SAN DIEGO, May 16, 2016 /PRNewswire/ -- Sorrento
Therapeutics, Inc. (NASDAQ: SRNE; "Sorrento"), an antibody-centric, clinical-stage biopharmaceutical company developing new
therapies for cancer and other unmet medical needs announced that its partner, Mabtech Ltd., has successfully completed a
combined Phase 2 & 3 clinical study in China for STI-004, a biosimilar antibody for
Omalizumab (Xolair®). STI-004 met its primary endpoint in a multicenter, randomized, double-blind, placebo-controlled clinical
trial.
STI-004 is a humanized monoclonal antibody produced in CHO cells that neutralizes immunoglobulin E (IgE), preventing the
inflammatory events that lead to asthma exacerbations. In the recently completed combined Phase 2 & 3 clinical study, STI-004
proved to be safe and efficacious in both adult and adolescent patients suffering from allergic asthma when compared to placebo.
In the 32-week study, asthma exacerbation was experienced by 21% of patients taking STI-004 as compared to 55% in the placebo
group. In addition to significantly reducing asthma exacerbations, STI-004 demonstrated improved quality of life and pulmonary
function while also reducing the dosage of budesonide and the use of asthma rescue medications. When compared to the currently
marketed product, Xolair®, the types and incidence rates of adverse events were similar.
"STI-004 has demonstrated clinical efficacy and safety during the Phase 2 & 3 clinical trial conducted by our partner
MabTech. This antibody is comparable to the currently marketed product and is expected to provide a much needed biosimilar option
for patients," commented Dr. Henry Ji, President and CEO of Sorrento Therapeutics. Sorrento
licensed four biosimilar/biobetter antibodies, including STI-004, from Mabtech in August 2015. "We
are making progress with the development of these products in Sorrento's territories, which include North America, the EU, and Japan, while Mabtech seeks market approval for
STI-004 in China. We are encouraged by the interest and excitement we have received from the
biopharmaceutical industry regarding potential collaborations for development and commercialization of these biosimilar/biobetter
antibodies in our portfolio," added Dr. Ji.
Sorrento aims to be a leading global biosimilar/biobetter platform company for development and commercialization of
high-quality therapeutics for major regulated markets. Sorrento is advancing four late-stage product candidates toward
commercialization: STI-001 (Cetuximab biosimilar/biobetter), STI-002 (Infliximab biosimilar/biobetter), STI-003 (Basiliximab
biosimilar/biobetter), and STI-004 (Omalizumab biosimilar), as well as developing a robust pipeline of future product
candidates.
About Sorrento Therapeutics, Inc.
Sorrento is an antibody-centric, clinical stage biopharmaceutical company developing new treatments for cancer, inflammation
and autoimmune diseases. Sorrento's products include multiple late-stage biosimilar and biobetter antibodies, as well as clinical
CAR-T therapies targeting solid tumors.
Forward-Looking Statements
This press release contains forward-looking statements related to Sorrento Therapeutics, Inc. and its subsidiaries 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, but
are not limited to, statements related to Sorrento's expectations regarding the performance and efficacy of STI-004; expectations
regarding Sorrento's other biosimilar/biobetter antibodies in development; and statements regarding Sorrento's goals. These
forward-looking statements are based on management's current expectations and beliefs and are subject to uncertainties and
factors, all of which are difficult to predict and many of which are beyond our control and could cause actual results to differ
materially and adversely from those described in the forward-looking statements. These risks include, but are not limited to,
those related to: whether the results of the Phase 2 & 3 clinical trial of STI-004 will be replicated in future
clinical trials; whether STI-004 and Sorrento other late-stage product candidates in development will receive regulatory approval
on a timely basis, or at all; Sorrento's and its subsidiaries' prospects; and other matters 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, 2015, as amended, and Quarterly Report on Form 10-Q for the quarter
ended March 31, 2016, 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.
Sorrento® and the Sorrento logo are registered trademarks of Sorrento Therapeutics, Inc.
All other trademarks and trade names are the property of their respective owners.
© 2016 Sorrento Therapeutics, Inc. All Rights Reserved.
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SOURCE Sorrento Therapeutics, Inc.