Sorrento Therapeutics, Inc. (Nasdaq: SRNE, "Sorrento") announced today that it has notified The Texas A&M University System ("TAMUS") of its exercise of the option to an exclusive license for the global development and commercialization of highly potent main protease (MPro) inhibitors against SARS-CoV-2 and all current and emerging variants of concern (VOCs). Sorrento and TAMUS previously announced the signing of the option agreement on August 24th and 25th.

Sorrento's decision to immediately exercise its option is based on very promising preclinical data for the lead compound, MPI8, that shows highly potent broad-spectrum antiviral activity against SARS-CoV-2 and all of the major Variants of Concern (VoCs) (alpha, beta, delta and gamma). Based on initial in vitro data, MPI8 demonstrated superior antiviral activity in a head-to-head comparison with a current Phase 3 investigational oral antiviral agent (EIDD2801). Based on the IC50 data of the Plague Reduction Neutralization Test (PRNT) of live virus infecting Vero E6 cells, MPI8 demonstrated approximately ten-fold (10x) higher antiviral potency than EIDD-2801 against SARS-CoV-2 and its Alpha (UK) and Delta (Indian) VoCs and three to seven-fold (3-7x) higher antiviral potency against Beta (South Africa, 3X) and Gamma (Brazil/Japan, 6-7X) VoCs.

Sorrento expects to complete additional preclinical studies in the coming weeks, including a head-to-head comparison against other late-stage clinical candidates, and will publish its preliminary findings in a pre-print publication.

About Sorrento Therapeutics, Inc.

Sorrento is a clinical and commercial stage biopharmaceutical company developing new therapies to treat cancer, pain (non-opioid treatments), autoimmune disease and COVID-19. Sorrento's multimodal, multipronged approach to fighting cancer is made possible by its extensive immuno-oncology platforms, including key assets such as fully human antibodies ("G-MAB? library"), immuno-cellular therapies ("DAR-T?"), antibody-drug conjugates ("ADCs"), and oncolytic virus ("Seprehvec?"). Sorrento is also developing potential antiviral therapies and vaccines against coronaviruses, including Abivertinib, COVIGUARD?, COVI-AMG?, COVISHIELD?, COVI-MSC? and COVIDROPS?; and diagnostic test solutions, including COVITRACK?, COVISTIX? and COVITRACE?.

Sorrento's commitment to life-enhancing therapies for patients is also demonstrated by our effort to advance a first-in-class (TRPV1 agonist) non-opioid pain management small molecule, resiniferatoxin ("RTX"), and SP-102 (10 mg, dexamethasone sodium phosphate viscous gel) (SEMDEXA?), a novel, viscous gel formulation of a widely used corticosteroid for epidural injections to treat lumbosacral radicular pain, or sciatica, and to commercialize ZTlido? (lidocaine topical system) 1.8% for the treatment of post-herpetic neuralgia. RTX has completed a Phase IB trial for intractable pain associated with cancer and a Phase 1B trial in osteoarthritis patients. SEMDEXA is in a pivotal Phase 3 trial for the treatment of lumbosacral radicular pain, or sciatica. ZTlido? was approved by the FDA on February 28, 2018.