Encouraged by the positive results during the phase 1b study of RTX (resiniferatpoxin) in curing osteoarthritis pain in knees, Sorrento Therapeutics Inc (NASDAQ:SRNEwould begin the pivotal study of the afferent nerve ablating drug candidate in 2019. The company conducted the phase 1b study on more than 30 patients to arrive at the positive sign to treat osteoarthritis pain.

In the 84 days study, the company administered a lower dosage of the drug in over 30 patients and realized sustained clinical benefits in curing osteoarthritis pain in knees. It has not noticed any adverse side effects in a clinical study. The patients treated with a higher dosage of RTX have shown improved results rapidly. Sorrento will study the efficacy and side effects of the drug on the patients over 12 months.

Pivotal study to begin in 2019

Chief Executive Officer and Chairman of Sorrento, Dr. Henry Ji said following the feedback from investigators and initial positive results, the company would conduct the pivotal study by the end of 2019. Sorrento believes that new drug would offer improved results better than the peers in the market and boost its revenues. Its share price surged by 7% on positive interim results during the phase 1b trial of RTX.

Sorrento closes debt financing of $150 million

Sorrento mobilized funding of $100 million through debt financing. It will receive the balance $50 of the total proposed funding of $150 million in the next 12 months on accomplishing certain milestones.

Sorrento is upbeat on the positive results of HITM-SURE phase 1b clinical trial. The anti-CEO CAR-T candidate has exhibited encouraging results in patients who have colorectal cancer and pancreatic cancer; the positive results will be shown at SITC in Washington DC during this week.

CEO of Sorrento would take part in the discussion ‘Adventures in Financing: Raising Capital in 2018’ during an East/West CEO conference on January 5, 2019, in San Fransisco. The speakers would focus on how to raise funds through alternative avenues and leverage the assets in development and commercial stage to get non-dilutive funding. Henry would mainly focus on raising funds of $140 million for the subsidiary Scilex Pharmaceuticals Inc.

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