Sorrento and Wildcat Announce Resolution

SAN DIEGO, March 20, 2017

Since the filings of the above-mentioned suits, the Company and Wildcat have engaged in thorough discussions relating to the steps and measures necessary to undertake in order to increase Sorrento's shareholder value. 

Both parties are in agreement that Sorrento has made tremendous progress with respect to its corporate development initiatives, acquisition and accelerated development of high-value clinical programs, and focusing its strategy to drive shareholder value in both the near and long term.  By the end of 2017, the Company expects to have several programs in clinical trials from oncology to pain management.  As part of its core immuno-oncology business, Sorrento is preparing to file an IND for at least one CAR-T Phase I study.

From an administrative and operational standpoint, the Company has retained a Big 4 audit firm, Deloitte, and enhanced its senior executive team.  Dr. Jerome Zeldis, MD, PhD, former Chief Medical Officer at Celgene Corporation, has been appointed as Chief Medical Officer and President of Clinical Development, and is charged with building out Sorrento's clinical and regulatory capacity as it transcends to a clinical stage company.  Miranda Toledano has been appointed as Executive Vice President for Corporate Development, and is charged with strategic planning and investor communication.

Wildcat and Sorrento have accordingly agreed to file the necessary papers to withdraw and dismiss Wildcat's claims in the Inspection Demand Action and the Derivative Action.  As part of their mutual understanding, Sorrento makes no admission of liability or wrongdoing in connection with the Inspection Demand Action, the Derivative Action or any other matter and will not have any monetary damages. The Company and Wildcat agree to closely work together to further increase shareholder value.

About Sorrento Therapeutics, Inc. 

Sorrento is an antibody-centric, clinical stage biopharmaceutical company developing new treatments for immuno-oncology, inflammation and autoimmune diseases. Sorrento's lead product candidates include immunotherapies focused on the treatment of both solid tumors and hematological malignancies, as well as late stage pain products.