Sorrento continues slide, down 13% [Seeking Alpha]
Sorrento Therapeutics, Inc. (SRNE)
Last sorrento therapeutics, inc. earnings: 8/9 04:49 pm
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sorrentotherapeutics.com/investors
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Source: Seeking Alpha
Sorrento Therapeutics ( SRNE ) slumps on almost 30% higher volume. Shares have lost almost half their value since mid-May. Earlier this week, majority-owned subsidiary Scilex Pharmaceuticals completed what appears to be a very expensive debt deal to fund the commercial launch of pain patch ZTlido (lidocaine topical system) for post-herpetic neuralgia. Scilex sold $244M of senior secured note due 2026 for an aggregate purchase price of $140M, but will net only $89.3M. In addition, note holders will receive 10 - 25% of net sales of ZTlido depending on certain circumstances. Also, if ZTlido sales fail to hit 95% of a predetermined target, it will have to increase the aggregate principal amount of the notes by $28M. See all stocks on the move » Now read: Long-Term Outlook For Crispr Therapeutics: Sept. 5, 2018 » Subscribe for full text news in your inbox
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