NEW YORK, NY / ACCESSWIRE / July 17, 2017 / Sorrento Therapeutics had a big insider purchase revealed last week that helped drive share prices higher. Omeros Corporation also saw big gains after announcing that it plans to take legal action against a shareholder who has written a report shared on Twitter that the company says is "replete with falsehoods."
RDI Initiates Coverage on:
Sorrento Therapeutics, Inc.
Sorrento Therapeutics, Inc.'s shares closed up 5.26% on trading volume of about 1.8 million shares. There was no remarkable news to explain the boost in trading price however it was revealed in a SEC filing that major shareholder Abg Management Ltd bought 550,000 shares of Sorrento's stock in a transaction that occurred on Wednesday, April 19th. The total value of the transaction was $1.1 million with an average cost per share of $2.00. Currently, Institutional investors hold around $26 million or 17.9% in the stock. Last month the company announced that the U.S. FDA has authorized its Investigational New Drug Application for Resiniferatoxin (RTX), a non-opioid, TRPV1 agonist. Resiniferatoxin selectively targets afferent nerve activation involved in chronic pain states.
President and Chief Executive Officer of Sorrento Therapeutics, Inc. Dr. Henry Ji, stated, "Given its unique mechanism of action, we view RTX as a franchise molecule, uniquely positioned to halt the neurogenic inflammation cycle in a number of clinical indications. Our intention is to commence our clinical path in cancer since more than 80% of cancer patients experience uncontrolled pain during their disease and 20% of these patients remain unresponsive or intolerant to mainstay, opioid therapy. We are confident in RTX providing meaningful relief to these patients given previous pre-clinical and clinical findings demonstrating that a single injection of RTX could safely and effectively reduce severe pain as well as the use of concomitant analgesics."
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Omeros Corporation's shares closed up 6.71% with trading volume of about 1.1 million shares. There was no significant news but earlier this month, Omeros announced that it is planning on legal action against the author of a 16-page report that according to the company, is "replete with falsehoods." The author, who has used the pseudonym "Art Doyle" has claimed to have a short position in the stock. Art Doyle has accused the company on Twitter of hiding information about an early stage trial for a drug developed to treat tissue injury diseases. Omeros stated, "This report is replete with falsehoods, misleading statements and incorrect analyses and conclusions. The report is actionable and the company is pursuing legal remedies. Omeros intends to hold all responsible parties accountable."
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