Bankrupt Sorrento Therapeutics Secures Court Approval for $75M Financing
$SRNE
Biotechnology: Commercial Physical & Biological Resarch
Health Care
- Sorrento Therapeutics Inc (NASDAQ:SRNE) announced that the U.S. Bankruptcy Court for the Southern District of Texas granted interim approval of Sorrento's $75 million debtor-in-possession financing from JMB Capital Partners.
- The financing will provide Sorrento with immediate liquidity to continue operating its business as usual during its chapter 11 case.
- A hearing for final financing approval is currently set for March 29, 2023.
- Related: Sorrento Therapeutics Stock Nosedives After Filing Bankruptcy Paperwork.
- As of its chapter 11 filing, Sorrento had over approximately $1 billion in assets.
- Scilex Holding Company, majority-owned by Sorrento, is not a debtor in Sorrento's chapter 11 case. Scilex continues to operate as usual, focusing on growing revenues and offering non-opioid pain management products.
- Latham & Watkins LLP and Jackson Walker LLP serve as legal counsel to Sorrento. M3 Partners is serving as a restructuring advisor.
- Price Action: SRNE shares are up 10.9% at $0.44 on the last check Wednesday.