Sorrento Therapeutics Inc Stock Price, News & Analysis

Sorrento Therapeutics (NASDAQ: SRNE) reported on August 12, 2020, allegations of stock manipulation linked to a report by Hindenburg Research, which made false claims about one of Sorrento’s COVID-19 diagnostic products. The company is collaborating with law enforcement to investigate these claims and has issued a cease-and-desist letter through its legal counsel. Sorrento remains committed to its COVID-19 solutions, including saliva-based detection tests. The company emphasizes its focus on advancing its biopharmaceutical portfolio, adhering to its growth strategy despite these challenges.

Sorrento Therapeutics (Nasdaq: SRNE) has licensed a rapid diagnostic test from Columbia University for SARS-CoV-2 detection in saliva, marketed as COVI-TRACE. This test provides results in 30 minutes without the need for specialized laboratory equipment, addressing the current backlog in testing that delays results for days. The test demonstrates a sensitivity of 97% and 100% specificity in initial studies. Sorrento aims to expedite Emergency Use Authorization (EUA) submission to the FDA, positioning COVI-TRACE as a vital tool in combating COVID-19.

Sorrento Therapeutics (NASDAQ: SRNE) has signed a letter of intent to acquire SmartPharm Therapeutics, focusing on gene-encoded therapeutics for COVID-19 and rare diseases. The acquisition aims to enhance Sorrento's antibody therapies using SmartPharm's Gene Mab platform, promising cost-effective, long-lasting antibody production through a single injection. The deal is expected to close in August 2020, with a clinical trial for STI-1499, an antibody against SARS-CoV-2, anticipated to begin shortly after. The financial terms remain undisclosed.

Sorrento Therapeutics (Nasdaq: SRNE) has received FDA clearance to initiate a Phase 2 trial of Abivertinib for COVID-19 patients with moderate to severe pulmonary symptoms. This novel tyrosine kinase inhibitor targets mutant forms of EGFR and BTK, showing promise in reducing pro-inflammatory cytokines linked to severe COVID-19 outcomes. The trial, registered as NCT04440007, will be conducted in the USA, building on previous studies with over 600 patients. While previous adverse events were mild, Sorrento anticipates Abivertinib's broader anti-cytokine activity may benefit treatment outcomes.

Sorrento Therapeutics has announced the development of T-VIVA-19, a targeted protein vaccine against COVID-19, showing promise in pre-clinical trials. The vaccine, which combines the SARS-CoV-2 spike protein S1 domain with human IgG Fc, induced strong immune responses in mice, leading to neutralizing antibodies. Sorrento's cGMP facility is capable of producing up to 100 million doses monthly. The company aims to progress with regulatory approvals while preparing for large-scale manufacturing.

Sorrento Therapeutics (Nasdaq: SRNE) has announced the full prepayment of its outstanding term loans, totaling $120 million, as of June 12, 2020. This debt was secured through a Term Loan Agreement established in November 2018 with Oaktree Capital Management. Sorrento is focused on developing therapies for cancer and COVID-19, leveraging its diverse immuno-oncology platforms and antiviral candidates including COVIDTRAP™ and COVI-MAB™. The company aims to enhance patient care with innovative treatments such as resiniferatoxin for pain management.

Sorrento Therapeutics (Nasdaq: SRNE) has applied for Emergency Use Authorization (EUA) from the FDA for its COVI-TRACK^TM diagnostic test kit, designed to detect IgG and IgM antibodies in patients exposed to the SARS-CoV-2 virus. The rapid test delivers results within eight minutes, achieving over 94% diagnostic sensitivity and over 97% specificity. Upon EUA approval, Sorrento plans to distribute up to five million test kits monthly across clinical sites in the U.S. This initiative highlights Sorrento's commitment to innovative diagnostics amidst the COVID-19 pandemic.