Sorrento Therapeutics announces $25M registered direct offering
Sorrento Therapeutics announced that it has entered into definitive agreements with several healthcare-focused institutional investors for the purchase in a registered direct offering of 10.87M shares of its common stock and warrants to purchase up to 10.87M shares of its common stock, at a combined purchase price of $2.30 per share and related warrant. The offering is expected to close on or about October 9, subject to the satisfaction of customary closing conditions. The gross proceeds of the offering are expected to be approximately $25M, before deducting the placement agent's fees and other estimated offering expenses. Sorrento currently intends to use the net proceeds from the offering for the continued clinical development of its RTX and CD38 CAR-T programs and general research and development, working capital and general corporate purposes. H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering.