SAN DIEGO, Oct. 25, 2013 /PRNewswire/ -- Sorrento
Therapeutics, Inc. (NASDAQ: SRNE) announced the full
exercise of the over-allotment option granted to the underwriters
to purchase an additional 622,500 shares of common stock at a
public offering price of $7.25 per
share, bringing the expected total gross proceeds from the offering
to approximately $34.6 million,
before underwriting discounts and commissions and other offering
expenses payable by Sorrento.
Aegis Capital Corp. is acting as the sole book-running manager
for this offering.
CRT Capital is acting as co-manager for this offering.
A shelf registration statement and accompanying base prospectus
on Form S-3 relating to the shares was filed with the
Securities and Exchange Commission and is effective. A
preliminary prospectus supplement relating to the offering has been
filed with the SEC and is available on the SEC's web site at
http://www.sec.gov. Copies of the final prospectus supplement, when
available, may be obtained from the SEC's web site or the offices
of Aegis Capital Corp., Prospectus Department, 810 Seventh Avenue,
18th Floor, New York, NY, 10019,
telephone: 212-813-1010 or email: prospectus@aegiscap.com.
This press release does not constitute an offer to sell, or the
solicitation of an offer to buy, these securities, nor will there
be any sale of these securities in any state or other jurisdiction
in which such offer, solicitation or sale is not permitted.
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. Sorrento's
therapeutic focus is oncology, but is also developing therapeutic
products for inflammation, metabolic, and infectious diseases, as
well as for the treatment of chronic pain. 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 Antibody Drug Conjugates as well as Antibody formulated
Drug Conjugates combining its G-MAB® antibodies with anti-tumor
agents.
More information is available at
www.sorrentotherapeutics.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 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
potential for approval and commercial success of Cynviloq; 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 Therapeutics'
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.