SAN DIEGO, June 12, 2020 (GLOBE NEWSWIRE) – Sorrento Therapeutics, Inc. (Nasdaq: SRNE, “Sorrento”) today announced that it has prepaid all of its term loans outstanding on June 12, 2020.
Prepaid debt, consisting of an initial term loan of $ 100 million and an additional term loan of $ 20 million from certain funds affiliated with Oaktree Capital Management, LP, was obtained under of a term loan agreement entered into in November 2018.
About Sorrento Therapeutics, Inc.
Sorrento is a clinical-stage, antibody-focused biopharmaceutical company developing new therapies to treat cancers. Sorrento’s multi-pronged, multi-modal approach to fighting cancer is made possible by its extensive immuno-oncology platforms, including key assets such as fully human antibodies (“G-MAB ™ library”), therapies clinical stage immunocellular (“CAR-T”, “” DAR-T “), antibody-drug conjugates (” ADC “) and clinical stage oncolytic virus (” Seprehvir®“). Sorrento is also developing antiviral therapies and potential coronavirus vaccines, 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 efforts to advance a first-class non-opioid small-molecule pain management (TRPV1 agonist) , resiniferatoxin (“RTX”), and ZTlido® (lidocaine topical system) 1.8% for the treatment of postherpetic neuralgia. Resiniferatoxin completes a phase IB trial for intractable pain associated with cancer and a phase 1B trial in patients with osteoarthritis. ZTlido® was approved by the FDA on February 28, 2018.
For more information visit www.sorrentotherapeutics.com
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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.
Sepréhvir® is a registered trademark of Virttu Biologics Limited, a wholly owned subsidiary of TNK Therapeutics, Inc. and is part of the Sorrento Therapeutics, Inc. group of companies.
All other trademarks are the property of their respective owners.
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