![]() ![]() In total, these filers own 162.75 million shares of SRNE stock, up from 150.44 million shares. During Q3, 224 13F filers disclosed ownership of SRNE, an increase of five filers form the prior period. Tracking institutional ownership is important, as these large investors provide liquidity and support for stocks. Now, Sorrento plans on seeking approval for “first day” motions, which will include customary relief that can assure the company can continue to operate its business as necessary. Sorrento therefore filed for Chapter 11 in order to halt any potential seizures. Last week, a court confirmed the judgement amount and issued a “issued a 70-day stay of enforcement of the judgment beyond $50 million,” which could result in an asset seizure for Sorrento. The number was calculated based on lost milestone payments for the approval and progression of Cynviloq. In December, an arbitrator in the Cynviloq Arbitration case also decided to award Sorrento with $125 million in contractual damages. ![]() The company had also claimed that Soon-Shiong acquired Cynviloq in order to halt its progression in the market. Sorrento had previously alleged that Soon-Shiong had violated his fiduciary duties related to the development of the cancer drug Cynviloq. Last December, an arbitrator decided that Nantcell should be awarded $156.82 million for contractual damages and pre-award interest, while NANTibody should be awarded $16.68 million. Patrick Soon-Shiong and his companies, which include NantCell and joint venture NANTibody. The bankruptcy is linked to ongoing litigation against Dr. Scintilla Pharmaceuticals, a wholly owned subsidiary of Sorrento, will also file for Chapter 11. Sorrento Therapeutics (NASDAQ: SRNE) is down by more than 60% today following the company’s announcement that it would file for Chapter 11 bankruptcy. “As alleged in the complaint, in addition to Sorrento, these actions have harmed patients, healthcare providers and payors, who have been deprived of Cynviloq-a potential treatment alternative that we believe would have been as safe, as efficacious and more affordable than Celgene’s blockbuster cancer drug, Abraxane,” Steven Feldman of Hueston Hennigan LLP, counsel for Sorrento, said in a statement.InvestorPlace - Stock Market News, Stock Advice & Trading Tips Among other things, Ji is seeking an injunction to return the more than $90 million drained from NANTibody so it can “return to the business it was devised to do: research, develop, and bring to market innovative immunotherapies” for cancer. They did so in a deal that transferred the Cynviloq program to to NANTibody in exchange for the funds. ![]() "It puts our lead program into the hands of a team that has the experience, commitment and resources to develop and launch a major cancer drug." In addition to “catching and killing” Cynviloq, Soon-Shiong plotted with his chief legal officer, Charles Kim, to drain a joint venture set up with Sorrento of “nearly all of its contributed capital,” including $40 million from Sorrento, according to the complaint. "This major transaction will enhance Sorrento's mission of bringing innovative therapies to patients in need quickly and efficiently," Sorrento CEO Henry Ji said at the time. The company also promised up to $1.2 billion more in regulatory and sales milestones. In the end, it was Soon-Shiong's NantPharma that ponied up $90 million up front for Sorrento’s Cynviloq, which was in the midst of a phase 3 trial in breast and lung cancers. But in early 2015, the complaint said, Celgene figured that federal authorities might block the deal for antitrust reasons. The complaint also alleged Soon-Shiong initially proposed facilitating a deal in which Celgene itself would acquire Cynviloq, with the idea that it could recoup any lost sales from Abraxane with sales of Cynviloq, its bioequivalent. Some good info for those unfamiliar.Ī generic rival to Abraxane could have been “financially devastating for Soon-Shiong personally, given the large amount of his wealth that was, and remains, tied up in Celgene,” Sorrento said in the complaint. Here is a bit from an old post shedding some light on the reasons for the lawsuit. ![]()
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