Sorrento Announces Full Repayment of Outstanding Term Loans

SAN DIEGO, June 12, 2020 (GLOBE NEWSWIRE) -- Sorrento Therapeutics, Inc. (Nasdaq: SRNE, "Sorrento") today announced that it prepaid in full its outstanding term loans on June 12, 2020.

The prepaid debt, comprised of an initial $100 million term loan and an additional $20 million term loan from certain funds affiliated with Oaktree Capital Management, L.P., was obtained pursuant to a Term Loan Agreement entered into in November 2018.

About Sorrento Therapeutics, Inc. 

Sorrento is a clinical stage, antibody-centric, biopharmaceutical company developing new therapies to treat cancers. Sorrento's multimodal multipronged approach to fighting cancer is made possible by its extensive immuno-oncology platforms, including key assets such as fully human antibodies (“G-MAB library”), clinical stage immuno-cellular therapies (“CAR-T”, “DAR-T”), antibody-drug conjugates (“ADC”), and clinical stage oncolytic virus (“Seprehvir”). Sorrento is also developing potential antiviral therapies and vaccines against coronaviruses, including COVIDTRAP, ACE-MAB, COVI-MAB, COVI-GUARD, COVI-SHIELD and COVI-KILLER.

Sorrento's commitment to Saving-Life and Improving-Life medicine and therapy for patients is also demonstrated by our effort to advance a first-in-class (TRPV1 agonist) non-opioid pain management small molecule, resiniferatoxin (“RTX”), and ZTlido (lidocaine topical system) 1.8% for the treatment of post-herpetic neuralgia. Resiniferatoxin is completing a phase IB trial for intractable pain associated with cancer and a phase 1B trial in osteoarthritis patients.  ZTlido was approved by the FDA on February 28, 2018.

For more information visit www.sorrentotherapeutics.com

Media and Investor Relations

Contact: Alexis Nahama, DVM (SVP Corporate Development)

Telephone: [phone]

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Sorrento and the Sorrento logo are registered trademarks of Sorrento Therapeutics, Inc.
G-MAB, COVI-GUARD, COVI-SHIELD, COVIDTRAP, ACE-MAB, COVI-KILLER and COVI-CELL, Saving-Life and Improving-Life are trademarks of Sorrento Therapeutics, Inc.
ZTlido is a trademark owned by Scilex Pharmaceuticals Inc.
Seprehvir is a registered trademark of Virttu Biologics Limited, a wholly-owned subsidiary of TNK Therapeutics, Inc. and part of the group of companies owned by Sorrento Therapeutics, Inc.
All other trademarks are the property of their respective owners.
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