Sorrento Therapeutics Announces the Formation of Sorrento Therapeutics Mexico for Commercialization of COVI-STIX and Development of Sorrento’s Portfolio of COVID-19 Products in Mexico and Parts of Latin America

• Sorrento Therapeutics has established a Subsidiary Company in Mexico – Sorrento Therapeutics Mexico.
• Sorrento’s Mexican importer of record has received an initial importation permit from Mexico Authority COFEPRIS for the importation of the first 25 million COVI-STIX test units.
• Sorrento Therapeutics Mexico will coordinate all activities required for commercialization of COVI-STIX, and for the clinical trials and registration of Sorrento’s portfolio of products for the Mexican and potentially other Latin American Markets.

SAN DIEGO, July 20, 2021 (GLOBE NEWSWIRE) — Sorrento Therapeutics, Inc. (Nasdaq: SRNE, “Sorrento”) today announced that it has formed a subsidiary company based in Mexico City, Sorrento Therapeutics Mexico (“Sorrento Mexico”), to support the clinical development and registration of multiple COVID-19 related products Sorrento plans to develop and commercialize in Mexico and other Latin America territories.

Sorrento Mexico has established offices in Mexico City with Dr. Henry Ji as Chairman and Mr. Héctor Sulaimán S. as Chief Executive Officer.

Sorrento’s distributor has received from COFEPRIS written permission to import the first 25 million test units (1,000,000 boxes of 25 tests/box) of COVI-STIX into the country. These COVI-STIX professional use package contain a positive and a negative control test and all the components necessary for testing. Sorrento is ramping up manufacturing to fulfil subsequent orders.

“We are excited to form Sorrento Mexico to coordinate the development of our COVID-19 portfolio of products in the region, we anticipate expanding the programs to encompass Sorrento’s full range of diagnostic and therapeutic products,” said Henry Ji, Ph.D., Chairman and CEO of Sorrento Therapeutics.

About Sorrento Therapeutics, Inc.

Sorrento is a clinical stage, antibody-centric, biopharmaceutical company developing new therapies to treat cancers and COVID-19. Sorrento’s multimodal, multipronged approach to fighting cancer is made possible by its extensive immuno-oncology platforms, including key assets such as fully human antibodies (“G-MAB™ library”), clinical stage immuno-cellular therapies (“CAR-T”, “DAR-T™”), antibody-drug conjugates (“ADCs”), and clinical stage oncolytic virus (“Seprehvir™”). Sorrento is also developing potential antiviral therapies and vaccines against coronaviruses, including COVIGUARD™, COVI-AMG™, COVISHIELD™, Gene-MAb™, COVI-MSC™ and COVIDROPS™; and diagnostic test solutions, including COVITRACK™, COVI-STIX™ and COVITRACE™.

Sorrento’s commitment to life-enhancing therapies for patients is also demonstrated by our effort to advance a first-in-class (TRPV1 agonist) non-opioid pain management small molecule, resiniferatoxin (“RTX”), and SP-102 (10 mg, dexamethasone sodium phosphate viscous gel) (SEMDEXA™), a novel, viscous gel formulation of a widely used corticosteroid for epidural injections to treat lumbosacral radicular pain, or sciatica, and to commercialize ZTlido® (lidocaine topical system) 1.8% for the treatment of post-herpetic neuralgia. RTX has completed a Phase IB trial for intractable pain associated with cancer and a Phase 1B trial in osteoarthritis patients. SEMDEXA is in a pivotal Phase 3 trial for the treatment of lumbosacral radicular pain, or sciatica. ZTlido® was approved by the FDA on February 28, 2018.

For more information visit www.sorrentotherapeutics.com.

Forward-Looking Statements

This press release and any statements made for and during any presentation or meeting contain forward-looking statements related to Sorrento Therapeutics, Inc., under the safe harbor provisions of Section 21E of the Private Securities Litigation Reform Act of 1995 and subject to risks and uncertainties that could cause actual results to differ materially from those projected. Forward-looking statements include statements regarding Sorrento’s expectations regarding the collaboration between INMEGEN and Sorrento to conduct clinical development activities for Sorrento’s COVID-19 related diagnostics, therapeutics and vaccine product candidates in Mexico, including testing, clinical trials and product development; the installation of clinical research and development capabilities within INMEGEN; the plan to work with Mexican hospitals and clinical institutions on clinical and regulatory activities; and Sorrento’s potential position in the diagnostics, therapeutics and vaccine industries. Risks and uncertainties that could cause our actual results to differ materially and adversely from those expressed in our forward-looking statements, include, but are not limited to: risks related to Sorrento’s and its subsidiaries’, affiliates’ and partners’ technologies and prospects and collaborations with partners, including, but not limited to risks related to seeking regulatory approval for Sorrento’s COVID-19 products in Mexico and Latin America; clinical development risks, including risks in the progress, timing, cost, and results of clinical trials and product development programs; risk of difficulties or delays in obtaining regulatory approvals; risks that clinical study results may not meet any or all endpoints of a clinical study and that any data generated from such studies may not support a regulatory submission or approval; risks that prior test, study and trial results may not be replicated in future studies and trials; risks of manufacturing and supplying drug product; risks related to leveraging the expertise of its employees, subsidiaries, affiliates and partners to assist Sorrento in the execution of its therapeutic antibody product candidate strategies; risks related to the global impact of COVID-19; and other risks that are described in Sorrento’s most recent periodic reports filed with the Securities and Exchange Commission, including Sorrento’s Annual Report on Form 10-K for the year ended December 31, 2020, and subsequent Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission, including the risk factors set forth in those filings. Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release and we undertake no obligation to update any forward-looking statement in this press release except as required by law.

Media and Investor Relations Contact
Alexis Nahama, DVM (SVP Corporate Development)
Email: mediarelations@sorrentotherapeutics.com

Sorrento® and the Sorrento logo are registered trademarks of Sorrento Therapeutics, Inc.

G-MAB™, DAR-T™, SOFUSA™, COVIGUARD™, COVI-AMG™, COVISHIELD™, Gene-MAb™, COVIDROPS™, COVI-MSC™, COVITRACK™, COVITRACE™ and COVI-STIX™ are trademarks of Sorrento Therapeutics, Inc.

SEMDEXA™ is a trademark of Semnur Pharmaceuticals, Inc.

ZTlido® is a registered trademark owned by Scilex Pharmaceuticals Inc.

All other trademarks are the property of their respective owners.

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