Sorrento Therapeutics Signs Exclusive Option to Acquire IGDRASOL

       Sorrento Therapeutics Signs Exclusive Option to Acquire IGDRASOL

Transaction establishes a pipeline led by IGDRASOL's late clinical stage
paclitaxel-loaded micellar product candidate and enables the combination of
IGDRASOL's additional proprietary formulation technology with Sorrento's
G-MAB® antibody libraries as a broad platform for next-generation targeted
therapeutics.

PR Newswire

SAN DIEGO and FOUNTAIN VALLEY, Calif., March 7, 2013

SAN DIEGO and FOUNTAIN VALLEY,Calif., March 7, 2013 /PRNewswire/ --Sorrento
Therapeutics, Inc. ("STI"; SRNE: OB) today announced that it has signed an
exclusive option to acquire IGDRASOL, a private company focused on the
development of oncologic agents for the treatment of metastatic breast cancer
(MBC), non-small cell lung cancer (NSCLC) and other cancers. If the
transaction is consummated, the combined company would form an oncology
franchise of potential products with Phase 2 data for multiple solid tumor
indications as well as two synergistic drug discovery and development
platforms.

IGDRASOL's lead compound, Cynviloq™, is a next-generation micellar diblock
copolymeric paclitaxel formulation creating a stable, easy-to-administer
injectable for effective delivery of drug into tumor tissues. Cynviloq™ is
currently approved and marketed in several countries, including South Korea
for MBC and NSCLC under the trade name Genexol-PM®, and has completed Phase 2
testing for potential advancement into registration trials in the U.S.
IGDRASOL has the exclusive U.S. distribution rights to Genexol-PM® from
Samyang Biopharmaceuticals, a South Korean corporation.

IGDRASOL is preparing for an "End of Phase 2" meeting with the U.S. Food &
Drug Administration (FDA) regarding Cynviloq™ targeted for the first half of
2013. As a formulation of paclitaxel, Cynviloq™ is potentially eligible for
approval via FDA's 505(b)(2) bioequivalence regulatory pathway versus
albumin-bound paclitaxel (Abraxane®) in its currently approved MBC and NSCLC
indications. Abraxane® recently demonstrated overall survival benefit in a
pivotal phase 3 study as a first line combination therapy with gemcitabine in
advanced pancreatic cancer. Abraxane® sales exceeded $400 million in MBC in
fiscal 2012, and are projected to achieve peak sales over $1.6 billion in the
U.S. alone.

In the transaction, STI also acquires a tocopherol polyethelyene glycol
succinate (TPGS)-based drug formulation technology, which could serve as a
foundation for novel, next-generation, targeted therapeutics competitive
against current antibody drug conjugates (ADC). Effective immediately, STI
will assume responsibility for operating expenses related to development of
these next-generation antibody-formulated drug conjugates (AfDC). The
transaction will enable the combined team to leverage STI's extensive human
antibody G-MAB® libraries and preclinical antibody programs, including those
targeting metabolic, autoimmune and infectious diseases, together with
IGDRASOL's expertise in drug formulation and drug development to deliver a
strong pipeline of targeted tumor therapies.

The transaction includes separate option, services and merger agreements as
well as an asset purchase agreement for a specific asset. Upon the exercise of
Sorrento's exclusive option evidenced by closing the agreed upon merger
agreement, STI will issue 76,199,171 shares of its common stock, and upon the
achievement of a specified regulatory milestone a payment of an additional
32,656,788 shares of common stock will be made.

"This transaction is transformational for STI, as early- and late-stage
product candidates, technologies and development expertise combine to create
an oncology franchise and pipeline with tremendous value potential. This
transaction also reflects our commitment to improving the lives of cancer
patients worldwide through innovative medicines discovered and developed both
in-house and via external opportunities," said Henry Ji, Ph.D., president &
chief executive officer of STI. "In particular, Cynviloq™ provides us with a
high-value asset that has near-term revenue potential in MBC and NSCLC, and
longer-term revenue potential in pancreatic, ovarian, bladder and gastric
cancers. These combined addressable markets represent more than 50% of cancer
cases in the U.S. Importantly, STI's overall business model recognizes the
importance of collaboration and partnering with pharmaceutical and
biotechnology companies to achieve its corporate objectives."

Dr. Ji added: "We look forward to the opportunity to collaborate with key
members of the team responsible for the creation, development and
commercialization of the most successful branded paclitaxel formulation to
date, Abraxane®. This includes Abraxis Biosciences veterans Dr. Vuong Trieu,
Dr. Kouros Motamed, Dr. Larn Hwang, and George Uy, who will give STI an
outstanding core competence for the development and commercialization of its
in-house lead therapeutic programs."

"We look forward to completing this transaction and becoming part of the STI
family," said Vuong Trieu, Ph.D., chief executive of IGDRASOL. "Our
experienced development and commercial team is excited to combine efforts with
STI to develop and introduce a new, franchise oncology product in Cynvoloq™ as
well as a next-generation of targeted drug delivery technology for unmet
medical needs in cancer. Through our patented formulation technology and STI's
G-MAB® fully human antibodies, the combined entity will be well positioned for
long-term growth as a targeted therapeutics company."

The option agreement has been approved by the boards of directors of both
companies and is subject to certain undisclosed closing conditions.

About Cynviloq™

Cynviloq™ (or IG-001; a paclitaxel-loaded micellar diblock copolymers) is a
next-generation branded paclitaxel formulation currently approved and on the
market in several countries as Genexol-PM®.

About Sorrento Therapeutics, Inc.

Sorrento Therapeutics, Inc. (STI) is a publicly-traded, development-stage
biopharmaceutical company focused on the discovery, development and
commercialization of novel and proprietary biotherapeutics for the treatment
of a variety of disease conditions, including cancer, inflammation, metabolic
and infectious diseases. STI's objective is to identify drug development
candidates derived from its proprietary human antibody libraries and, either
independently or through partnerships, advance selected targets into
preclinical or clinical development. In 2012, STI identified and further
developed a number of potential drug product candidates across various
therapeutic areas, and STI intends to select several lead product candidates
to progress into preclinical development activities in 2013. More information
is available at www.sorrentotherapeutics.com.

About IGDRASOL

IGDRASOL's lead therapeutic platform is Cynviloq™, a branded micellar
paclitaxel formulation which is free of cremophor and human serum albumin
(HSA), the excipients for Taxol® (cremophor-based paclitaxel) and
albumin-bound paclitaxel (Abraxane®), respectively. Cynviloq™ combines the
simplicity of manufacturing and preparation of Taxol® and potentially the
albumin-mediated transport of paclitaxel. IGDRASOL intends to conduct
registration trials for multiple cancer indications.

The executives of IGDRASOL are a group of pharmaceutical veterans who believe
that next-generation paclitaxel therapy will present a paradigm shift in the
delivery of chemotherapeutic agents. To learn more about IGDRASOL's mission,
please visit its website (http://www.igdrasol.com). CRT Capital Group acted as
the financial advisor to IGDRASOL in this transaction.

Forward-Looking Statements

This press release contains forward-looking statements subject to risks and
uncertainties that could cause actual results to differ materially from those
projected. Words such as "plans," "believes," "expects," "anticipates," and
"will," and similar expressions, are intended to identify forward-looking
statements. Forward-looking statements include statements about the potential
combination of STI and IGDRASOL and the synergies and prospects for a combined
enterprise going forward; and the clinical development and commercial
potential of Cynviloq™. All such forward-looking statements are based on STI's
current beliefs and expectations, and should not be regarded as a
representation by STI that any of its plans will be achieved. Actual results
may differ materially from those set forth in this press release due to the
risks and uncertainties inherent in STI's and IGDRASOL's businesses,
including: whether STI will have sufficient cash and other resources to
exercise the option and ultimately acquire IGDRASOL; the potential that STI
and the combined company may require substantial additional funding in order
to obtain regulatory approval for and commercialize any oncology products; the
risk that delays in the regulatory approval or commercial launch of Cynviloq™
will enable competitors to further entrench existing products, or develop and
bring new competing products to market before the approval, if any, of
Cynviloq™; the scope and validity of patent protection for Cynviloq™as well as
STI's and IGDRASOL's platform technologies, and the risk that the development
or commercialization of product candidates may infringe the intellectual
property rights of others; and additional risks set forth in Sorrento
Therapeutics' filings with the Securities and Exchange Commission. These
forward-looking statements represent Sorrento Therapeutics' judgment as of the
date of this release. You are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date hereof. All
forward-looking statements are qualified in their entirety by this cautionary
statement and STI undertakes no obligation to revise or update this press
release to reflect events or circumstances after the date hereof. This caution
is made under the safe harbor provisions of Section 21E of the Private
Securities Litigation Reform Act of 1995.

Genexol-PM® is a registered trademark of Samyang Corporation. Abraxane® is a
registered trademark of Celgene, Inc. Taxol® is a registered trademark of
Bristol-Myers Squibb, Inc.

SOURCE Sorrento Therapeutics, Inc.

Website: http://www.sorrentotherapeutics.com
Contact: Mr. Jaisim Shah, Chief Business Officer, Sorrento Therapeutics, Inc.,
+ 1 (650) 996-2367, jshah@sorrentotherapeutics.com
 
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