Sorrento Therapeutics, Inc. (NASDAQ: SRNE, “Sorrento”) announced today that it believes it has uncovered fraudulent attempts to manipulate the Company’s stock.
On August 11, 2020, it was reported that an organization calling itself “Hindenburg Research” published claims regrading one of Sorrento’s COVID-19 diagnostic products.
The report is believed to include false and/or misleading statements for the sole apparent purpose of negatively manipulating the company’s stock price.
Sorrento will collaborate with law enforcement and regulators to ensure that any criminal activity is investigated and rectified. Sorrento, through its legal counsel, Paul Hastings LLP, has demanded that the organization cease and desist from illegal and wrongful activity and retract false and/or misleading statements. Sorrento is also considering legal action.
Sorrento Therapeutics remains focused on developing a portfolio of COVID-19 solutions that spans diagnostics, prevention, early intervention and rescue therapies, including its rapid on-site detection test for SARS-CoV-2 Virus in saliva.
About Sorrento Therapeutics, Inc.
Sorrento is a clinical stage, antibody-centric, biopharmaceutical company developing new therapies to treat cancers. 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”, “DAR-T™”), antibody-drug conjugates (“ADCs”), and clinical stage oncolytic virus (“Seprehvir™”, “Seprehvec™”). Sorrento is also developing potential antiviral therapies and vaccines against coronaviruses, including COVIDTRAP™, ACE-MAB™, COVI-MAB™, COVI-GUARD™, COVI-SHIELD™ and T-VIVA-19™; and diagnostic test solutions, including COVI-TRACK™ and COVI-TRACE™.
Sorrento’s commitment to life-enhancing therapies for patients is also demonstrated by our effort to advance a first-in-class (TRPV1 agonist) non-opioid pain management small molecule, resiniferatoxin (“RTX”), and ZTlido® (lidocaine topical system) 1.8% for the treatment of post-herpetic neuralgia. RTX is completing a phase IB trial for intractable pain associated with cancer and a phase 1B trial in osteoarthritis patients. ZTlido® was approved by the FDA on February 28, 2018.