Sorrento Therapeutics Announces the Appointment of Dr. Yue Alexander Wu to its Board of Directors

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SAN DIEGO, Aug. 1, 2016 /PRNewswire/ -- Sorrento Therapeutics, Inc. (NASDAQ: SRNE; "Sorrento"), an antibody-centric, clinical-stage biopharmaceutical company developing new treatments for cancer and other unmet medical needs, announced today the appointment of Yue Alexander Wu, Ph.D to its Board of Directors (the "Board"). Dr. Wu will also serve as a member of the Compensation Committee and Audit Committee of the Board.  Doug Ebersole has resigned as a member of the Board for personal reasons.

Sorrento Therapeutics, Inc.

Dr. Wu is co-founder, President, Chief Executive Officer and Chief Scientific Officer of Crown Bioscience International, a leading global drug discovery and development solutions company, which he co-founded in 2006.  From 2004 to 2006, Dr. Wu was Chief Business Officer of Starvax International Inc. in Beijing, China, a biotechnology company focusing on oncology and infectious diseases.  From 2001 to 2004, Dr. Wu was a banker with Burrill & Company where he was head of Asian Activities.  Dr. Wu received his Ph.D. in Molecular Cell Biology and his MBA from University of California at Berkeley.  He earned an M.S. in Biochemistry from University of Illinois, Urbana-Champaign and his B.S. in Biochemistry from Fudan University in Shanghai, China.

"We are pleased that Dr. Wu will join the Board of Sorrento," stated Dr. Henry Ji, President and Chief Executive Officer at Sorrento. "Dr. Wu is uniquely qualified and his experience and insight will provide meaningful contributions to Sorrento as we rapidly move forward towards clinical and commercial stages. In addition, we thank Doug Ebersole for all his past contributions on our Board and wish him the best in his future endeavors."

About Sorrento Therapeutics, Inc. 

Sorrento is an antibody-centric, clinical stage biopharmaceutical company developing new treatments for cancer, inflammation and autoimmune diseases. Sorrento's lead products are multiple late-stage biosimilar and biobetter antibodies, as well as clinical CAR-T therapies targeting solid tumors.

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. and its subsidiaries 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 expectations for Sorrento's and its subsidiaries' technologies and collaborations; Sorrento's and its subsidiaries' prospects; and other matters 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, 2015, as amended, 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.

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SOURCE Sorrento Therapeutics, Inc.