Sorrento Therapeutics, Inc., a clinical stage biotechnology company, primarily engages in the discovery and development of therapies focused on oncology and the treatment of chronic cancer pain worldwide. The company is focusing on the development of chimeric antigen receptor (CAR)-based immunotherapies using autologous T-cells. It is developing CD38 Directed CAR-T, a cellular therapy used for the treatment of multiple myeloma, as well as for amyloidosis and graft-versus-host diseases; CD123 Directed CAR-T for the treatment of acute myelogenous leukemia; and human antibodies, including PD-1, PD-L1, CD38, CD123, CD47, c-MET, VEGFR2, CCR2, OX40, TIGIT, and CD137. The company is also developing intracellular targeting antibodies comprising STAT3, Mutant KRAS, MYC, p53, and TAU to modulate the evolution of cancer, inflammation, autoimmune diseases, diabetes, central nervous system diseases, cardiovascular diseases, and viral infections; and oncolytic viruses that infect and selectively multiply in and destroy tumor cells without damaging healthy tissue. In addition, it offers resiniferatoxin, a non-opioid-based TRPV1 agonist neurotoxin for the treatment of intractable pain treatment; and ZTlido, a lidocaine delivery system for the treatment of postherpetic neuralgia. The company has a licensing agreement with Mabtech Limited to develop and commercialize multiple prespecified biosimilar and biobetter antibodies from based on Erbitux, Remicade, Xolair, and Simulect. Sorrento Therapeutics, Inc. was founded in 2006 and is based in San Diego, California.
Among the near-term catalysts that can boost the stock value, analysts note great strategic partnerships and a strong pipeline. Many traders are betting that Sorrento Therapeutics will become a key player in the immuno-oncology (I/O) space.
BREAKING NEWS: "We want to emphasize there is a cure. There is a solution that works 100 percent," Dr. Henry Ji, founder and CEO of Sorrento Therapeutics, told Fox News. "If we have the neutralizing antibody in your body, you don't need the social distancing. You can open up a society without fear." Sorrento Therapeutics, Inc. (NASDAQ:SRNE) stock rose 45.27% to $9.82 during Monday's pre-market session. The most recent rating by H.C. Wainwright, on Mar 30, is at Buy, with a price target of $24.
BREAKING NEWS: "We want to emphasize there is a cure. There is a solution that works 100 percent," Dr. Henry Ji, founder and CEO of Sorrento Therapeutics, told Fox News. "If we have the neutralizing antibody in your body, you don't need the social distancing. You can open up a society without fear." Sorrento Therapeutics, Inc. (NASDAQ:SRNE) stock rose 45.27% to $9.82 during Monday's pre-market session. The most recent rating by H.C. Wainwright, on Mar 30, is at Buy, with a price target of $24.
Sorrento Therapeutics Announces FDA Clerance For Abivertinib For Phase 2 Safety And Efficacy Study In Hospitalized Patients With Moderate To Severe COVID-19 9:05 am ET July 20, 2020 (Benzinga) Print SAN DIEGO, July 20, 2020 /PRNewswire/ --Sorrento Therapeutics, Inc. (NASDAQ:SRNE, ", , Sorrento", , )))) today received clearance from the FDA to initiate a Phase 2 trial of Abivertinib in patients with COVID-19 who have moderate to severe pulmonary symptoms. Abivertinib is a novel small molecule tyrosine kinase inhibitor (TKI) that selectively targets both mutant forms of the epidermal growth factor receptor (EGFR) and Bruton's tyrosine kinase (BTK). On May 21, 2020, Sorrento announced that it had entered into a binding term sheet for an exclusive license to ACEA Therapeutics' Abivertinib across all indications for all territories outside of China. The parties have since entered into an exclusive license agreement. Abivertinib irreversibly binds to the BTK receptor, preventing the phosphorylation of the receptor. Due to this effect, it has shown potent immunomodulatory activities in vitro by inhibiting key pro-inflammatory cytokine production, including IL-1beta, IL-6 and TNF-alpha. These cytokines are associated with cytokine release syndrome (CRS) or cytokine storm and COVID-19 disease progression with poor outcomes in patients with acute respiratory distress syndrome (ARDS). Since Abivertinib targets multiple cytokines simultaneously, Sorrento anticipates that the effects of Abivertinib will be incremental to the initial published findings by others for IL-6 inhibitors targeted for COVID-19 trials, and the clinical benefits will be more pronounced given the broader range of anti-cytokine activity. The trial, titled A Phase 2, Double Blinded, Randomized Study of the Efficacy and Safety of STI-5656 (Abivertinib Maleate) With Standard of Care Versus Standard of Care in Subjects Hospitalized With COVID-19 (NCT04440007), will be initially conducted in centers in the USA. Abivertinib has been studied in over 600 patients worldwide in various oncologic indications, including one registration trial in non-small cell lung cancer. Most treatment-related adverse events (AEs) were grade 1 or 2, the most common of which were transaminase elevations and diarrhea, which are generally considered common for TKIs. Other common treatment-related AEs included anemia, neutropenia and thrombocytopenia, each of which are generally considered typical AEs with long-term use of TKIs. No unexpected AEs were reported. © 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Sorrento shares are trading higher after the company announced it has submitted an emergency use authorization application to the FDA for COVI-STIX, a rapid test for the detection of SARS-CoV-2 viral antigen. Dec 23, 2020 7:39a ET
