In pre-market trading, the stock was trading up 3.7 percent to $5.60. Shares were down 0.46 percent at $5.38 shortly after the open Monday.
The data monitoring committee that assessed data from a Phase 1 trial for Sorrento's non-opioid, afferent nerve-ablating drug candidate resiniferatoxin for osteoarthritis pain in the knee found it safe and effective, the pharmaceutical company said.
The data was drawn from the first patient enrolled in the study, which was double-blind and assessed the safety, tolerability and preliminary efficacy of the candidate versus a placebo. The mode of administration is intra-articular.
Why It's Important
Join pain, according to the company, affects over 30 million patients in major markets, with those suffering from knee osteoarthritis pain accounting for half of the total.
"We believe resiniferatoxin has the potential to adequately address this need and may help limit chronic use of other pain medications including opioids," said Dr. Jerome Zeldis, Sorrento's chief medical officer.
Sorrento said it will continue recruiting until the planned 40 patients have been enrolled in "up to five dose level cohorts or until a maximum tolerated dose is reached."
If a clearly effective dose or maximum tolerated dose is identified ahead of the highest dose, then the study could be stopped at that stage, the company said.
Sorrento expects to complete the trial within the first half of 2019.
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