SAN DIEGO and BEER-SHEVA, Israel, July 9, 2013
Sorrento Therapeutics, Inc. (OTCQB: SRNE; Sorrento) and BGN Technologies. announced today that they have entered into an option and license agreement covering several fully human anti-Hepatitis C Virus (HCV) antibody clones identified, in the laboratory of Dr. Leslie Lobel, M.D., Ph.D., from patients who have recovered from HCV infections. Sorrento plans to develop these early findings into a potential therapeutic product. This collaborative effort utilizes the respective strengths of each organization to create an important product opportunity consisting of therapeutic and/or prophylactic agents against HCV infections. Sorrento will be responsible for developing the perspective anti-HCV antibody products.
"Sorrento has already achieved many successes using its proprietary G-MAB® library to identify, characterize and develop fully human antibodies against difficult targets relevant to infectious agents. We are excited to be working with Dr. Lobel to add a program targeting HCV to our existing portfolio of therapeutic antibodies for the prevention and/or treatment of major infectious diseases", said Henry Ji, Ph.D., President and CEO of Sorrento.
"We are pleased to be collaborating with Sorrento to develop our fully human anti-HCV antibody clones into potential anti-HCV therapeutics", said Leslie Lobel, M.D., Ph.D., Professor and Vice Chair of the Department of Microbiology, Immunology and Genetics at the Ben-Gurion University of the Negev.
About Hepatitis C Virus Infections
According to the Centers for Disease Control (CDC), more than 170 million people worldwide are chronically infected with HCV, including approximately 3.2 million people in the United States. The combined incidence and prevalence of HCV infection is estimated to reach over 13 million people in the United States, EU, and Japan alone, of which only 13% are estimated to be diagnosed and treated. In 2009, the total annual medical costs in the United States for people with hepatitis C are estimated to reach over $30 billion. In the next 20 years, total annual medical costs are expected to increase to approximately $85 billion.
HCV is spread through direct contact with contaminated blood and ultimately leads to serious liver diseases, including liver damage, cirrhosis, liver failure or liver cancer which are all long term consequences of untreated chronic HCV infection. Hepatitis C is the leading cause of liver transplantations in the United States and is reported to contribute to 15,000 deaths annually., With proper treatment, chronic hepatitis C can be cured; however, patients remain at an increased risk for progressive liver disease if they have not achieved complete viral clearance.,
About Sorrento Therapeutics, Inc.
Sorrento Therapeutics, Inc. is a publicly-traded, development-stage biopharmaceutical company engaged in the discovery, acquisition, development and commercialization of proprietary drug therapeutics for addressing significant unmet medical needs in the Unites States, Europe and additional international markets. Sorrento Therapeutics' primary therapeutic focus is oncology but it is also developing therapeutics products for other indications, including inflammation, metabolic, and infectious diseases. Sorrento Therapeutics' proprietary G-MAB® fully-human antibody library platform was designed to facilitate the rapid identification and isolation of highly specific antibody therapeutic product candidates that bind to disease targets appropriate for antibody therapy.
About Ben-Gurion University of the Negev
Created in 1969 with the mandate to bring development to the region, BGU is internationally-recognized for its unique pioneering spirit that combines outstanding academics and research with a commitment to the community. With more than 20,000 students, five Faculties and a number of internationally-acclaimed research institutes, the University has become a world leader in interdisciplinary research in cutting-edge fields that range from desert studies to nano- and biotechnology, Hebrew literature to international medicine.
About BGN Technologies
BGN Technologies is the technology transfer company of Ben-Gurion University of the Negev, responsible for the commercialization of know-how and inventions of the University's researchers. Through the development of novel technologies and creative partnering with industry and investors, BGN brings value to the technological marketplace. BGN files worldwide patent applications and manages BGU's large patent portfolio.
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