Sorrento climbs after FDA approves post-shingles pain patch

Scilex Pharmaceuticals Inc. (San Diego, Calif.) said FDA approved ZTlido 1.8% lidocaine patch to treat pain associated with postherpetic neuralgia (PHN). Scilex's parent company Sorrento Therapeutics Inc. (NASDAQ:SRNE) rose $1.50 (18%) to $9.95 on the news Wednesday.

Sorrento said Scilex will launch ZTlido this year. The company did not respond to inquiries about the therapy's price and launch date...