Sorrento Therapeutics Closes Five-Year Term Loan Financing for Up to $150 Million
Sorrento Therapeutics, Inc. (SRNE)
Last sorrento therapeutics, inc. earnings: 8/9 04:49 pm
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Source: GlobeNewswire
SAN DIEGO, Nov. 08, 2018 (GLOBE NEWSWIRE) -- Sorrento Therapeutics, Inc. (NASDAQ: SRNE), a clinical-stage immunotherapy biotech company, announces the closing of a debt financing for up to $150 million. The financing is being provided by funds and accounts managed by Oaktree Capital Management, L.P. (“Oaktree”), a leading global investment firm. An affiliate of Oaktree is the sole administrative agent and collateral agent for the financing and Morgan Stanley & Co. LLC served as the sole placement agent for the transaction. “With this financing, we believe we now have adequate funding for up to the next two years, enabling us to bring several of our key clinical programs in the CAR-T and non-opioid pain management space to FDA approvals and potential commercialization,” said Henry Ji, Ph.D., Chairman, President and Chief Executive Officer. “Additionally, with encouraging data readout from our ongoing Anti-CEA trial for liver metastases among pancreatic cancer patients and our rece
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