July 29, 2021 (Investorideas.com Newswire) The latest developments concerning Sorrento Therapeutics, its product portfolio and partners are summarized in a Dawson James Securities report.
In a July 21 research note, Dawson James Securities analyst Jason Kolbert discussed several developments at Sorrento Therapeutics Inc. (SRNE:NASDAQ).
Sorrento determined that the dosing of COVIDROPS to be given in an upcoming Phase 2 clinical trial will be 10 or 20 milligrams versus placebo. The drug candidate is a “highly potent neutralizing antibody against SARS-CoV-2,” including the Alpha and Delta variants, Kolbert described. It will be tested in 350 outpatients in the United Kingdom who are asymptomatic or have mild symptoms.
In addition, Sorrento’s non-opioid pain management company, Scilex Holding, completed enrollment for its Phase 3 C.L.E.A.R. pivotal trial for its non-opioid corticosteroid formulation for the treatment of sciatica, or lumbosacral radicular pain, noted Kolbert. The drug candidate, SP-102, is an injectable dexamethasone sodium phosphate gel that the U.S. Food and Drug Administration has granted fast track status. Top-line data from this Phase 3 trial are expected in Q4/21.
Sorrento established a subsidiary in Mexico, Sorrento Therapeutics Mexico, to commercialize COVI-STIX there, Kolbert relayed. The subsidiary will also handle clinical trials and registration related to Sorrento’s products in Mexico, and potentially other countries in Latin America.
Sorrento’s partner Mabpharm got approval to market infliximab biobetter in China, indicated Kolbert. Because Sorrento itself holds the commercialization rights outside China, it plans to meet with regulatory agencies to determine the best approach to registration in the U.S. and Europe.
Dawson James has a Buy rating and a $19 per share target price on Sorrento Therapeutics, the current share price of which is about $8.46.
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Disclosures for Dawson James Securities, Sorrento Therapeutics, July 21, 2021
The Firm does not make a market in the securities of the subject company(s). The Firm has NOT engaged in investment banking relationships with SRNE in the prior twelve months, as a manager or co-manager of a public offering and has NOT received compensation resulting from those relationships. The Firm may seek compensation for investment banking services in the future from the subject company(s). The Firm has NOT received any other compensation from the subject company(s) in the last 12 months for services unrelated to managing or co-managing of a public offering.
Neither the research analyst(s) whose name appears on this report nor any member of his (their) household is an officer, director, or advisory board member of these companies. The Firm and/or its directors and employees may own securities of the company(s) in this report and may increase or decrease holdings in the future. As of June 30, 2021, the Firm as a whole did not beneficially own 1% or more of any class of common equity securities of the subject company(s) of this report. The Firm, its officers, directors, analysts, or employees may affect transactions in and have long or short positions in the securities (or options or warrants related to those securities) of the company(s) subject to this report. The Firm may affect transactions as principal or agent in those securities.
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