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Yuhan Corp and Sorrento Therapeutics Announce Closing of a $40m USD Financing for Joint Venture ImmuneOncia to Support Advancement of Immuno-Oncology Program
SEOUL, South Korea and SAN DIEGO, Feb. 12, 2019 (GLOBE NEWSWIRE) -- Yuhan Corporation (000100.KS; Yuhan) and Sorrento Therapeutics (Nasdaq: SRNE) announced today that ImmuneOncia, a joint venture formed in September 2016, has completed a private equity financing of $40 million USD at a pre-money valuation of $95 million USD, which was led by Paratus SP (Private Equity Fund).
The proceeds of the transaction will be utilized to advance ImmuneOncia’s Phase I and II clinical studies of IMC-001, a PD-L1 monoclonal antibody, as well as to support its earlier stage programs. As a result of this financing, ImmuneOncia is expected to be sufficiently funded in preparation for an initial public offering, which is expected to occur in 2021.
This investment from Paratus SP was made in recognition of ImmuneOncia’s R&D capabilities, strong management team and its growth potential based on the market trends in the global immuno-oncology landscape.
“Our R&D and clinical studies have been progressing on schedule. This cash infusion allows us to move IMC-001 forward to the next stage of development,” said Yun Jeong Song, M.D., CEO of ImmuneOncia Therapeutics, Inc.
“We are pleased with the continued progress made by our joint venture over the past year,” added Dr Henry Ji, Chairman and CEO of Sorrento Therapeutics. “This latest $40 million USD investment by Paratus SP validates the potential of our antibody therapies in international markets.”
As of the closing of the financing, equity stakes in ImmuneOncia include Yuhan at 36.1%, Sorrento at 34.6% and Paratus SP at 29.3%.
About IMC-001 (PD-L1 monoclonal antibody)
IMC-001 is a fully human anti-PD-L1 monoclonal antibody (mAb) immune checkpoint inhibitor. The mAb blocks the interaction of PD-L1 protein with its receptor PD-1, then suppressing the inhibition of PDL1 signal to T cells and enhancing the killing effect of T cells on tumors. This antibody also kills cancer cells through traditional antibody-dependent cell-mediated cytotoxicity (ADCC) recruiting natural killer (NK) cells and other effector cells against the tumor and potentially further strengthening the anti-tumor effect of the antibody.
About Sorrento Therapeutics, Inc.
Sorrento is a clinical stage, antibody-centric, biopharmaceutical company developing new therapies to turn malignant cancers into manageable and possibly curable diseases. 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”), intracellular targeting antibodies (“iTAbs”), antibody-drug conjugates (“ADC”), and clinical stage oncolytic virus (“Seprehvir®”).
Sorrento's commitment to life-enhancing therapies for cancer patients is also demonstrated by our effort to advance a first-in-class (TRPV1 agonist) non-opioid pain management small molecule in Resiniferatoxin (“RTX”) and ZTlido®. Resiniferatoxin is completing a Phase 1b trial in terminal cancer patients. ZTlido was approved by US FDA on 02/28/18.
For more information visit www.sorrentotherapeutics.com
About Yuhan Corporation
Yuhan Corporation is a South Korea-based healthcare company founded in 1926. The company has positioned itself as one of the top pharmaceutical companies in terms of market cap and sales revenue in Korea. The core business consists of primary & specialty care, dietary supplements, household & animal care, and contract manufacturing of active pharmaceutical ingredients. It has several subsidiaries and a global presence in the form of joint ventures with Janssen (Belgium), the Clorox Company (USA), and Kimberly-Clark Corporation (USA). Yuhan (000100:KS) is a publicly-listed company traded on the Korea Stock Exchange.
This press release contains 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 the developments of and prospects for IMC-001 (PD-L1 antibody); Sorrento's products and technologies, including its antibody products and technologies; timing around Sorrento’s partner’s ability to initiate an initial public offering, Sorrento's ability to leverage the expertise of its employees, subsidiaries, affiliates and partners to assist the company in the execution of its strategies; outcome of the data from a clinical trial for IMC-001 (PD-L1 antibody); Sorrento's M&A and licensing strategy; Sorrento's and its partners’ abilities to accelerate the development of any lead programs in the clinic; and expectations for Sorrento's and its subsidiaries' technologies and product candidates. 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, its subsidiaries' and partners’ technologies and prospects; risks that IMC-001 (PD-L1 antibody) 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 related to seeking regulatory approvals and conducting clinical trials; and other matters that are described in Sorrento's Annual Report on Form 10-K for the year ended December 31, 2017, 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 (VP Corporate Development)
Sorrento® and the Sorrento logo are registered trademarks of Sorrento Therapeutics, Inc.
ZTlido® and G-MAB™ are trademarks owned by Scilex Pharmaceuticals Inc. and Sorrento, respectively.
Seprehvir®, is a registered trademark of Virttu Biologics Limited, a wholly-owned subsidiary of TNK Therapeutics, Inc. and part of the group of companies owned by Sorrento Therapeutics, Inc.
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