Sorrento Gets FDA Approval For Phase 1 Study For COVID Treatment; Shares Up 5%

(RTTNews) - Shares of Sorrento Therapeutics Inc. (SRNE) gained over 5% in extended trading session on Tuesday after the company FDA cleared its Investigational New Drug application for early stage study of STI-2099 in both healthy volunteers and COVID-19 patients.

Sorrento Therapeutics said it received clearance from the FDA for its Investigational New Drug application for its Phase 1 study of the safety and pharmacokinetics of intranasal STI-2099 (COVIDROPS) in both healthy volunteers and patients with mild COVID-19.

Sorrento is currently evaluating an intravenous formulation of this potent antibody, STI-2020 (IV), in a Phase 1 study in healthy volunteers and COVID-19 patients with mild symptoms.

"We plan to use our intranasal formulation technology, which allows administering a drug via simple drops in the nose, for other antibodies we are currently developing with a goal of providing coverage against all variants of the SARS-CoV-2 virus that might evade inhibition from treatment with existing therapies," said Dr. Henry Ji, Chairman and CEO of Sorrento.

SRNE closed Tuesday's trading at $9.44, down $0.81 or 7.90%, on the Nasdaq. The stock, however, gained $0.56 or 5.93% in the after-hours trade.