Sorrento Therapeutics Inc (NASDAQ:SRNE) has a new Executive Vice President and Chief Financial Officer; Mr. Jiong Shao. According to the company’s management, the 49-year old is worth the position because of his sound experience and exposure of 18 years in the investment banking. He has held senior positions in several global leading investment banks and he has also led a number of financing transactions including IPOs.
The new appointee has been at the helm of leadership in key corporations
Shao has been reigning in various directorship positions in both the New York and Hong Kong. For example, he served as Managing Director, Head of China Technology, Macquarie Capital, and Media (TIM) investment banking at Deutsche Bank in Hong Kong. He has also served as an Executive Director, Asia Regional Head of Industrials Research. For a couple of years, Shao was ranked as a top analyst by institutional investors.
According to CEO for Sorrento Therapeutics, Dr. Henry Ji, the company will benefit from Shao’s deep understanding of the global capital markets and institutional investor base. His expertise in executing large size financing transactions will also help in boosting the company’s potential. He has been involved in raising money from investors in support of various companies.
Commenting on his appointment, Shao said, “I look forward to bringing years of investment banking relationships and financial expertise towards building shareholder value in line with the upside potential of its assets in development.”
Sorrento’s commitment to life-enhancing therapies for cancer patients
The biopharmaceutical company has been making positive strides in meeting the needs of cancer patients. Its focus is on developing new therapies, which will turn around the malignant cancers. The company has extensive immuno-oncology platforms such as fully human antibodies, clinical stage oncolytic virus and antibody-drug conjugates.
Meanwhile, Sorrento has granted the new appointee an option of purchasing 200,000 shares of the Company’s common stock. Other offers to Shao include an annualized salary of $450,000 plus the eligibility of receiving an annual performance bonus of up to 35% of his base salary. All said and done the company seems all set on achieving its goals.