Sorrento Announces Full Repayment of Outstanding Term Loans
13 June 2020 - 5:21AM
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
Contact: 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.
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