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Sorrento Receives Purchase Order for 10 Million Covistix Tests From Its Subsidiary Sorrento Mexico for February Delivery in Mexico

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·6 min read
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  • As COVID-19 cases spike in Mexico, Sorrento Therapeutics Mexico (“Sorrento Mexico”) won the first tender offer in 2022 by the Mexico City Government for COVISTIX tests, which were delivered in the same week of the tender purchase.

  • Sorrento Mexico has received emergency use authorization (EUA) approval under its own name from the Mexican regulatory agency, COFEPRIS (Comisión Federal para la Protección contra Riesgos Sanitarios), for direct importation, sales and distribution of COVISTIX in Mexico.

  • On January 20, 2022, Sorrento Mexico placed a purchase order (PO) directly to Sorrento for 10 million COVISTIX tests for immediate delivery in February.

  • Sorrento Mexico anticipates increasing demand for the highly sensitive COVISTIX antigen detection tests. Orders in Mexico are expected to exceed the current order for 10 million tests.

SAN DIEGO, Jan. 24, 2022 (GLOBE NEWSWIRE) -- Sorrento Therapeutics, Inc. (Nasdaq: SRNE, "Sorrento") and Sorrento Mexico today announced that COFEPRIS has given EUA approval to Sorrento Mexico to import, market and distribute COVISTIX tests directly in Mexico. COVISTIX is a sensitive platinum colloid-based lateral-flow rapid antigen test for the detection of SARS-CoV-2 infection, including Omicron and Delta variants of concern.

Mexico passed 300,000 test-confirmed coronavirus deaths last week, however, so little testing is done in the country of 126 million that a government review of death certificates puts the real toll at almost 460,000. The virus infection spike was largely responsible for the cancelation of 260 flights between Jan. 6 and Jan. 10, as airline employees got infected and had to isolate, causing staff shortages. “The situation in Mexico is quite serious, and Sorrento and Sorrento Mexico are doing everything we can to increase testing capacity for the people of Mexico,” said Dr. Henry Ji, President and CEO of Sorrento.

Following receipt of the EUA approval and on January 20, 2022, Sorrento Mexico has placed directly to Sorrento, a purchase order (PO) for 10 million COVISTIX tests to be delivered in February. Sorrento Mexico anticipates the current demand for COVISTIX testing in Mexico is far exceeding the current order.

About Sorrento Therapeutics, Inc.

Sorrento is a clinical and commercial stage biopharmaceutical company developing new therapies to treat cancer, pain (non-opioid treatments), autoimmune disease and COVID-19. 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”), immuno-cellular therapies (“DAR-T™”), antibody-drug conjugates (“ADCs”), and oncolytic virus (“Seprehvec™”). Sorrento is also developing potential antiviral therapies and vaccines against coronaviruses, including Abivertinib, COVI-AMG™, COVISHIELD™, COVI-MSC™ and COVIDROPS™; and diagnostic test solutions, including COVITRACK™ and COVISTIX™.

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 SP-102 (10 mg, dexamethasone sodium phosphate viscous gel) (SEMDEXA™), a novel, viscous gel formulation of a widely used corticosteroid for epidural injections to treat lumbosacral radicular pain, or sciatica, and to commercialize ZTlido® (lidocaine topical system) 1.8% for the treatment of post-herpetic neuralgia (PHN). RTX has cleared for Phase II trial for intractable pain associated with cancer and a Phase II trial in osteoarthritis patients. SEMDEXA announced highly statistically significant positive top-line results from its Phase III Pivotal Trial C.L.E.A.R Program for its novel, non-opioid product for the treatment of lumbosacral radicular pain (sciatica). ZTlido® was approved by the FDA on February 28, 2018.

For more information visit www.sorrentotherapeutics.com

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., 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 COVISTIX; the performance capabilities of COVISTIX, including its sensitivity and specificity; the speed at which COVISTIX provides results or is able to provide results; COVISTIX’s capability to detect the SARS-CoV-2 virus and all of its current variants of concern, including the Omicron variant; Sorrento’s contracted manufacturing capacity and ability to meet market demands in Mexico and/or worldwide; future revenues and sales projections; and Sorrento’s potential position in the diagnostics industry. Risks and uncertainties that could cause our actual results to differ materially and adversely from those expressed in our forward-looking statements, include, but are not limited to: risks related to Sorrento's and its subsidiaries', affiliates’ and partners’ technologies and prospects and collaborations with partners, including, but not limited to risks related to COVISTIX; risks of manufacturing and supplying diagnostic tests; risks related to plans for the sale and distribution of COVISTIX tests in Mexico and/or worldwide; changes in economic trends and spending patterns of purchasers of health care products in the Mexico and/or worldwide market; the ability of Sorrento to meet any of its financial projections or guidance and changes to the assumptions underlying those projections or guidance; the potential for any sales contract or distribution agreement, including Sorrento’s agreements in Mexico and/or worldwide, to be cancelled or terminated; risks related to leveraging the expertise of its employees, subsidiaries, affiliates and partners to assist the company in the execution of its COVID-19 diagnostic product candidates’ strategies; risks related to the global impact of COVID-19; and other risks 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, 2020, and subsequent Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission, 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.

Media and Investor Relations

Contact: Dorman Followwill
Email: mediarelations@sorrentotherapeutics.com

Sorrento® and the Sorrento logo are registered trademarks of Sorrento Therapeutics, Inc.

G-MAB™, DAR-T™, Seprehvec™, SOFUSA™, COVI-AMG™, COVISHIELD™, COVIDROPS™, COVI-MSC™, COVITRACK™ and COVISTIX™ are trademarks of Sorrento Therapeutics, Inc.

SEMDEXA™ is a trademark of Semnur Pharmaceuticals, Inc.

ZTlido® is a registered trademark owned by Scilex Pharmaceuticals Inc.

All other trademarks are the property of their respective owners.

©2022 Sorrento Therapeutics, Inc. All Rights Reserved.