Sorrento Mexico and the National Institute of Genomic Medicine (INMEGEN) of Mexico Government Execute Memorandum of Understanding (MOU) for Rapid Clinical Development of COVID-19 Diagnostics, Therapeutics and Multivalent mRNA-Based Vaccines Against SARS-CoV-2 and Its Variants of Concerns

Rhea-AI Summary

Sorrento Therapeutics announced that its subsidiary, Sorrento Mexico, has signed a Memorandum of Understanding (MOU) with INMEGEN to collaborate on developing COVID-19 related products. Following the Emergency Use Authorization of COVI-STIX in Mexico, both entities aim to advance various solutions, including diagnostics and vaccines.

Sorrento Mexico plans to establish local clinical research capabilities at INMEGEN's facilities and work with Mexican hospitals on clinical protocols to expedite product development and regulatory approvals for a suite of COVID-19 solutions.

Positive

• Execution of an MOU with INMEGEN for collaborative development of multiple COVID-19 products.
• Establishment of local clinical research capabilities within INMEGEN's facilities in Mexico City.
• Inclusion of a diverse pipeline of COVID-19 solutions, including diagnostics and therapeutics.

Negative

• None.

• After COVI-STIX™ (COVID-19 VIRUS RAPID ANTIGEN DETECTION TEST) obtained Emergency Use Authorization (EUA) approval from the Mexican Comisión Federal para la Protección contra Riesgos Sanitarios (COFEPRIS), Sorrento and Mexican INMEGEN (“Instituto Nacional de Medicina Genomica”) have held meetings to explore collaboration.
  
  
• Sorrento Therapeutics Mexico (“Sorrento Mexico”) and INMEGEN have executed an MOU to further collaborate on clinical development of a broad pipeline of COVID products, including diagnostics, multivalent mRNA-based vaccines and therapeutics. Sorrento provides its most comprehensive portfolios and a “one-stop-shop" of potential solutions for governments interested in a multi-modal “detect and treat” approach to the COVID-19 pandemic.
  
  
• Sorrento Mexico plans to install local clinical research and development capabilities within the INMEGEN facilities and personnel in Mexico City and will work closely with Mexican hospitals and clinical institutions on clinical protocols, regulatory registration and approval requirements for the COVID-19 product development.
  

SAN DIEGO, Aug. 03, 2021 (GLOBE NEWSWIRE) -- Sorrento Therapeutics, Inc. (Nasdaq: SRNE, "Sorrento") today announced that its subsidiary company, Sorrento Therapeutics Mexico (“Sorrento Mexico”), has entered into an MOU agreement with the National Institute of Genomic Medicine INMEGEN (“Instituto National de Medicine Genomica”) to cooperate in the development, testing and support of multiple COVID-19 related products Sorrento plans to commercialize in Mexico.

Sorrento Mexico and INMEGEN will expand its collaboration to include additional Sorrento COVID pipeline products spanning diagnostics, therapeutics and multivalent vaccines, including the following product candidates:

• COVITRACK™: COVID-19 antibody detection diagnostic test for vaccinated people;
• STI-2020 (COVI-AMG™): Affinity matured neutralizing antibody against SARS-CoV-2 for outpatient COVID patients;
• STI-2099 (COVIDROPS™): Intranasal neutralizing antibody version of COVI-AMG for newly diagnosed COVID patients;
• COVISHIELD™: Cocktail of neutralizing antibodies against variants of concern of SARS-CoV-2;
• STI-5656 (Abivertinib): BTK inhibitor for the treatment of acute respiratory distress syndrome (ARDS) in hospitalized COVID patients;
• STI-8282 (COVI-MSC™): Allogeneic mesenchymal stem cells for the treatment of COVID-associated ARDS in severe COVID patients; and
• Multivalent mRNA Vaccines: mRNA-based multivariant vaccines protecting against SARS-CoV-2 virus, Alpha, Beta, Delta and Gamma variants of concern.
  

Sorrento Mexico plans to establish a local research laboratory within INMEGEN’s facilities to ensure close collaboration between the INMEGEN and Sorrento teams for testing, clinical trials and development of COVID related products.

“We are excited about our close collaboration with INMEGEN and intend to have Sorrento Mexico as a gateway to all Latin American countries for our innovative COVID diagnostic, vaccine and therapeutic product candidates,” said Henry Ji, Ph.D., Chairman and CEO of Sorrento Therapeutics.

About Sorrento Therapeutics, Inc.

Sorrento is a clinical stage, antibody-centric, biopharmaceutical company developing new therapies to treat cancers and COVID-19. Sorrento's multimodal, multipronged approach to fighting cancer is made possible by its extensive immuno-oncology platforms, including key assets such as fully human antibodies (“G-MAB™ library”), clinical stage immuno-cellular therapies (“CAR-T”, “DAR-T™”), antibody-drug conjugates (“ADCs”), and clinical stage oncolytic virus (“Seprehvir™”). Sorrento is also developing potential antiviral therapies and vaccines against coronaviruses, including COVIGUARD™, COVI-AMG™, COVISHIELD™, Gene-MAb™, COVI-MSC™ and COVIDROPS™; and diagnostic test solutions, including COVITRACK™, COVI-STIX™ and COVITRACE™.

Sorrento's commitment to life-enhancing therapies for patients is also demonstrated by our effort to advance a first-in-class (TRPV1 agonist) non-opioid pain management small molecule, resiniferatoxin (“RTX”), and SP-102 (10 mg, dexamethasone sodium phosphate viscous gel) (SEMDEXA™), a novel, viscous gel formulation of a widely used corticosteroid for epidural injections to treat lumbosacral radicular pain, or sciatica, and to commercialize ZTlido^® (lidocaine topical system) 1.8% for the treatment of post-herpetic neuralgia. RTX has completed a Phase IB trial for intractable pain associated with cancer and a Phase 1B trial in osteoarthritis patients. SEMDEXA is in a pivotal Phase 3 trial for the treatment of lumbosacral radicular pain, or sciatica. ZTlido^® was approved by the FDA on February 28, 2018.

For more information visit www.sorrentotherapeutics.com.

Forward-Looking Statements

This press release and any statements made for and during any presentation or meeting contain forward-looking statements related to Sorrento Therapeutics, Inc., under the safe harbor provisions of Section 21E of the Private Securities Litigation Reform Act of 1995 and subject to risks and uncertainties that could cause actual results to differ materially from those projected. Forward-looking statements include statements regarding Sorrento’s expectations regarding the collaboration between INMEGEN and Sorrento to conduct clinical development activities for Sorrento’s COVID-19 related diagnostics, therapeutics and vaccine product candidates in Mexico, including testing, clinical trials and product development; the installation of clinical research and development capabilities within INMEGEN; the plan to work with Mexican hospitals and clinical institutions on clinical and regulatory activities; and Sorrento’s potential position in the diagnostics, therapeutics and vaccine industries. Risks and uncertainties that could cause our actual results to differ materially and adversely from those expressed in our forward-looking statements, include, but are not limited to: risks related to Sorrento's and its subsidiaries', affiliates’ and partners’ technologies and prospects and collaborations with partners, including, but not limited to risks related to seeking regulatory approval for Sorrento’s COVID-19 products in Mexico and Latin America; clinical development risks, including risks in the progress, timing, cost, and results of clinical trials and product development programs; risk of difficulties or delays in obtaining regulatory approvals; risks that clinical study results may not meet any or all endpoints of a clinical study and that any data generated from such studies may not support a regulatory submission or approval; risks that prior test, study and trial results may not be replicated in future studies and trials; risks of manufacturing and supplying drug product; risks related to leveraging the expertise of its employees, subsidiaries, affiliates and partners to assist Sorrento in the execution of its therapeutic antibody product candidate strategies; risks related to the global impact of COVID-19; and other risks that are described in Sorrento's most recent periodic reports filed with the Securities and Exchange Commission, including Sorrento's Annual Report on Form 10-K for the year ended December 31, 2020, and subsequent Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission, including the risk factors set forth in those filings. Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release and we undertake no obligation to update any forward-looking statement in this press release except as required by law.

Media and Investor Relations Contact
Alexis Nahama, DVM (SVP Corporate Development)
Email: mediarelations@sorrentotherapeutics.com

Sorrento^® and the Sorrento logo are registered trademarks of Sorrento Therapeutics, Inc.

G-MAB™, DAR-T™, SOFUSA™, COVIGUARD™, COVI-AMG™, COVISHIELD™, Gene-MAb™, COVIDROPS™, COVI-MSC™, COVITRACK™, COVITRACE™ and COVI-STIX™ are trademarks of Sorrento Therapeutics, Inc.

SEMDEXA™ is a trademark of Semnur Pharmaceuticals, Inc.

ZTlido^® is a registered trademark owned by Scilex Pharmaceuticals Inc.

All other trademarks are the property of their respective owners.

©2021 Sorrento Therapeutics, Inc. All Rights Reserved.

 

FAQ

What is the purpose of the MOU between Sorrento Mexico and INMEGEN?

The MOU aims to collaborate on the development and commercialization of various COVID-19 products in Mexico.

What COVID-19 products are being developed by Sorrento?

Sorrento is developing a range of products including diagnostics like COVITRACK™, therapies like STI-2020 (COVI-AMG™), and multivalent mRNA-based vaccines.

When did Sorrento receive Emergency Use Authorization for COVI-STIX?

Sorrento's COVI-STIX received Emergency Use Authorization from COFEPRIS in Mexico prior to the announcement of the MOU.

What are the next steps for Sorrento following the MOU?

Sorrento plans to install clinical research capabilities, work with local hospitals, and advance regulatory approvals for its COVID-19 product pipeline.

What is the significance of the collaboration for Latin America?

The collaboration positions Sorrento Mexico as a gateway for extending innovative COVID diagnostic and therapeutic solutions across Latin American countries.