Sorrento raises $25 million in follow-on
Sorrento Therapeutics Inc. (NASDAQ:SRNE) raised $25 million through the sale of 4.8 million shares at $5.25 in a follow-on underwritten by Aegis Capital. Sorrento proposed the follow-on late Wednesday, when its share price was $6.70. The company's Cynviloq, an injectable nanoparticle formulation of paclitaxel, is in Phase II testing to treat metastatic breast cancer and non-small cell lung cancer (NSCLC).
Sorrento is developing Cynviloq under section 505(b)(2) of the Food, Drug and Cosmetic Act, which allows sponsors to reference data on safety and efficacy from the scientific literature or from previously approved products. The company gained exclusive rights to Cynviloq in the U.S., EU, Mexico, Canada and Australia through its September acquisition of Igdrasol Inc., which has rights from Samyang Corp. (KSE:000070). Samyang markets the product as Genexol-PM and Paxus-PM in South Korea, Vietnam, the Philippines, India and Thailand. ...