Some good news...Court Confirms Sorrento Therapeutics, Inc.'s $125 Million Arbitratio | SRNE Message Board Posts


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Msg  1817 of 1883  at  3/17/2023 12:00:04 PM  by

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The following message was updated on 3/17/2023 12:00:53 PM.

Some good news...Court Confirms Sorrento Therapeutics, Inc.'s $125 Million Arbitratio

 
 
 

Court Confirms Sorrento Therapeutics, Inc.'s $125 Million Arbitration Award Against NantPharma, LLC

 

SAN DIEGO, March 17, 2023 /PRNewswire/ -- Sorrento Therapeutics, Inc. (OTC: SRNEQ, "Sorrento"), a biopharmaceutical company dedicated to the development of life-saving therapeutics to treat cancer, announced that on March 16, 2023, the LA County Superior Court confirmed an arbitration award of $125 million in damages, to be paid by NantPharma, LLC ("NantPharma"). The award reflects the values of lost milestones for the approval of the drug Cynviloq® for the treatment of breast and lung cancers.

Dr. Henry Ji, Ph.D., Chairman and Chief Executive Officer of Sorrento, commented: "We are pleased that the Court has affirmed the result of the arbitration against NantPharma and has awarded $125 million in damages to Sorrento. From here, we remain focused on our important work of developing new and innovative therapies for patients struggling with cancer, intractable pain, infectious disease, and more."

The award stems from an arbitration between Sorrento and NantPharma regarding the development of chemotherapy drug Cynviloq, the rights to which NantPharma acquired from Sorrento in 2015. In 2019, Sorrento filed an arbitration demand against NantPharma, alleging that the company had failed to live up to its contractual obligations to develop Cynviloq and bring it to market.

On December 19, 2022, following nearly two years of discovery and an 18-day evidentiary hearing, the Honorable Faith Hochberg, whom the parties selected to preside over the Cynviloq Arbitration, awarded Sorrento $125 million in damages. On March 16, 2023, the LA County Superior Court granted Sorrento's motion to confirm the award, which Sorrento now intends to enforce against NantPharma.


 


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