Sorrento Therapeutics Spins Off Animal Health Company

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.