SAN DIEGO, June 6, 2013 /PRNewswire/ -- Sorrento Therapeutics, Inc. (OTCBB: SRNE) today announced that it has been awarded the 2013 Frost & Sullivan Global Investment Opportunity Award in Oncology.
In the citation for the 2013 Global Investment Opportunity Award in Oncology, Frost & Sullivan highlights Sorrento's diverse G-MAB® library technology, the experienced management team, and its ability to select and rapidly develop promising drug candidates, such as the late-stage oncolytic product candidate Cynviloq™—a next-generation branded paclitaxel formulation to be exclusively marketed and distributed by IGDRASOL, Inc. in the U.S. and 27 EU countries, if approved—and fully human anti-PD-L1 and anti-PD-1 monoclonal antibodies (mAbs) in oncology. Sorrento has the right to acquire IGDRASOL pursuant to a previously announced option agreement, entered into in March 2013. Taken together, these unique characteristics make "Sorrento Therapeutics the rightful recipient of the 2013 Frost & Sullivan Global Investment Opportunity Award" as the award report concludes.
"We are honored that the distinguished and independent global analyst firm Frost & Sullivan has recognized our achievements as well as our potential, and emphasizes the value our technologies and expertise have created," said Henry Ji, Ph.D., Sorrento's president and CEO. "We believe this award validates our corporate strategy. We are rapidly moving forward to develop our lead product candidates, including Cynviloq™ and our fully human antibody drug candidates targeting PD-L1 and PD-1, which we believe are very promising and exciting targets in the fast-growing market of immunomodulatory cancer therapy."
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About Sorrento Therapeutics, Inc.
Sorrento Therapeutics, Inc. is a publicly-traded, development-stage biopharmaceutical company focused on the acquisition, discovery, development and commercialization of novel and proprietary therapeutics for the treatment of a variety of disease conditions, including cancer, inflammation, metabolic and infectious diseases. Sorrento's objectives are, assuming its acquisition of IGDRASOL: (i) to develop and commercialize its late-stage, oncolytic drug candidate Cynviloq™ for multiple cancer indications, and (ii) to identify drug development candidates derived from its proprietary human antibody libraries and, either independently or through partnerships, advance selected targets into preclinical or clinical development. In 2012, Sorrento identified and further developed a number of potential drug product candidates across various therapeutic areas. Sorrento intends to select several lead product candidates to progress into preclinical development activities in 2013, including human anti-PD-L1 and anti-PD-1 monoclonal antibodies (mAbs) that have demonstrated strong immunomodulatory activity in vitro comparable to competitor mAbs currently in clinical development as well as significant anti-cancer activity in a tumor mouse model.
This press release contains forward-looking statements subject to risks and uncertainties that could cause actual results to differ materially from those projected. Words such as "assumes," "plans," "believes," "expects," "anticipates," and "will," and similar expressions, are intended to identify forward-looking statements. Forward-looking statements include statements about the clinical development and commercial potential for Cynviloq™, the potential combination of Sorrento and IGDRASOL, and the preclinical and clinical development of Sorrento's human antibody therapeutics. All such forward-looking statements are based on Sorrento's current beliefs and expectations, and should not be regarded as a representation by Sorrento that any of its plans will be achieved. Actual results may differ materially from those set forth in this press release due to the risks and uncertainties inherent in Sorrento's businesses; the scope and validity of patent protection for Sorrento's platform technologies, and the risk that the development or commercialization of product candidates may infringe the intellectual property rights of others; the potential that Sorrento may require substantial additional funding in order to obtain regulatory approval for and commercialize quorum quenching technologies or any other product; and additional risks set forth in Sorrento's Form 10-K for the year ended December 31, 2012, and other periodic reports filed with the Securities and Exchange Commission. These forward-looking statements represent Sorrento's judgment as of the date of this release. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement and Sorrento undertakes no obligation to revise or update this press release to reflect events or circumstances after the date hereof. This caution is made under the safe harbor provisions of Section 21E of the Private Securities Litigation Reform Act of 1995.
SOURCE Sorrento Therapeutics, Inc.