Sorrento Therapeutics, Inc. (OTC: SRNEQ, “Sorrento”), a biopharmaceutical company dedicated to the development of life-saving therapeutics to treat cancer, announced that on March 16, 2023, the LA County Superior Court confirmed an arbitration award of $125 million in damages, to be paid by NantPharma, LLC (“NantPharma”). The award reflects the values of lost milestones for the approval of the drug Cynviloq® for the treatment of breast and lung cancers.
Dr. Henry Ji, Ph.D., Chairman and Chief Executive Officer of Sorrento, commented: “We are pleased that the Court has affirmed the result of the arbitration against NantPharma and has awarded $125 million in damages to Sorrento. From here, we remain focused on our important work of developing new and innovative therapies for patients struggling with cancer, intractable pain, infectious disease, and more.”
