Sorrento Therapeutics Mexico Executes Contract for Sale of 5 Million COVI-STIX Tests for Mexico Market
23 November 2021 - 6:53AM
Sorrento Therapeutics, Inc. (Nasdaq: SRNE, “Sorrento”) announced
today its subsidiary, Sorrento Therapeutics Mexico, has executed a
contract with a leading local distributor for the sale and
distribution of up to 5 million COVI-STIX™ tests for the Mexican
market. Since its commercial launch in July, the COVI-STIX COVID-19
Virus Rapid Antigen Detection Test has been well received for its
ease of use and rapid generation of results. In addition,
independent clinical testing by a leading Mexican national
institute demonstrated very high sensitivity of around 90% when
tested for all-comers, including asymptomatic COVID-19 virus
carriers, while most of the other rapid COVID-19 virus antigen
tests evaluated failed to achieve sensitivity above 62%. The rapid
COVI-STIX test provides a much needed tool to mass screen the
population for sports events, school attendance and all other
family and social gatherings. The COVI-STIX test was the test of
choice during the 59th World Boxing Council Convention in Mexico
City this past week.
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™, COVI-STIX™ 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 COVI-STIX; the performance capabilities of COVI-STIX,
including its sensitivity and specificity; the speed at which
COVI-STIX provides results or is able to provide results; future
revenues and sales projections; and Sorrento’s potential position
in the diagnostics industries. 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, including, but not limited to risks
related to COVI-STIX; risks of manufacturing and supplying
diagnostic tests; risks related to plans for the sale and
distribution of COVI-STIX tests in Mexico; changes in economic
trends and spending patterns of purchasers of health care products
in the Mexico market; the ability of Sorrento to meet any of its
financial projections or guidance and changes to the assumptions
underlying those projections or guidance; the potential for any
sales contract or distribution agreement, including Sorrento’s
agreements in Mexico, to be cancelled or terminated; risks related
to leveraging the expertise of its employees, subsidiaries,
affiliates and partners to assist the company in the execution of
its COVID-19 diagnostic 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
ContactMr. Dorman FollowwillEmail:
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
COVI-STIX™ 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.
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