Sorrento Therapeutics Prices 4.15M Share Offering at $7,25/Share
Sorrento Therapeutics (NASDAQ: SRNE) announced the pricing of an underwritten public offering of 4,150,000 shares of common stock at an offering price of $7.25 per share. The shares will begin trading on The NASDAQ Capital Market on October 25, 2013 under the symbol "SRNE." The gross proceeds to Sorrento from this offering are expected to be approximately $30 million, before deducting underwriting discounts and commissions and other estimated offering expenses. The offering is expected to close on or about October 30, 2013, subject to customary closing conditions. Sorrento has granted the underwriters a 45-day option to purchase up to an additional 622,500 shares of common stock to cover over-allotments, if any.
Sorrento intends to use the net proceeds received from the offering to fund its research and development activities, including its registrational clinical trial of Cynviloq™, for working capital, other general corporate purposes, and possibly acquisitions of other companies, products or technologies.
In connection with its listing on The NASDAQ Capital Market, Sorrento's common stock will cease trading on the OTC QB.
Aegis Capital Corp. is acting as the sole book-running manager for this offering.
CRT Capital is acting as co-manager for this offering.