates strong market demand and highlights Sorrento's position in the diagnostics sector amidst ongoing pandemic needs.

Sorrento Therapeutics (SRNE) has announced the completion of enrollment for its US Phase 2 study of COVI-DROPS™, a neutralizing antibody treatment for COVID-19 outpatients, enrolling 72 individuals. This study aims to assess the efficacy of three dosage levels (10 mg, 20 mg, and 40 mg) against viral load reduction. Additionally, the UK Phase 2 trial has achieved 50% enrollment with 175 participants. Both trials have shown COVI-DROPS to be well tolerated with no significant safety concerns reported so far. Results from these trials are expected in the coming months.

Sorrento Therapeutics (SRNE) announced regulatory approval from Brazil's ANVISA to initiate a Phase 2 clinical trial for COVI-MSC, aimed at treating pulmonary complications in COVID-19 long-haulers. The study will involve 60 patients and assess the efficacy of mesenchymal stromal cells compared to a placebo. Long COVID symptoms can affect up to 30% of recovered patients, leading to chronic respiratory issues. The trial seeks to determine the therapeutic potential of COVI-MSC in alleviating these persistent health challenges.

Sorrento Therapeutics, Inc. (Nasdaq: SRNE) announced that Sorrento Therapeutics Mexico won a tender offer to supply COVISTIX COVID-19 Virus Rapid Antigen Detection tests to the Mexico City Municipal Government. The tests, effective for detecting the Omicron variant, will be delivered this week. Sorrento aims to engage in more global tenders as governments increase COVID testing efforts. The company is positioned as a potential key partner due to COVISTIX's high sensitivity and availability.