Sorrento Therapeutics Announces Confidential Submission of Draft Registration Statement for Initial Public Offering (IPO) of its Wholly-owned Subsidiary Ark Animal Health with the SEC
SAN DIEGO, June 23, 2014 /PRNewswire/ -- Sorrento Therapeutics, Inc. (NASDAQ: SRNE; Sorrento), a late-stage clinical oncology company developing new treatments for cancer and its associated pain, today announced that it has submitted a draft registration statement on Form S-1 on a confidential basis with the U.S. Securities and Exchange Commission for a possible initial public offering of shares of common stock of its wholly-owned subsidiary, Ark Animal Health, Inc. ("Ark"). The number of shares to be offered and the price range for the offering have not yet been determined.
A draft registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective.
This press release is being issued pursuant to and in accordance with Rule 135 under the Securities Act of 1933, as amended. As required by Rule 135, this press release does not constitute an offer to sell or the solicitation of an offer to buy securities, and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction.
About Sorrento Therapeutics, Inc.
Sorrento is an oncology company developing new treatments for cancer and associated pain. Sorrento's most advanced asset Cynviloq™, the next-generation paclitaxel, commenced its registrational trial in March 2014 and is being developed under the abbreviated 505(b)(2) regulatory pathway. Sorrento is also developing RTX, a non-opioid TRPV1 agonist currently in a Phase 1/2 study at the NIH to treat advanced cancer patients suffering from intractable pain. The Company has made significant advances in developing human monoclonal antibodies, complemented by a comprehensive and fully integrated ADC platform that includes proprietary conjugation chemistries, linkers, and toxic payloads. Sorrento's strategy is to enable a multi-pronged approach to combating cancer with small molecules, therapeutic mono- and bi-specific antibodies, and ADCs.
For More information, please visit www.sorrentotherapeutics.com.
This press release contains forward-looking statements under the safe harbor provisions of Section 21E of the Private Securities Litigation Reform Act of 1995 and such statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected. Forward-looking statements include statements about Ark's ability to complete the proposed initial public offering, the clearance by the relevant regulators of the regulatory filings of Ark's relating to the proposed initial public offering and the other risks set forth in the Ark's filings with the U.S. Securities and Exchange Commission. Neither Sorrento nor Ark undertakes any obligation to update any forward-looking statement in this press release except as required by law.
SOURCE Sorrento Therapeutics, Inc.