Sorrento Therapeutics Announces the Completion of GMP Manufacturing Plant in Suzhou, China to Support its Growing Antibody-Drug Conjugate (ADC) Pipeline and Service Business

SUZHOU, China, May 4, 2017 /PRNewswire/ -- Sorrento Therapeutics, Inc. (NASDAQ: SRNE; "Sorrento"), announced today that its subsidiary, Levena Biopharma Co., Ltd. ("Levena"), has completed construction and put into operation a 25,000 square foot Good Manufacturing Practice (GMP) manufacturing facility in Suzhou, China.  The facility will be fully dedicated to supporting Sorrento's antibody drug conjugate (ADC) pipeline and growing service business.

Sorrento currently has a dozen pre-clinical cancer focused ADCs that are partnered with biopharmaceutical companies worldwide, under the Levena brand. These partnerships have ADC candidates at various stages of development, including a HER2-targeting ADC which has an expected IND filing with the China Food and Drug Administration (CFDA) in 2017. Sorrento expects to receive service revenue and royalties on its partnered ADC programs. Additionally, Sorrento is advancing two proprietary anti-cancer ADC product candidates into IND enabling studies, including its proprietary anti-CD38 ADC and an anti-c-MET ADC. Both proprietary anti-cancer ADC programs were generated from Sorrento's fully human GMAB™ library and leverage on Levena's proprietary site-specific conjugation chemistry (K-Lock™ and C-Lock™) and proprietary novel toxin payloads. 

"ADC process development and manufacturing has historically been challenging to the industry as it requires a high level of technical expertise and specific know how. Our new plant has been designed to provide full analytical support capabilities, GMP production of toxin-linkers based on our proprietary technology and methods, as well as GMP-grade bioconjugation of the antibody to produce ADCs. The launch of this state of the art plant, in addition to our existing ADC research sites in Nanjing, China and San Diego, demonstrates Sorrento's commitment to our ADC pharmaceutical partners as well as ensures a consistent supply for our own ADC franchise which is nearing the clinic," said Dr. Henry Ji, President and CEO of Sorrento. 

About Sorrento Therapeutics, Inc. 

Sorrento is an antibody-centric, clinical stage biopharmaceutical company developing new treatments for immuno-oncology, inflammation and autoimmune diseases. Sorrento's lead product candidates include immunotherapies focused on the treatment of both solid tumors and hematological malignancies, as well as late stage pain products. 

About Levena Biopharma, Co., Ltd.

Levena Biopharma Co., Ltd., established in 2013, is engaged in technology partnership and process development to enable novel antibody-drug conjugate (ADC) therapeutic development. The company has research and manufacturing sites in Suzhou, Nanjing and San Diego.

Forward-Looking Statements

This press release and any statements made for and during any presentation or meeting contain forward-looking statements related to Sorrento Therapeutics, Inc. and its subsidiaries 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 cause actual results to differ materially from those projected. Forward-looking statements include statements regarding the developments of and prospects for the anti-cancer ADC programs including the timing of any IND filings ; Sorrento's expectations for its technologies and acquisitions; Sorrento's expectations for any of its clinical programs and studies; Sorrento's and its subsidiaries' prospects; and other matters that 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 year ended December 31, 2016, as amended, 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 forward-looking statement in this press release except as required by law.

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