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Sorrento Therapeutics Inc (NASDAQ:SRNE)


On Thursday, Shares of Sorrento Therapeutics Inc (NASDAQ:SRNE), added 3.03% and closed at $1.70 in the last trading session. The last trading range of the stock ranges between $1.70 and $1.85. Sorrento Therapeutics, Inc. (SRNE) (“Sorrento”), an antibody-centric, clinical-stage biopharmaceutical company developing new treatments for cancer and other unmet medical needs, recently declared the closing of its formerly declared underwritten public offering of 23,625,084 shares of its common stock at a public offering price of $2.00 per share, before deducting underwriting discounts and commissions and estimated offering expenses payable by Sorrento.  The net proceeds to Sorrento from this offering were about $43.5 million, after deducting underwriting discounts and commissions and other estimated offering expenses. Cantor Fitzgerald & Co. acted as the lead book-running manager for the offering. FBR Capital Markets & Co. acted as a joint book-running manager. Oppenheimer & Co. and Aegis Capital Corp. acted as co-lead managers and Joseph Gunnar & Co., Rodman & Renshaw and Roth Capital Partners acted as co-managers.

The securities described above were offered by Sorrento following a shelf registration statement on Form S-3 (File No. 333-199849) formerly filed with and declared effective by the Securities and Exchange Commission (the “SEC”) on December 3, 2014.  A final prospectus supplement and accompanying prospectus related to the offering was filed with the SEC on April 14, 2017 and is available on the SEC’s website.  Copies of the final prospectus supplement and the accompanying prospectus regardingthe offering may also be obtained from Cantor Fitzgerald & Co., Attention: Capital Markets, 499 Park Ave., 6th Floor, New York, New York 10022.

This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful before registration or qualification under the securities laws of any such state or jurisdiction.

Analyst recommendation for this stock stands at 1.00.