Actionable news
All posts from Actionable news
Actionable news in SRNE: Sorrento Therapeutics, Inc.,

Sorrento Announces Definitive Agreements for up to $150 Million Private Placement

SAN DIEGO, April 4, 2016 /PRNewswire/ -- Sorrento Therapeutics, Inc. (SRNE), an antibody-centric, clinical-stage biopharmaceutical company developing new treatments for cancer and other unmet medical needs company, today announced that it has entered into definitive agreements with institutional investors and its strategic corporate partner, Yuhan Corporation (000100.KS; Yuhan) of South Korea, whereby such investors will invest up to approximately $150 million in separate private placements in newly issued common stock (the "Shares") at $5.55 per share and receive warrants to purchase common stock with an exercise price of $8.50 per share (the "Warrants").

The transaction is led by Ally Bridge Group, a global healthcare-focused investment group based in Hong Kong, with a global life science investment portfolio in the U.S., Europe and Asia. The transaction is subject to customary closing conditions, including obtaining clearance for the issuance of the Shares and the Warrants pursuant to Nasdaq Stock Market LLC listing requirements and completion of investor due diligence, and is expected to occur by the end of May 2016. Net proceeds from the financing will primarily be used to support the development of Sorrento's product pipeline and for general corporate purposes.

"We appreciate the confidence of Ally-Bridge Group, Yuhan Corporation and the other new investors in Sorrento as we accelerate the clinical development strategy for our multiple immunotherapy product candidates with the significant funds raised from this financing," said Henry Ji, President & CEO of Sorrento.

"There is no doubt that Sorrento has a unique, comprehensive portfolio of innovative antibody technologies with a number of cutting-edge immunotherapy programs. There is tremendous excitement around Sorrento's subsidiaries and...