Sorrento Receives Orders of COVISTIX for Commercial Launch in Brazil

Rhea-AI Summary

Sorrento Therapeutics (Nasdaq: SRNE) has announced the official commercial launch of its COVISTIX™ COVID-19 Virus Rapid Antigen Detection Test in Brazil. Orders have been received from a logistics partner and a large diagnostic laboratory, aiming for initial deliveries later this month. The shipments will build an in-country safety stock to ensure timely supply for local clients. Additionally, Sorrento plans to expand its commercialization efforts into other Latin American markets that accept Brazilian-approved products.

Positive

• Successful receipt of orders for COVISTIX™ in Brazil, indicating strong local demand.
• Establishment of an in-country safety stock for timely delivery to clients.
• Plans for expansion into other Latin American markets.

Negative

• None.

• Sorrento has received orders from its logistics partner and a large diagnostic laboratory client for official commercial launch of COVISTIX™ COVID-19 Virus Rapid Antigen Detection Test in Brazil.
  

SAN DIEGO, Dec. 06, 2021 (GLOBE NEWSWIRE) -- Sorrento Therapeutics, Inc. (Nasdaq: SRNE, “Sorrento”) announced today that initial loading orders have been processed and scheduled for delivery later this year. The initial shipment will establish an in-country safety stock to manage just in time ongoing deliveries to local clients.

In addition to the loading order, Sorrento’s local distribution partner has received an order from a large diagnostic laboratory in Brazil. The laboratory has a central processing unit and collaborates with about 2,000 other smaller units across the country.

COVISTIX tests will be delivered in successive shipments starting later in December and will continue over time as in country supplies are matched to the increasing demand.

Sorrento has also started expanding its activities to other Latin American countries that accept Brazilian approved products for import.

About Sorrento Therapeutics, Inc.

Sorrento is a clinical and commercial stage biopharmaceutical company developing new therapies to treat cancer, pain (non-opioid treatments), autoimmune disease 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”), immuno-cellular therapies (“DAR-T™”), antibody-drug conjugates (“ADCs”), and oncolytic virus (“Seprehvec™”). Sorrento is also developing potential antiviral therapies and vaccines against coronaviruses, including Abivertinib, COVIGUARD™, COVI-AMG™, COVISHIELD™, COVI-MSC™ and COVIDROPS™; and diagnostic test solutions, including COVITRACK™, COVISTIX™ 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 COVISTIX; the deployment and commercialization of COVISTIX in Brazil, including the timing for making deliveries of COVISTIX and the planned expansion of commercial activities in other Latin American countries; and Sorrento’s potential position in the diagnostics industry. 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; commercial risks related to COVISTIX, including expectations regarding demand for and market acceptance of COVISTIX; expectations regarding maintaining and strengthening its relationships with partners and customers; risks of manufacturing and supplying COVISTIX; risks related to leveraging the expertise of its employees, subsidiaries, affiliates and partners to assist the company in the execution of its COVID-19 product candidates’ 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
Dorman Followwill
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™, COVIDROPS™, COVI-MSC™, COVITRACK™, COVITRACE™ and COVISTIX™ 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 recent announcement from Sorrento Therapeutics regarding COVISTIX?

Sorrento Therapeutics announced the commercial launch of COVISTIX™ in Brazil, with initial orders processed for delivery.

When will COVISTIX tests be delivered in Brazil?

COVISTIX tests are scheduled for delivery starting later in December 2021.

How is Sorrento Therapeutics expanding its market presence?

Sorrento is planning to expand its activities into other Latin American countries that accept Brazilian-approved products.

What is the significance of the orders received by Sorrento in Brazil?

The orders from a large diagnostic laboratory and logistics partner signify strong demand for the COVISTIX™ test.

What type of product is COVISTIX?

COVISTIX is a COVID-19 Virus Rapid Antigen Detection Test developed by Sorrento Therapeutics.