Bankrupt Sorrento Therapeutics Secures Court Approval for $75M Financing

  • Sorrento Therapeutics Inc 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.
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