Sorrento Therapeutics Presents Preclinical Data of its Fully Human Antibody Programs Targeting Anti-PD-L1 and Anti-PD-1 at the 8th Annual Next Generation Protein Therapeutics Summit

SAN DIEGO, June 24, 2013 /PRNewswire/ -- Sorrento Therapeutics, Inc. (OTCQB: SRNE; Sorrento) announced today that preclinical data of its therapeutic fully human anti-PD-L1 and anti-PD-1 monoclonal antibodies (mAbs) will be presented at the IBC 8^th Annual Next Generation Protein Therapeutics Summit, June 26 - 28 in San Diego.

In recent clinical studies,^[1] immunomodulatory anti-PD-1 and anti-PD-L1 antibodies have shown great promise for the treatment of solid tumors. By blocking immunosuppressive signals on cancer cells directed against infiltrating T cells, the patients' anti-tumor immune response might be rejuvenated.

"We believe these preclinical data are the first demonstration of potent immunomodulatory anti-PD-L1 and anti-PD-1 antibodies obtained from a fully human antibody library rather than mouse-based technologies," said Henry Ji, Ph.D., Sorrento's President and CEO. "Overall, these data illustrate the potential of Sorrento's G-MAB® library technology for discovery and development of fully human therapeutic antibodies against clinically valuable drug targets,"

The poster presentation titled "Human anti-PD-L1 and anti-PD-1 mAbs Identified from an Antibody Library Exhibit Potent Immune Cell Activation" is authored by J. Dixon Gray, Heyue Zhou, Edwige Gros, Kimberly Johnson, Gunnar F. Kaufmann, and Randy Gastwirt.

About Sorrento Therapeutics, Inc.

Sorrento Therapeutics, Inc. is a publicly-traded, development-stage biopharmaceutical company engaged in the discovery, acquisition, development and commercialization of proprietary drug therapeutics for addressing significant unmet medical needs in the Unites States, Europe and additional international markets. Sorrento Therapeutics' primary therapeutic focus is oncology but it is also developing therapeutics products for other indications, including inflammation, metabolic, and infectious diseases. Sorrento Therapeutics' proprietary G-MAB® fully-human antibody library platform was designed to facilitate the rapid identification and isolation of highly specific antibody therapeutic product candidates that bind to disease targets appropriate for antibody therapy.

More information is available at www.sorrentotherapeutics.com

Forward-Looking Statements

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 trial results from third parties, 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 Sorrento Therapeutics' proprietary G-MAB® fully-human antibody library platform technologies or product candidates; and additional risks set forth in Sorrento Therapeutics' filings with the Securities and Exchange Commission. These forward-looking statements represent Sorrento Therapeutics' 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 STI 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.

^[1] Topalian, SL et al New England Journal of Medicine (http://www.nejm.org/doi/full/10.1056/NEJMoa1200690)

Brahmer JR et al; New England Journal of Medicine (http://www.nejm.org/doi/full/10.1056/NEJMoa1200694)

Hamid O et al; New England Journal of Medicine (http://www.nejm.org/doi/full/10.1056/NEJMoa1305133)

SOURCE Sorrento Therapeutics, Inc.