Sorrento Announces Full Repayment of Outstanding Term Loans

Rhea-AI Summary

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.

Positive

• Full prepayment of $120 million in term loans reduces financial liabilities.
• Sorrento's diverse portfolio includes innovative cancer therapies and antiviral candidates against COVID-19.

Negative

• None.

SAN DIEGO, June 12, 2020 (GLOBE NEWSWIRE) -- Sorrento Therapeutics, Inc. (Nasdaq: SRNE, "Sorrento") today announced that it prepaid in full its outstanding term loans on June 12, 2020.

The prepaid debt, comprised of an initial $100 million term loan and an additional $20 million term loan from certain funds affiliated with Oaktree Capital Management, L.P., was obtained pursuant to a Term Loan Agreement entered into in November 2018.

About Sorrento Therapeutics, Inc. 

Sorrento is a clinical stage, antibody-centric, biopharmaceutical company developing new therapies to treat cancers. 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 (“ADC”), and clinical stage oncolytic virus (“Seprehvir^®”). Sorrento is also developing potential antiviral therapies and vaccines against coronaviruses, including COVIDTRAP™, ACE-MAB™, COVI-MAB™, COVI-GUARD™, COVI-SHIELD™ and COVI-KILLER™.

Sorrento's commitment to Saving-Life™ and Improving-Life™ medicine and therapy 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 ZTlido^® (lidocaine topical system) 1.8% for the treatment of post-herpetic neuralgia. Resiniferatoxin is completing a phase IB trial for intractable pain associated with cancer and a phase 1B trial in osteoarthritis patients.  ZTlido^® was approved by the FDA on February 28, 2018.

For more information visit www.sorrentotherapeutics.com

Media and Investor Relations

Alexis Nahama, DVM (SVP Corporate Development)

Telephone: 1.858.203.4120

Email: mediarelations@sorrentotherapeutics.com

Sorrento^® and the Sorrento logo are registered trademarks of Sorrento Therapeutics, Inc.
G-MAB™, COVI-GUARD™, COVI-SHIELD™, COVIDTRAP™, ACE-MAB™, COVI-KILLER™ and COVI-CELL™, Saving-Life™ and Improving-Life™ are trademarks of Sorrento Therapeutics, Inc.
ZTlido^® is a trademark owned by Scilex Pharmaceuticals Inc.
Seprehvir^® is a registered trademark of Virttu Biologics Limited, a wholly-owned subsidiary of TNK Therapeutics, Inc. and part of the group of companies owned by Sorrento Therapeutics, Inc.
All other trademarks are the property of their respective owners.
© 2020 Sorrento Therapeutics, Inc. All Rights Reserved.

FAQ

What is the significance of Sorrento Therapeutics' loan prepayment on SRNE stock?

The full prepayment of $120 million in loans reduces financial liabilities, potentially leading to improved investor confidence.

How much debt did Sorrento Therapeutics pay off on June 12, 2020?

Sorrento Therapeutics prepaid a total of $120 million in outstanding term loans.

What therapies is Sorrento Therapeutics developing?

Sorrento is developing therapies for cancer and COVID-19, utilizing its immuno-oncology platforms and antiviral treatments.