Sorrento Announces Proposed Public Offering of Common Stock
SAN DIEGO, April 12, 2017 /PRNewswire/ -- Sorrento Therapeutics, Inc. (NASDAQ: SRNE) ("Sorrento"), an antibody-centric, clinical-stage biopharmaceutical company developing new treatments for cancer and other unmet medical needs, today announced that it intends to offer and sell, subject to market and other conditions, shares of its common stock in an underwritten public offering. Sorrento will grant the underwriter an option exercisable, in whole or in part, in the sole discretion of the underwriter, to purchase additional shares, for a period of up to 30 days. All of the shares will be offered and sold by Sorrento.
Cantor Fitzgerald & Co. is acting as the lead book-running manager for the offering. FBR & Co. is also acting as a joint book-running manager. The offering is subject to market conditions, and there can be no assurance as to whether or when the offering will be completed, or as to the actual size or terms of the offering.
The public offering will be made pursuant to a shelf registration statement on Form S-3 (File No. 333-199849) previously filed with and declared effective by the Securities and Exchange Commission (the "SEC") on December 3, 2014. The securities may be offered only by means of a prospectus. A preliminary prospectus supplement and the accompanying prospectus relating to and describing the terms of the offering will be filed with the SEC and will be available on the SEC's website at www.sec.gov. When available, copies of the preliminary prospectus supplement and the accompanying prospectus may also be obtained by contacting Cantor Fitzgerald & Co., Attention: Capital Markets, 499 Park Ave., 6th Floor, New York, New York 10022, or by telephone at 212-829-7122, or by e-mail at firstname.lastname@example.org.
This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Sorrento Therapeutics, Inc.
Sorrento is an antibody-centric, clinical stage biopharmaceutical company developing new treatments for immuno-oncology, inflammation and autoimmune diseases. Sorrento's lead product candidates include immunotherapies focused on the treatment of both solid tumors and hematological malignancies, as well as late stage pain products.
This press release contains 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 the proposed underwritten public offering and other matters that are described in Sorrento's most recent periodic reports filed with the SEC, including Sorrento's Annual Report on Form 10-K for the year ended December 31, 2016, as amended, and the preliminary prospectus supplement related to the proposed offering filed with the SEC on or about the date hereof, 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.