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Sorrento Therapeutics, Inc. (NASDAQ:SRNE, ", , Sorrento", , ))))), a biopharmaceutical company dedicated to the development of life-saving therapeutics to treat cancer, intractable pain, and infectious disease, today announced that the U.S. Bankruptcy Court for the Southern District of Texas granted approval of Sorrento's employee wages motion and interim approval of its cash management motion, in connection with Sorrento's chapter 11 petition, which was filed on February 13, 2023. Sorrento expects to seek approval of other customary "first day" motions in the coming days.
Dr. Henry Ji, Ph.D., Chairman and Chief Executive Officer of Sorrento, commented: "We are pleased to have received approvals from the Court for these two motions, which will ensure Sorrento has the ability to continue normal business operations, including the payment of employee wages and benefits, as we move forward—continuing our important work of developing new and innovative therapies for patients struggling with cancer, intractable pain, infectious disease, and more."
As of its chapter 11 filing, Sorrento had over approximately $1 billion in assets. However, due to the possibility of certain actions by a litigation creditor, Sorrento and its wholly-owned, non-operating subsidiary Scintilla Pharmaceuticals, Inc. sought chapter 11 relief to safeguard its business and ensure the continuation of business operations, while protecting and maximizing value for stakeholders.
Scilex Holding Company (NASDAQ:SCLX, ", , Scilex", , ))))), which is majority-owned by Sorrento, is not a debtor in Sorrento's chapter 11 case. Scilex is continuing to operate its business as usual, focusing on growing revenues, offering innovative, non-opioid pain management products, and developing meaningfully differentiated programs that address significant unmet needs and lead to better health outcomes for the millions of acute and chronic pain patients.
Jackson Walker LLP and Latham & Watkins LLP are serving as legal counsel to Sorrento. M3 Partners is serving as restructuring advisor.
