Tuesday, May 3, 2016

Sorrento Therapeutics Gets $10M In Private Placement From Yuhan

San Diego-based biopharmaceuticals developer Sorrento Therapeutics says it has raised $10M more, in a private placement from South Korean company Yuhan Corporation. The deal had been announced earlier. Sorrento Therapeutics is developing treatments for cancer and other conditions. Sorrento said that Yuhan purchase 1,801,802 shares of common stock at $5.55 per share and a warrant to purchase 235,294 shares of common stock. The investment is the first investment as part of $150M in separate, private placements that Sorrento has arranged to support its development efforts, according to the company.