SAN DIEGO, Sept. 10, 2013 /PRNewswire/ -- Sorrento
Therapeutics, Inc. (OTC QB: SRNE; Sorrento) announced today that it
has secured an option to an exclusive license for the worldwide
rights to Biomiga Diagnostics' (Biomiga) proprietary therapeutic
drug monitoring (TDM) device for paclitaxel products. The license
and option agreement allows Sorrento to utilize the TDM device for
the clinical development of individualized dosing regimens of
Sorrento's late-stage compound, Cynviloq™ (paclitaxel polymeric
micelle). Sorrento can exercise the option for exclusive rights to
paclitaxel monitoring products and exclusive commercial supply by
Biomiga upon the payment of $1
million within 30 days of the TDM device being ready for
human clinical trials with Cynviloq.
Successful development of an oncology TDM program at the
point-of-care may change the way cancer patients are treated.
Biomiga's TDM device in development is intended to provide a
point-of-care measurement of patient paclitaxel blood levels during
chemotherapy treatment, potentially maximizing anti-tumor responses
while minimizing toxicity. Paclitaxel chemotherapy treatment
exhibits a narrow therapeutic window with a high variation in blood
levels.
"This transaction reflects the forward-looking culture at
Sorrento as we strive to become an innovator and leader in cancer
therapy. Biomiga's TDM device may enable us to develop and deliver
a potentially advantageous paclitaxel product for patients by
establishing a new paradigm for chemotherapy," said Henry Ji, Ph.D., President and CEO of
Sorrento.
About Sorrento Therapeutics, Inc.
Sorrento Therapeutics, Inc. is a publicly-traded,
development-stage biopharmaceutical company engaged in the
acquisition, discovery, development and commercialization of
proprietary drug therapeutics for addressing significant unmet
medical needs in the Unites States, Europe and additional international markets.
Sorrento's therapeutic focus is oncology, but is also developing
therapeutic products for inflammation, metabolic, and infectious
diseases. Sorrento's drug development pipeline features the
late-stage compound, Cynviloq™, a next-generation nanoparticle
formulation of paclitaxel for the potential treatment of various
solid tumors. Sorrento's proprietary G-MAB® fully-human antibody
library platform was designed to facilitate the rapid
identification and isolation of highly specific antibody
therapeutics. In addition, Sorrento is developing proprietary ADCs
as well as AfDCs combining its G-MAB® antibodies with anti-tumor
agents.
More information is available at
www.sorrentotherapeutics.com.
About Biomiga Diagnostics
Biomiga Diagnostics' is a privately-held company whose mission
is to transform healthcare by point-of-care tests for TDM.
Vuong Trieu, Chief Scientific
Officer of Sorrento, is the founder and majority shareholder of
Biomiga Diagnostics. To learn more about Biomiga Diagnostics, visit
www.biomigadiagnostics.com.
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
potential for: (i) the successful development and commercialization
of Cynviloq, (ii) Biomiga to successfully develop and manufacture a
proprietary TDM device for any paclitaxel products, and (iii) a new
advantageous product or paradigm shift for chemotherapy. 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
reliance on Biomiga for development and supply of the device; 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 Sorrento's proprietary
G-MAB® fully-human antibody library platform technologies or
product candidates; and additional risks set forth in
Sorrento's filings 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.