and Canadian rights for FDA-approved migraine therapy Elyxyb. The non-opioid pain therapy developer announced Sunday the acquisition of the U.S. Meantime, Scilex Holding Company ( SCLX), a majority-owned subsidiary of Sorrento ( SRNE), is also trading ~34% lower in reaction to the news.
In December, the company announced the FDA clearance to start clinical trials for its mRNA-based COVID-19 vaccine candidate targeted at Omicron variants. Sorrento ( SRNE) is a notable drug and vaccine developer against COVID-19. As is typical with SPACs, there was a wave of redemptions. Assuming no redemptions, SRNE would own 88 of the new company, implying their stake is worth roughly 1.5B. The filing comes after a court ruling upheld a decision of the American Arbitration Association to award millions of dollars in damages related to a legal dispute with NantCell and NANTibody. SRNE announces a deal with a SPAC to take their Scilex subsidiary public at a valuation of 1.64B. NASDAQ:SRNE Sorrento Therapeutics (SRNE) Stock Reddit Activity & Social Media Sentiment 0.33 +0.03 (+9.93) (As of 12:00 AM ET) Compare Today's Range 0.30 0.34 50-Day Range 0.17 0.39 52-Week Range 0.16 3.09 Volume 1.40 million shs Average Volume 52.69 million shs Market Capitalization 156.
13 in the Bankruptcy Court for the Southern District of Texas. Sorrento ( SRNE) said that the company and its subsidiary Scintilla Pharmaceuticals started court proceedings on Feb. Screeners Markets Videos Personal Finance Industries U.S. Scintilla Pharmaceuticals, a wholly owned. More than ~91.8M Sorrento ( SRNE) shares have already changed hands compared to the 65-day average of ~11.3M. Sorrento Therapeutics (NASDAQ: SRNE) is down by more than 60 today following the company’s announcement that it would file for Chapter 11 bankruptcy.
12:00 PM EST: Updated to add the latest share price moves for Sorrento ( NASDAQ: SRNE) and its subsidiary Scilex ( SCLX).ĬOVID-19 drug and vaccine developer Sorrento Therapeutics ( SRNE) lost ~60% on Monday after announcing that the company filed for Chapter 11 bankruptcy in a Texas bankruptcy court.
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