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Sorrento Therapeutics' stock swoons on secondary offering announcement

The company plans to use the proceeds from the offering to further develop its drug pipeline, general research and development

Red and white blood cells
Sorrento is a clinical stage biopharmaceutical company based in San Diego

Sorrento Therapeutics Inc (NASDAQ:SRNE), an antibody-centric biopharmaceutical company, saw shares plunge Friday morning after the company announced a secondary offering of stock.

The company plans to use the proceeds from the offering to further develop its drug pipeline, general research and development, as well as working capital and corporate purposes.

Investors viewed the move as dilutive and dropped the share price 19% to $2.73 midday Friday.

READ: Sorrento Therapeutics shares climb after securing debt financing for lidocaine patch

An exact number of shares was not specified, and the company plans to also offer warrants for the purchase of additional common stock.

Sorrento is a clinical stage biopharmaceutical company based in San Diego focused on developing therapies to make malignant cancers more manageable. Resiniferatoxin, the company’s non-opioid pain management small molecule is currently undergoing a Phase 1b trial in terminal cancer patients.

Contact Andrew Kessel at [email protected]

Follow him on Twitter @andrew_kessel

Quick facts: Sorrento Therapeutics

Price: 1.6 USD

NASDAQ:SRNE
Market: NASDAQ
Market Cap: $226.99 m
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