Update to 01/26/21 COVI-MSC Press Release: Fourth Patient Also Released From Hospital Following Third Infusion of Stem Cells – GlobeNewswire

SAN DIEGO, Jan. 31, 2021 (GLOBE NEWSWIRE) -- Sorrento Therapeutics, Inc.(Nasdaq: SRNE, "Sorrento")announcedtodayadditional positiveresultsfrom itsPhase 1bstudy ofhumanallogeneicadipose-derivedmesenchymal stemcells(COVI-MSC)forpatients suffering from COVID-19-induced acute respiratory distress (ARD)oracute respiratory distress syndrome (ARDS). Thisongoingstudy (PSC-CP-004) is a single arm, non-randomized Phase 1b study of the safety and preliminary efficacy ofCOVI-MSCsadministered every other day for three infusions for a total of 1 x 106cells/kg. The primaryobjectiveis to evaluate the safety of intravenous infusion of allogeneic adiposeMSCcells in patients with COVID-19-induced ARDor ARDS.

On January 26, 2021, Sorrento announced the first three enrolledICU COVID-19 patientsweredischarged from the hospital withina weekofstartingCOVI-MSC infusions and a fourth patient just started the COVI-MSC treatment last Monday, January 25, 2021. The fourth patient who had been in the hospital for more than 2 weeks and required intubation and mechanical ventilation with worsening pulmonary compromise received 3 infusions of COVI-MSC and improved so rapidly that he was able to be discharged the evening after his 3rd infusion on January 29, 2021. No infusion related safety events were reported. Dr. Eyad Almasri, Associate Professor of Medicine, Pulmonary, Critical Care and Sleep Medicine at UCSF Fresno, is the principal investigator in this ongoing study.

Dr. Henry Ji, Chairman and CEO of Sorrento Therapeutics, stated It brings us great joy each time one of our treatments helps to save a life, after all that is what we at Sorrento work toward each and every day to save one life at a time.

More information on the Phase 1 trial can be found atwww.clinicaltrials.gov(NCT04486001).Information on the proposed Phase 2 trialis expected tobeavailablesoon.

Stem cells have been demonstrated to support resolution of symptoms in multiple disease settings and have the potential to reduce the long-term effects associated with pulmonary tissue damage.More information on the potential use and benefits of MSCs for patients with COVID-19 can be found in the recently published review at:https://translational-medicine.biomedcentral.com/articles/10.1186/s12967-020-02380-2

Personalized Stem Cells, Inc.(PSC)is the GMP manufacturerpartner for Sorrentos COVI-MSC.

AboutSorrento Therapeutics, Inc.

Sorrento is a clinical stage, antibody-centric, biopharmaceutical company developing new therapies to treat cancers and COVID-19. Sorrentos 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, includingCOVI-GUARD, COVI-AMG, COVI-SHIELD, Gene-MAb, COVI-MSC and COVI-DROPS; and diagnostic test solutions, including COVI-TRACK, COVI-STIX and COVI-TRACE.

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 commercializeZTlido(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.ZTlidowas approved by the FDA on February 28, 2018.

For more information visitwww.sorrentotherapeutics.com

Forward-Looking Statements

This press release and any statements made for and during any presentation or meeting contain forward-looking statements related toSorrento 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 the safety and potential efficacy of an adipose-derived allogeneic MSC product candidate in patients with COVID-19 and in respiratory distress; the clinical testing of an adipose-derived allogeneic MSC product candidate; the preliminary results of the Phase 1b trial to date; the continued enrollment and potential commencement of any future clinical trials for an adipose-derived allogeneic MSC product candidate, including any Phase 2 trial; the potential for preliminary data results to be replicated or continue to show improved clinical safety or efficacy as the ongoing trial continues; and our potential position in the antiviral industry. 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 any adipose-derived allogeneic MSC product candidate; 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 COVID-19 therapeutic 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 theSecurities and Exchange Commission, including Sorrento's Annual Report on Form 10-K for the year endedDecember 31, 2019, and subsequent Quarterly Reports on Form 10-Q filed with theSecurities 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

Alexis Nahama, DVM (SVP Corporate Development)

Telephone: 1.858.203.4120

Email: mediarelations@sorrentotherapeutics.com

Sorrentoand the Sorrento logo are registered trademarks ofSorrento Therapeutics, Inc.

G-MAB, DAR-T, COVI-GUARD, COVI-AMG, COVI-SHIELD, Gene-MAb, COVI-DROPS, COVI-MSC, COVI-TRACK, COVI-TRACE and COVI-STIX are trademarks ofSorrento Therapeutics, Inc.

SEMDEXA is a trademark of Semnur Pharmaceuticals, Inc.

ZTlidois a trademark owned byScilex Pharmaceuticals Inc.

All other trademarks are the property of their respective owners.

2021Sorrento Therapeutics, Inc.All Rights Reserved.

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Update to 01/26/21 COVI-MSC Press Release: Fourth Patient Also Released From Hospital Following Third Infusion of Stem Cells - GlobeNewswire