Sorrento Announces Departure of Mr. George Uy to become CEO of Start-up Company

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SAN DIEGO, July 17, 2015 /PRNewswire/ — Sorrento Therapeutics, Inc. (NASDAQ: SRNE; Sorrento) a late-stage clinical oncology company creating brand-new treatments for cancer and its associated pain, announced today that Mr. George Uy, Executive Vice President and Chief Commercial Officer, will certainly be leaving the Company at the end of July 2015 to join a start-up company as its Chief Executive Officer. 

Mr. Uy was the Chief Commercial Officer of IgDraSol, Inc., a private company creating Cynviloq™ (paclitaxel polymeric-bound micelle) under the 505(b)(2) registrational pathway, which became a wholly-owned subsidiary of Sorrento in 2013. Several transformational events occurred throughout Mr. Uy’s tenure at Sorrento including the up-listing of Sorrento common stock to NASDAQ, considerable capital raises, a lot of corporate strategic partnerships and acquisitions, including the CAR.TNK collaboration along with ConkWest (now known as NantKwest), the formation of the Nantibody JV, the immunotherapy collaboration along with NantCell, the M&A of Sherrington Pharma along with the clinical stage asset resiniferatoxin (RTX), and the recent acquisition of Cynviloq by NantPharma, a NantWorks affiliated company, adhering to the successful conclusion of the bio-equivalence TRIBECA™ registration trial.  

Mr. Uy will certainly go on to offer strategic suggestions to the Company as a consultant start August 1, 2015. “We regret George’s departure, yet wish him or her the most effective in his placement as CEO of a brand-new venture,” said Dr. Henry Ji, President and Chief Executive Officer at Sorrento. “We thank George for every one of his past contributions and anticipate his continued involvement as our strategic advisor.”

About Sorrento Therapeutics, Inc. 

Sorrento is a clinical stage oncology company creating brand-new treatments for cancer and associated pain. Sorrento recently sold the rights to Cynviloq, which successfully completed the TRIBECA study, to NantPharma. The company is additionally creating resiniferatoxin (RTX), a non-opiate TRPV1 agonist currently in a Phase 1/2 study at the NIH to manage terminal cancer patients suffering from intractable pain.

In December 2014, Sorrento and NantWorks formed a global joint venture, now called Nantibody, to concentrate on immunotherapies for cancer. additionally in December 2014, Sorrento and NantKwest, Inc., an immuno-oncology company creating proprietary Neukoplast®, a Natural Killer (NK) cell-line based therapy, entered in to an agreement to jointly create CAR.TNK™ (Chimeric Antigen Receptor Tumor-attacking Neukoplast) immunotherapies for the treatment of cancer and infectious diseases. In March 2015, Sorrento entered in to a global collaboration along with NantCell, a NantWorks company, to locate and create immunotherapies versus tumor neo-epitopes.  In July 2015, Sorrento and NantBioScience, Inc., a subsidiary of NantWorks, established a joint venture, called NantCancerStemCell to concentrate on the development of “first-in-class” small molecules versus targets which might treat crucial drivers of cancer growth including cancer stem cells.

Forward-Looking Statements

This press release contains forward-looking statements related to Sorrento Therapeutics, Inc. under the safe harbor provisions of Section 21E of the Private Securities Litigation Reform Act of 1995 and subject to risks and uncertainties that could trigger actual outcomes to differ materially from those projected. Forward-looking statements consist of statements Concerning Sorrento’s prospects, including, yet not limited to any sort of statements Concerning obtaining regulatory approval, Sorrento’s expectations for adoptive cellular immunotherapies and Sorrento’s collaborations along with NantKwest, Nantibody and Nantcell; Sorrento’s ability to leverage the expertise of its employees and partners to aid the company in the execution of its strategies; Sorrento’s advances gained in creating RTX, CAR.TNKs and human monoclonal antibodies using its proprietary G-MAB fully human antibody technology, if any; and various other matters that are described in Sorrento’s Annual Report on Form 10-K for the year ended December 31, 2014, and subsequent Quarterly Reports on Form 10-Q filed along with the Securities and Exchange Commission, including the risk factors set forth in those filings. Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release and we undertake no obligation to update any sort of forward-looking statement in this press release except as needed by law.

Sorrento™, GMAB™, CAR.TNK™, and the Sorrento logo are trademarks owned by Sorrento Therapeutics, Inc.

All various other trademarks and trade names are the property of their respective owners.

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SOURCE Sorrento Therapeutics, Inc.


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