In a July 21 research note, Dawson James Securities analyst Jason Kolbert discussed several developments at Sorrento Therapeutics Inc. (SRNE:NASDAQ).
Sorrento determined that the dosing of COVIDROPS to be given in an upcoming Phase 2 clinical trial will be 10 or 20 milligrams versus placebo. The drug candidate is a "highly potent neutralizing antibody against SARS-CoV-2," including the Alpha and Delta variants, Kolbert described. It will be tested in 350 outpatients in the United Kingdom who are asymptomatic or have mild symptoms.
In addition, Sorrento's non-opioid pain management company, Scilex Holding, completed enrollment for its Phase 3 C.L.E.A.R. pivotal trial for its non-opioid corticosteroid formulation for the treatment of sciatica, or lumbosacral radicular pain, noted Kolbert. The drug candidate, SP-102, is an injectable dexamethasone sodium phosphate gel that the U.S. Food and Drug Administration has granted fast track status. Top-line data from this Phase 3 trial are expected in Q4/21.
Sorrento established a subsidiary in Mexico, Sorrento Therapeutics Mexico, to commercialize COVI-STIX there, Kolbert relayed. The subsidiary will also handle clinical trials and registration related to Sorrento's products in Mexico, and potentially other countries in Latin America.
Sorrento's partner Mabpharm got approval to market infliximab biobetter in China, indicated Kolbert. Because Sorrento itself holds the commercialization rights outside China, it plans to meet with regulatory agencies to determine the best approach to registration in the U.S. and Europe.
Dawson James has a Buy rating and a $19 per share target price on Sorrento Therapeutics, the current share price of which is about $8.46.[NLINSERT]
1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the decision to publish an article until three business days after the publication of the article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases.
6) This article does not constitute medical advice. Officers, employees and contributors to Streetwise Reports are not licensed medical professionals. Readers should always contact their healthcare professionals for medical advice.
Disclosures for Dawson James Securities, Sorrento Therapeutics, July 21, 2021
The Firm does not make a market in the securities of the subject company(s). The Firm has NOT engaged in investment banking relationships with SRNE in the prior twelve months, as a manager or co-manager of a public offering and has NOT received compensation resulting from those relationships. The Firm may seek compensation for investment banking services in the future from the subject company(s). The Firm has NOT received any other compensation from the subject company(s) in the last 12 months for services unrelated to managing or co-managing of a public offering.
Neither the research analyst(s) whose name appears on this report nor any member of his (their) household is an officer, director, or advisory board member of these companies. The Firm and/or its directors and employees may own securities of the company(s) in this report and may increase or decrease holdings in the future. As of June 30, 2021, the Firm as a whole did not beneficially own 1% or more of any class of common equity securities of the subject company(s) of this report. The Firm, its officers, directors, analysts, or employees may affect transactions in and have long or short positions in the securities (or options or warrants related to those securities) of the company(s) subject to this report. The Firm may affect transactions as principal or agent in those securities.
Analysts receive no direct compensation in connection with the Firm's investment banking business. All Firm employees, including the analyst(s) responsible for preparing this report, may be eligible to receive non-product or service specific monetary bonus compensation that is based upon various factors, including total revenues of the Firm and its affiliates as well as a portion of the proceeds from a broad pool of investment vehicles consisting of components of the compensation generated by investment banking activities, including but not limited to shares of stock and/or warrants, which may or may not include the securities referenced in this report.
Analyst Certification: The analyst(s) whose name appears on this research report certifies that 1) all of the views expressed in this report accurately reflect his (their) personal views about any and all of the subject securities or issuers discussed; and 2) no part of the research analyst’s compensation was, is, or will be directly or indirectly related to the specific recommendations or views expressed by the research analyst in this research report; and 3) all Dawson James employees, including the analyst(s) responsible for preparing this research report, may be eligible to receive non-product or service specific monetary bonus compensation that is based upon various factors, including total revenues of Dawson James and its affiliates as well as a portion of the proceeds from a broad pool of investment vehicles consisting of components of the compensation generated by investment banking activities, including but not limited to shares of stock and/or warrants, which may or may not include the securities referenced in this report.