San Diego-based Sorrento Therapeutics, which develops treatments for cancer and treatment of pain, is spinning off a new company focused on animal health, the company announced this morning. Sorrento Therapeutics said it has created a wholly owned subsidiary called Ark Animal Therapeutics, which will develop compounds specifically for veterinary health applications. The company said the move came after early Phase 1 clinical studies of its compound resiniferatoxin (RTX) showed promise in treating pain in both humans and dogs. Sorrento said the move would allow for a "initial public offering, private placement or strategic partnership" for Ark Animal Therapeutics, to bring the RTX to market for the veterinary market.
Top NewsTuesday, March 25, 2014
Sorrento Therapeutics Spins Off Animal Health Company