Sorrento Therapeutics, Inc. Chairman/CEO letter to stockholders
Dear Sorrento Stockholders,
Since its inception in 2006,
My vision for Sorrento, as the Chairman and CEO, is to provide “best-in-class” pharmaceuticals, antibody therapeutics and cell therapies for unmet medical needs to patients worldwide. Last year was a turning point for
In this regard, I would like to share some of our achievements for 2017 as well as my thoughts for both our near and long-term future.
Selected company achievements and highlights include:
- Building our core clinical development leadership team with
Jerome Zeldis, MD, PhD, Mark Brunswick, PhD, Robert Knight, MD, Stephen Klincewicz, DO, MPH, JD and Ken Takeshita, MD. Our clinical team has a proven track record in executing clinical development programs and getting blockbuster drugs approved (with total annual sales exceeding $10 billion);
- Completing multiple pre-clinical studies for an anticipated IND submission for CD38 CAR-T cell therapy for relapsed or refractory Multiple Myeloma by end of 1Q2018;
- Commissioning a second cGMP CAR-T facility on the
East Coast, in addition to the establishment of our San Diego, CA, cGMP facility, increasing our total annual patient treatment capacity to over 300 patients;
- Entering into a joint venture,
Celularity, Inc.(with co-contributors and partners, Celgene Corporation, Human Longevity, Inc., and United Therapeutics Corporation) for the development of innovative “off-the-shelf” cellular therapeutics. We are jointly developing the CD38 CAR-T for Multiple Myeloma;
- Receiving IND acceptance and initiating phase I clinical studies for resiniferatoxin (RTX) for terminal cancer pain, and in the process of completing the required studies to start an intra-articular knee osteoarthritis (OA) pain trial this year;
- Resubmitting the NDA for ZTlido™ topical lidocaine system in 3Q2017 (with a PDUFA date of 02/28/18) for post-herpetic neuralgia. We also filed an MAA for ZTlido™ topical lidocaine system in the EU in 4Q2017 (with an anticipated decision by year end 2018).
Short-term Value Creation
Building upon our achievements in 2017, we plan on the commercial launch of the non-opiate ZTlido topical lidocaine system. We will progress our novel pain assets through clinical development (RTX) and commercialization (ZTlido™) to generate both near and long-term revenue streams and value for our stockholders. We are evaluating the potential spin-off of the ZTlido franchise,
Next, together with our partner Celularity, we are focusing on the hematology-oncology clinical development of CD38 CAR-T to treat Multiple Myeloma. This is our most important strategic asset with the following potential milestones:
- IND submission in 1Q2018 and phase I study initiation (i.e., first patient treated) by mid-2018
- Phase I study completion within 12 months
Acquiring Clinical “Proof-of-Concept” data of CD38 CAR-T in Multiple Myeloma can create tremendous value for Sorrento and our stockholders. With positive clinical outcome, we believe Sorrento will be positioned as a major player, in the same league as
We will apply the experience from the CD38 CAR-T development program to our other chimeric antigen receptor (CAR) and CAR-T products, which we intend to efficiently move through preclinical development. Our progress in non-viral manufacturing and fast development turn-around times for novel targets could be a paradigm shift in the adoptive cellular therapy industry.
Maximizing Long-Term Value
As our company evolves, our focus will remain to identify and derive long term value for our stockholders. In addition to our continuing development, clinical and commercialization efforts, we are exploring the opportunity of a potential dual listing of Sorrento’s stock on both the
Historically, the market capitalization for companies privatized from the
We are exploring the SEHK dual listing opportunity to tap into the global investment base to support our company growth and expansion.
This past year has been a significant year for Sorrento, and I believe this upcoming year will be even more exciting and successful. This is why the management team is dedicated and working hard with the objective to grow Sorrento into a globally-leading biopharmaceutical company.
The management team and the Board of Directors would like to thank our stockholders: past, current, and future for your unwavering support of our Company and for also taking the time to read this important stockholder letter. We are extremely excited to move forward with our cutting-edge science and development plans to hopefully offer patients a better quality of life and to do everything in our power to continue to add stockholder value.
Chairman and CEO
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 (“Sephrevir®”).
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 IB trial in terminal cancer patients. ZTlido is in regulatory review following NDA re-submission.
For more information visit www.sorrentotherapeutics.com
This letter to the stockholders of
Sorrento® and the Sorrento logo are registered trademarks of
ZTlido™ and G-MAB™ are trademarks owned by
Seprehvir®, is a registered trademark of Virttu Biologics Limited, a wholly-owned subsidiary of
All other trademarks are the property of their respective owners.
Media and Investor Relations Contact:
Alexis NahamaTelephone: 1.858.203.4120 Email: firstname.lastname@example.org Website: www.sorrentotherapeutics.com
Source: Sorrento Therapeutics, Inc.