SAN DIEGO, June 6, 2013 /PRNewswire/ -- Sorrento
Therapeutics, Inc. (OTCBB: SRNE) today announced that it has been
awarded the 2013 Frost & Sullivan Global Investment Opportunity
Award in Oncology.
In the citation for the 2013 Global Investment Opportunity Award
in Oncology, Frost & Sullivan highlights Sorrento's diverse
G-MAB® library technology, the experienced management team, and its
ability to select and rapidly develop promising drug candidates,
such as the late-stage oncolytic product candidate Cynviloq™—a
next-generation branded paclitaxel formulation to be exclusively
marketed and distributed by IGDRASOL, Inc. in the U.S. and 27 EU
countries, if approved—and fully human anti-PD-L1 and anti-PD-1
monoclonal antibodies (mAbs) in oncology. Sorrento has the right to
acquire IGDRASOL pursuant to a previously announced option
agreement, entered into in March
2013. Taken together, these unique characteristics make
"Sorrento Therapeutics the rightful recipient of the 2013 Frost
& Sullivan Global Investment Opportunity Award" as the award
report concludes.
"We are honored that the distinguished and independent global
analyst firm Frost & Sullivan has recognized our achievements
as well as our potential, and emphasizes the value our technologies
and expertise have created," said Henry
Ji, Ph.D., Sorrento's president and CEO. "We believe this
award validates our corporate strategy. We are rapidly moving
forward to develop our lead product candidates, including Cynviloq™
and our fully human antibody drug candidates targeting PD-L1 and
PD-1, which we believe are very promising and exciting targets in
the fast-growing market of immunomodulatory cancer therapy."
About Frost & Sullivan
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clients to accelerate growth and achieve best-in-class positions in
growth, innovation and leadership. The company's Growth Partnership
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research and best-practice models to drive the generation,
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& Sullivan leverages 50 years of experience in partnering with
Global 1000 companies, emerging businesses and the investment
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Frost & Sullivan's Growth Partnership, please visit
http://www.frost.com.
About Sorrento Therapeutics, Inc.
Sorrento Therapeutics, Inc. is a publicly-traded,
development-stage biopharmaceutical company focused on the
acquisition, discovery, development and commercialization of novel
and proprietary therapeutics for the treatment of a variety of
disease conditions, including cancer, inflammation, metabolic and
infectious diseases. Sorrento's objectives are, assuming its
acquisition of IGDRASOL: (i) to develop and commercialize its
late-stage, oncolytic drug candidate Cynviloq™ for multiple cancer
indications, and (ii) to identify drug development candidates
derived from its proprietary human antibody libraries and, either
independently or through partnerships, advance selected targets
into preclinical or clinical development. In 2012, Sorrento
identified and further developed a number of potential drug product
candidates across various therapeutic areas. Sorrento intends to
select several lead product candidates to progress into preclinical
development activities in 2013, including human anti-PD-L1 and
anti-PD-1 monoclonal antibodies (mAbs) that have demonstrated
strong immunomodulatory activity in vitro comparable to competitor
mAbs currently in clinical development as well as significant
anti-cancer activity in a tumor mouse model.
Forward-Looking Statements
This press release contains forward-looking statements subject
to risks and uncertainties that could cause actual results to
differ materially from those projected. Words such as "assumes,"
"plans," "believes," "expects," "anticipates," and "will," and
similar expressions, are intended to identify forward-looking
statements. Forward-looking statements include statements about the
clinical development and commercial potential for Cynviloq™, the
potential combination of Sorrento and IGDRASOL, and the preclinical
and clinical development of Sorrento's human antibody therapeutics.
All such forward-looking statements are based on Sorrento's current
beliefs and expectations, and should not be regarded as a
representation by Sorrento that any of its plans will be achieved.
Actual results may differ materially from those set forth in this
press release due to the risks and uncertainties inherent in
Sorrento's businesses; the scope and validity of patent protection
for Sorrento's platform technologies, and the risk that the
development or commercialization of product candidates may infringe
the intellectual property rights of others; the potential that
Sorrento may require substantial additional funding in order to
obtain regulatory approval for and commercialize quorum quenching
technologies or any other product; and additional risks set forth
in Sorrento's Form 10-K for the year ended December 31, 2012, and other periodic reports
filed with the Securities and Exchange Commission. These
forward-looking statements represent Sorrento's judgment as of the
date of this release. You are cautioned not to place undue reliance
on these forward-looking statements, which speak only as of the
date hereof. All forward-looking statements are qualified in their
entirety by this cautionary statement and Sorrento undertakes no
obligation to revise or update this press release to reflect events
or circumstances after the date hereof. This caution is made under
the safe harbor provisions of Section 21E of the Private Securities
Litigation Reform Act of 1995.
SOURCE Sorrento Therapeutics, Inc.
