SAN DIEGO and IRVINE, Calif., May 13,
2013 /PRNewswire/ -- Sorrento Therapeutics, Inc.
("STI"; SRNE) and IGDRASOL announced today the acquisition of
exclusive distribution rights from Samyang Biopharmaceuticals
("Samyang"), a South Korean corporation, to Cynviloq™ (marketed as
Genexol-PM® in South Korea) in the
27 countries of European Union (EU). IGDRASOL had previously
obtained the exclusive U.S. distribution rights to Cynviloq™ from
Samyang, and with this agreement, Samyang again recognizes the
ability of IGDRASOL's management team to leverage its domain
expertise in nanomedicine for the development and commercialization
of Cynviloq™. STI has the right to acquire IGDRASOL pursuant
to a previously-announced option agreement, entered into in
March 2013.
Cynviloq™ is a next-generation, branded, micellar diblock
copolymeric paclitaxel formulation currently approved and marketed
in several countries, including South
Korea for Metastatic Breast Cancer (MBC), Non-small cell
lung cancer (NSCLC) and ovarian cancer. It has also completed Phase
2 studies for potential advancement into registration trials in the
U.S. Preliminary data analysis from an ongoing MBC Phase 3 trial in
South Korea has indicated a
significantly improved overall response rate (ORR) for Cynviloq™ as
compared to a solvent-based paclitaxel, a generic version of
Taxol®. More comprehensive data analyses will be presented at
future medical conferences.
"We look forward to potentially making this important drug,
Cynviloq™, available to cancer patients who would greatly benefit
from it – initially as an alternative to Abraxane® and potentially
in the future as a treatment option for indications such as bladder
and ovarian cancers," said Vuong
Trieu, Ph.D., chief executive officer of IGDRASOL.
About Cynviloq™
Cynviloq™ (or Genexol-PM®; a paclitaxel-loaded micellar diblock
copolymer) is a next-generation branded paclitaxel formulation
currently approved and on the market in several countries.
About IGDRASOL
IGDRASOL's lead therapeutic platform is Cynviloq™, a branded
micellar paclitaxel formulation which is free of cremophor and
human serum albumin (HSA), the excipients for Taxol®
(cremophor-based paclitaxel) and albumin-bound paclitaxel
(Abraxane®), respectively. Cynviloq™ combines the simplicity of
manufacturing and preparation of Taxol® and potentially the
albumin-mediated transport of paclitaxel. IGDRASOL intends to
conduct registration trials for multiple cancer
indications.
The executives of IGDRASOL are a group of pharmaceutical
veterans who believe that personalized paclitaxel nanoparticle
therapy will present a paradigm shift in the delivery of
chemotherapeutic agents. To learn more about IGDRASOL's
mission, please visit its website (http://www.igdrasol.com).
About Sorrento Therapeutics, Inc.
Sorrento Therapeutics, Inc. ("STI"; SRNE) is a publicly-traded,
development-stage biopharmaceutical company focused on the
discovery, development and commercialization of novel and
proprietary biotherapeutics for the treatment of a variety of
disease conditions, including cancer, inflammation, metabolic and
infectious diseases. STI's objective is 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, STI identified and further developed a number of potential
drug product candidates across various therapeutic areas, and STI
intends to select several lead product candidates to progress into
preclinical development activities in 2013. 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 "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™ in the European
Union as well as the U.S.; the domain expertise of IGDRASOL's
management; the potential combination of STI and IGDRASOL. All such
forward-looking statements are based on STI's current beliefs and
expectations, and should not be regarded as a representation by STI
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 STI's and IGDRASOL's
businesses, including: whether STI will have sufficient cash and
other resources to exercise the option and ultimately acquire
IGDRASOL; the risk that delays in the regulatory approval or
commercial launch of Cynviloq™ will enable competitors to further
entrench existing products, or develop and bring new competing
products to market before the approval, if any, of Cynviloq™; the
scope and validity of patent protection for Cynviloq™ as well as
STI's and IGDRASOL'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 STI
and the combined company may require substantial additional funding
in order to obtain regulatory approval for and commercialize
Cynviloq™ or any other oncology products; 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.
Genexol-PM® is a registered trademark of Samyang Corporation;
Abraxane® is a registered trademark of Celgene Corporation, Inc.;
Taxol® is a registered trademark of Bristol-Myers Squibb, Inc.
SOURCE Sorrento Therapeutics, Inc.