Sorrento Therapeutics, Inc. (Sorrento, Nasdaq: SRNE) announces that
it has formed a Chinese joint venture, Shenzhen Yunma Biotechnology
Co., Ltd. (“Shenzhen Yunma”), with LifeTech Scientific Co., Ltd.
(LifeTech, HKSE: 1302) to commercialize Sorrento’s proprietary
water soluble cannabidiol (CBD) formulation technologies for
consumer and pharmaceutical applications in Asia (excluding Japan).
In addition, Shenzhen Yunma’s subsidiary, Yunnan Masheng Health
Science Co., Ltd. (“Yunnan Masheng”), has obtained a Yunnan
industrial hemp plantation permit, as well as governmental
pre-approval to establish an industrialized processing, CBD
extraction and isolation operation in Kunming (Yunnan Province,
China). Sorrento holds 40% of the equity in the Shenzhen Yunma
joint venture and LifeTech holds the remaining 60% of the equity.
Sorrento has contributed the exclusive license to Sorrento’s
water-soluble CBD technology for the Asian territory to Shenzhen
Yunma. With the hemp and CBD supplies from Yunnan Masheng secured,
Shenzhen Yunma will build manufacturing capacity to potentially
deliver hundreds of metric tons of CBD annually to the global
markets.
Sorrento has also formed a new business unit, Scintilla Health,
Inc. (“Scintilla”), with LifeTech Scientific International
Investment Limited, as a 20% minority holder, to explore commercial
opportunities of Sorrento’s water-soluble CBD for both consumer and
pharmaceutical applications in North America, Europe and other
parts of the world.
As previously announced Sorrento’s CBD formulation concentration
could range anywhere from 5% to 10% (50 - 100 mg/ml). This
concentration range is believed to be among the highest in the
industry, and potentially the highest concentration achieved for a
water-soluble formulation.
Sorrento scientists have extensive experience developing
innovative drug formulations to solubilize otherwise insoluble
pharmaceutical compounds, utilizing GRAS (generally recognized as
safe) excipients. Multiple promising water-soluble formulations are
currently in stability studies for the drug development programs.
Safety assessment and pharmacokinetic studies in animals are under
way to support water soluble human CBD drug development (IND
enabling studies).
Sorrento has been working closely with its partner LifeTech to
map out the development path and global supply chain of industrial
CBD medical and consumer products. Utilizing Sorrento’s leading
water-soluble technology, the joint ventures of Sorrento and
LifeTech strive to potentially provide CBD-based pharmaceuticals to
patients suffering from diverse ailments such as cardiovascular
diseases, central nerve system (CNS) diseases (such as Parkinson's
disease, Alzheimer's disease, depression, and autism), or acute and
chronic pain.
Mr. Xie Yuehui, Chairman and CEO of Lifetech Scientific Co.,
Ltd. commented “Lifetech focuses on the research and development,
production and sales of medical products targeting a variety of
conditions from cardiovascular, cerebrovascular, oncological, and
neurological diseases. The new cannabinoid research and product
development in neurological diseases is in line with our long-range
business planning and is synergistic with our other existing
businesses. We are looking forward to collaborating with Sorrento
and establishing a global industrial cannabinoid medical and edible
industry supply chain. Our joint ventures will partner with
world-class research institutes to conduct in-depth research and
development of CBD product for neurological diseases and by
fulfilling unmet medical needs will improve the quality of life of
patients with these debilitating diseases. I believe strongly this
new line of CBD products will bring new growth opportunity to our
company.”
Dr. Henry Ji, Chairman and Chief Executive Officer of Sorrento,
commented “Sorrento’s formulation expertise in CBD water solubility
has broader applications than pharmaceutical drug development. CBD
may have numerous potential general health benefits that are
currently under evaluation and we are very excited that our
technology might find applications through these joint ventures
with our trusted partner LifeTech”.
About Sorrento Therapeutics, Inc.
Sorrento is a clinical stage, antibody-centric,
biopharmaceutical company developing new therapies to turn
malignant cancers into manageable and possibly curable diseases.
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”),
intracellular targeting antibodies (“iTAbs”), antibody-drug
conjugates (“ADC”), and clinical stage oncolytic virus
(“Seprehvir®”).
Sorrento's commitment to life-enhancing therapies for cancer
patients is also demonstrated by our effort to advance
Resiniferatoxin (“RTX”), a first-in-class (TRPV1 agonist)
non-opioid pain management small molecule, ZTlido® and SP-102, a
non-opioid corticosteroid gel. Resiniferatoxin is completing Phase
1b trials in terminal cancer patients and knee osteoarthritis
patients. ZTlido was approved by US FDA on 02/28/18. SP-102 is in
Phase 3 pivotal study for the treatment of lumbar radicular
pain/sciatica. RTX Phase 3 studies in osteoarthritis knee pain are
scheduled to start later in 2019.
For more information visit www.sorrentotherapeutics.com
About LifeTech Scientific Corporation
LifeTech Scientific Corporation (Stock Code: 1302.HK) is the
leading supplier of minimally invasive interventional medical
devices to treat cardiovascular diseases. The company specializes
in R&D, manufacture and sales, and its high-quality,
innovative, proprietary products are extensively marketed in more
than 100 countries by over 300 distributors. At present, the
company is the world second largest supplier (and the largest among
BRIC countries) of occluders to treat congenital heart diseases and
the second largest supplier of aortic repair device in Asia
Pacific.
Lifetech Scientific (Shenzhen) Co., Ltd., the subsidiary of
Lifetech, was established in 1999, and other subsidiaries and sales
offices were subsequently setup in Hong Kong, India, Netherland,
France, Russia, America, Greece, Beijing, Shanghai, Guangzhou and
etc. In November 2011, the company was successfully listed on the
Hong Kong Stock Exchange with the market cap nearly 10 billion
HKD.
As a result of its pursuit for quality and innovation, the
quality system of LifeTech Scientific Corporation was accredited by
the DEKRA in EU (ISO13485:2003) and passed inspection of Good
Manufacturing Practice for Chinese Medical Devices. The company was
rated as a National High-Tech Enterprise in 2008, and has obtained
scientific research qualifications such as National Post-Doctoral
Research Center, National and Local Joint Engineering Laboratory,
etc. The company has also undertaken more than 50 government
research projects, including the National Key Technology Research
and Development Program of China under the “Tenth Five-Year Plan,
the National Basic Research Program (973 Program) and the National
High Technology Research and Development Program of China (863
Program). At the end of 2017, 6 products of the company have been
approved as innovative medical devices by China Food and Drug
Administration (CFDA).
For more information visit
http://www.lifetechmed.com/en/
Forward-Looking Statements
This press release and any statements made for and during any
presentation or meeting contain forward-looking statements related
to Sorrento Therapeutics, Inc., under the safe harbor provisions of
Section 21E of the Private Securities Litigation Reform Act of 1995
and subject to risks and uncertainties that could cause actual
results to differ materially from those projected. Forward-looking
statements include statements regarding the expectations for
Sorrento's and its subsidiaries' technologies and product
candidates, including, but not limited to, Cannabidiol (CBD), the
potential markets for CBD in North America, Europe and other parts
of the world, expected formulation concentration ranges, CBD
production facilities, potential applications and indications for
CBD and potential health benefits of CBD. Risks and
uncertainties that could cause our actual results to differ
materially and adversely from those expressed in our
forward-looking statements, include, but are not limited to: risks
related to Sorrento's and its subsidiaries' technologies and
prospects, including, but not limited to, CBD consumer business;
risks related to securing exclusive supply arrangements with Hemp
growers and CBD production facilities, regulatory approvals for
pharmaceutical CBD and the clinical and commercial success of CBD,
including water soluble formulations and expected formulation
concentration ranges; the viability and success of using CBD for
consumers and other risks that are described in Sorrento's most
recent periodic reports filed with the Securities and Exchange
Commission, including Sorrento's Annual Report on Form 10-K for the
year ended December 31, 2018, and subsequent Quarterly Reports on
Form 10-Q filed with the Securities and Exchange Commission,
including the risk factors set forth in those filings. Investors
are cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date of this release and we
undertake no obligation to update any forward-looking statement in
this press release except as required by law.
Media and Investor Relations
Contact: Alexis Nahama, SVP Corp Development Telephone:
1.858.203.4120 Email:
mediarelations@sorrentotherapeutics.comWebsite:
www.sorrentotherapeutics.com
Sorrento® and the Sorrento logo are registered trademarks of
Sorrento Therapeutics, Inc.
ZTlido® and G-MAB™ are trademarks owned by Scilex
Pharmaceuticals Inc. and Sorrento, respectively.
SEMDEXA™ (SP-102) is a trademark owned by Semnur
Pharmaceuticals, Inc. A proprietary name review by the FDA is
planned.
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.
© 2019 Sorrento Therapeutics, Inc. All Rights
Reserved.
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