What Is The Buzz Surrounding Sorrento Therapeutics Inc (NASDAQ:SRNE)?

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Effective February 5, 2018, Sorrento Therapeutics Inc (NASDAQ:SRNE) and Yuhan Corporation reported that the South Korean MFDS has permitted ImmuneOncia Therapeutics’ IND for the commencement of clinical studies for company-discovered IMC-001, which is solely licensed to ImmuneOncia for selected regional markets by company.

The buzz

Yuhan had primarily contributed over $10 million towards the advancement of IMC-001 and formation of ImmuneOncia, with a commitment of additional capital for clinical advancement of IMC-001. Sorrento Therapeutics contributed its IMC-001 along with two other antibodies, and cGMP regulatory and manufacturing expertise support for the report submission package for the IND. As per the update, the clinical Phase I trials will enroll people suffering from solid tumors at different clinical sites based in South Korea.

Dr. Kwang Ho Cheong, the CEO of ImmuneOncia, reported that they are proud to report the approval of the IND by MFDS for their IMC-001. Throughout the IND-supporting activities, their team has worked together with their Sorrento colleagues to generate a top-quality submission package that was extremely well obtained by MFDS.

Mr. Jung Hee Lee, the President and CEO of Yuhan, expressed that they are proud of this remarkable achievement by the ImmuneOncia team and Dr. Cheong. Together with their partners and friends from Sorrento Therapeutics, they established ImmuneOncia to develop vital immunotherapies for people suffering with cancer in South Korea and globally. Through their investment in ImmuneOncia, it has become a true biopharma firm. They look forward to the imminent success of IMC-001 as well as the other antibody plans in ImmuneOncia’s pipeline.

Dr. Henry Ji, the CEO and Chairman of Sorrento Therapeutics, reported that they are extremely delighted with the development recorded by their joint venture in the preceding year. They consider this is additional validation of their antibody technology and in-house cGMP antibody development and manufacturing capabilities. Notably, the company has retained the privileges for STI-A1015 (IMC-001) in several key markets, including the U.S., Japan and the EU.

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