San Diego, CA – September 10, 2013 – Sorrento Therapeutics, Inc. (OTC QB: SRNE; Sorrento) announced today that it has secured an option to an exclusive license for the worldwide rights to Biomiga Diagnostics’ (Biomiga) proprietary therapeutic drug monitoring (TDM) device for paclitaxel products. The license and option agreement allows Sorrento to utilize the TDM device for the clinical development of individualized dosing regimens of Sorrento’s late-stage compound, Cynviloq™ (paclitaxel polymeric micelle). Sorrento can exercise the option for exclusive rights to paclitaxel monitoring products and exclusive commercial supply by Biomiga upon the payment of $1 million within 30 days of the TDM device being ready for human clinical trials with Cynviloq.
Successful development of an oncology TDM program at the point-of-care may change the way cancer patients are treated. Biomiga’s TDM device in development is intended to provide a point-of-care measurement of patient paclitaxel blood levels during chemotherapy treatment, potentially maximizing anti-tumor responses while minimizing toxicity. Paclitaxel chemotherapy treatment exhibits a narrow therapeutic window with a high variation in blood levels.
“This transaction reflects the forward-looking culture at Sorrento as we strive to become an innovator and leader in cancer therapy. Biomiga’s TDM device may enable us to develop and deliver a potentially advantageous paclitaxel product for patients by establishing a new paradigm for chemotherapy,” said Henry Ji, Ph.D., President and CEO of Sorrento.
About Biomiga Diagnostics
Biomiga Diagnostics’ is a privately-held company whose mission is to transform healthcare by point-of-care tests for TDM. Vuong Trieu, Chief Scientific Officer of Sorrento, is the founder and majority shareholder of Biomiga Diagnostics. To learn more about Biomiga Diagnostics, visit www.biomigadiagnostics.com.