Sorrento, NantBioScience form oncology JV

Sorrento Therapeutics Inc. (NASDAQ:SRNE) and the NantBioScience Inc. subsidiary of NantWorks LLC (Los Angeles, Calif.) formed a joint venture to develop small molecules to treat cancer. The companies will jointly supply $100 million; NantBioScience will own 60% and Sorrento 40%. Neither company responded to inquiries.

The JV will develop Sorrento's inhibitors of v-myc myelocytomatosis viral oncogene homolog (MYC) (c-Myc) and hypoxia-inducible factor-1 alpha (HIF-1 alpha), as well as an inducer of tumor necrosis factor (TNF)-related apoptosis-inducing ligand (TRAIL) expression. ...