Sorrento Therapeutics Announces Unexpected Death of CFO – Form 8-K


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Sorrento Therapeutics announces the unexpected death of its CFO

SAN DIEGO, January 7e, 2022 (GLOBE NEWSWIRE) – Sorrento Therapeutics, Inc. (Nasdaq: SRNE, “Sorrento”) today announced the unexpected passing of Mr. Najjam Asghar, Chief Financial Officer and Senior Vice President. Mr. Asghar died of apparent natural causes on January 6, 2022.

“Sorrento is deeply saddened and shocked by the loss of our dear friend and colleague. Our immediate hearts go out to the family and friends of Najjam, ”said Dr. Henry Ji, President and CEO of Sorrento. “We appreciate and thank Najjam for his tremendous contributions to Sorrento and the San Diego life science community.”

Mr. Asghar joined Sorrento in June 2019 from NuVasive, Inc., where he served as Vice President, Accounting and Finance since October 2015. In Sorrento, Mr. Asghar served as Chief Financial Officer, leading the Finance, Accounting and Tax functions. Mr. Asghar began his career with PricewaterhouseCoopers, where he served various S&P 100 and S&P 500 clients in North America and Asia in the audit and insurance industry. Mr. Asghar received his BA in Accounting from the University of Punjab, Pakistan.

Sorrento does not expect Mr. Asghar’s death to have an impact on his current or planned activities.

About Sorrento Therapeutics, Inc.

Sorrento is a clinical and commercial biopharmaceutical company developing new therapies to treat cancer, pain (non-opioid treatments), autoimmune diseases and COVID-19. Sorrento’s multimodal and multidimensional approach to cancer control is made possible by its extensive immuno-oncology platforms, including key assets such as fully human antibodies (“G-MAB â„¢ library”), immune therapies -cellular (“DAR-T â„¢”), antibody-drug conjugates (“ADC”) and oncolytic virus (“Seprehvec â„¢”). Sorrento is also developing antiviral therapies and potential coronavirus vaccines, including Abivertinib, COVI-AMG â„¢, COVISHIELD â„¢, COVI-MSC â„¢ and COVIDROPS â„¢; and diagnostic test solutions, including COVITRACK â„¢ and COVISTIX â„¢.

Sorrento’s commitment to life-enhancing therapies is also demonstrated by our efforts to advance a first-class non-opioid small-molecule pain management (TRPV1 agonist), resiniferatoxin (“RTX”) and SP-102 (10 mg, dexamethasone sodium phosphate viscous gel) (SEMDEXA â„¢), a new viscous gel formulation of a corticosteroid widely used for epidural injections to treat lumbosacral radicular pain, or sciatica, and for market ZTlido® (lidocaine topical system) 1.8% for the treatment of postherpetic neuralgia (PHN). RTX has been approved to participate in a phase II trial in intractable pain associated with cancer and a phase II trial in patients with osteoarthritis. SEMDEXA announced highly statistically significant positive results from its pivotal phase III trial program CLEAR for its new non-opioid product for the treatment of lumbosacral radicular pain (sciatica). ZTlido® was approved by the FDA on February 28, 2018.

For more information visit www.sorrentotherapeutics.com

Forward-looking statements

This press release contains forward-looking statements relating to Sorrento Therapeutics, Inc. under the safe harbor provisions of Section 21E of the Private Securities Litigation Reform Act of 1995 and is subject to risks and uncertainties that could result a substantial difference between actual and expected results. . Forward-looking statements include those regarding the death of Mr. Asghar and its impact on the current and planned business of the company. Risks and uncertainties that could cause our actual results to differ materially and adversely from those expressed in our forward-looking statements, include, without limitation: risks relating to the technologies and prospects of Sorrento and its subsidiaries, affiliates and partners and collaborations with partners; risks associated with seeking regulatory approvals and conducting clinical trials; risks associated with using the expertise of its employees, subsidiaries, affiliates and partners to assist the company in the execution of its COVID-19 product candidate strategies; risks associated with the global impact of COVID-19; and other risks which are described in Sorrento’s most recent periodic reports filed with the Securities and Exchange Commission, including Sorrento’s annual report on Form 10-K for the fiscal year ended December 31, 2020, and subsequent quarterly reports on Form 10-Q filed with the Securities and Exchange Commission, including the risk factors set out in those documents. Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release, and we assume no obligation to update any forward-looking statements contained in this press release, unless the law requires it.

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Media and Investor Relations

Contact: Dorman Followwill

E-mail: [email protected]

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Sorrento® and the Sorrento logo are registered trademarks of Sorrento Therapeutics, Inc.

G-MAB â„¢, DAR-T â„¢, Seprehvec â„¢, SOFUSA â„¢, COVI-AMG â„¢, COVISHIELD â„¢, COVIDROPS â„¢, COVI-MSC â„¢, COVITRACK â„¢ and COVISTIX â„¢ are trademarks of Sorrento Therapeutics, Inc.

SEMDEXA â„¢ is a trademark of Semnur Pharmaceuticals, Inc.

ZTlido® is a registered trademark owned by Scilex Pharmaceuticals Inc.

All other trademarks are the property of their respective owners.

© 2022 Sorrento Therapeutics, Inc. All rights reserved.

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