What To Expect From Sorrento Therapeutics Inc (NASDAQ:SRNE)

Sorrento Therapeutics Inc (NASDAQ:SRNE) closed ended Friday’s session flat, but went up 10% for week.

Market Action

On Friday, SRNE stock was unchanged at $0.1067. More than 3.66 million shares exchanged hands for the day, compared to its average volume of 8.87 million shares. The stock opened at $7.26 and moved within a range of $ 7.07 – 7.30.

SRNE Announced News This Week

Brazilian Health Regulatory Agency (ANVISA) Authorizes Sorrento Phase 2 Pivotal Clinical Trial of COVI-MSC™ in Hospitalized COVID-19 Patients With Acute Respiratory Distress Syndrome

• SRNE announced receipt of clearance from the Brazilian regulatory agency (ANVISA) to proceed with a Phase 2 Pivotal clinical trial of COVI-MSC™, an injectable infusion of mesenchymal stem cells, for the treatment of hospitalized COVID-19 patients suffering from ARDS.
• The Brazil study is a Phase 2 Pivotal, multi-center, randomized, controlled study to evaluate the safety and efficacy of three infusions of COVI-MSC™, administered every other day, to hospitalized patients experiencing moderate or severe COVID-19 with ARDS.
• The study is expected to enroll 100 patients (33 placebo and 67 treated patients) in three months from the date of first enrollment. Sorrento expects this projected pace of enrollment due to the extensive COVID-19 disease burden in Brazil, Sorrento’s partnership with a leading local clinical research organization (Synova Health), and existing relationships with high quality medical centers throughout the country.
• The current partnership with Synova Health leverages high quality clinical trial sites in addition to a dozen centers already enrolling COVID-19 patients for another Sorrento Phase 2 clinical trial (Abivertinib). Additional studies are also being discussed for early clearance in parallel or immediately following this study. Priority access to multiple trials is being given to Brazilian patients following the rapid and openly collaborative interactions Sorrento has been able to establish with ANVISA regulators.

“We are very satisfied with the progress made in Brazil so far, and we have developed strong local relationships in support of multiple studies,” stated Dr. Henry Ji, Chairman and CEO of Sorrento.